N.J. Admin. Code § 3:1-9.2

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:1-9.2 - Definitions

The following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise.

"Act" means 17:16F-1 et seq.

"Annual percentage rate" means the annual percentage rate of finance charge as calculated in accordance with Federal Reserve Board Regulation Z and its supplements.

"Applicant" means any person who files with a depository institution a written, or oral-in-person, request containing such information as is reasonably required by the depository institution for a mortgage loan as defined in this Act.

"Application" means a signed, completed application form submitted to a depository institution containing such information as required by that depository institution for reviewing a residential mortgage loan request or a home improvement loan request.

"Branch office" means any office approved as a branch of the depository institution by that depository institution's Federal or State supervisory agency. Branch office shall not include an office of a depository institution which is fully automated and solely operated by the customer.

"Census tract" means a geographic area as defined and approved by the United States Bureau of Census for statistical purposes. The census tract definitions to be used are those which have been approved for use in the 1980 Census of Population and Housing.

"Depository institution" means any banking institution as defined in 17:9A-1, any association as defined in 17:12B-5, or any State or Federal credit union, which makes mortgage loans. Any non-depository, majority-owned subsidiary of a depository institution shall be deemed to be part of its parent depository institution for the purposes of this subchapter. No depository institution may aggregate its reports with any other depository institution, subsidiary, affiliate, or otherwise.

"Federally guaranteed mortgage loans" means FHA, FmHA, or VA loans which are insured under Title II of the National Housing Act or under Title V of the Housing Act of 1949 or which are guaranteed under Chapter 37 of Title 38, United States Code.

"Home improvement loan" means a loan unsecured or secured by collateral other than a first lien on a residential real property:

1. The proceeds of which, all or in part, are to be used for the purposes of repairing, rehabilitating, or remodeling an existing residential dwelling located in a State as stated by the borrower to the lender at the time of the loan transaction; or

2. That is recorded on the books of the depository institution as a home improvement loan; or

3. Which is a secondary mortgage loan or a consumer loan, repayable in equal periodic installments, the proceeds of which, all or in part, are to be used for the purpose of repairing, rehabilitation, or remodeling an existing residential dwelling.

"Metropolitan Statistical Area" (MSA) and "Primary Metropolitan Statistical Area" (PMSA) mean geographical areas as defined by the Office of Management and Budget of the United States government for statistical purposes. The MSA/PMSA definitions to be used are for the following MSA's/PMSA's:

1. Allentown-Bethlehem, PA-NJ;

2. Bergen-Passaic, NJ;

3. Atlantic City, NJ;

4. Jersey City, NJ;

5. Middlesex-Somerset-Hunterdon, NJ;

6. Monmouth-Ocean, NJ;

7. Newark, NJ;

8. Philadelphia, PA-NJ;

9. Trenton, NJ;

10. Vineland-Millville-Bridgeton, NJ;

11. Wilmington, DL-NJ-MD;

"Mortgage loan" means a "residential mortgage loan" as defined in this section or a "home improvement loan" as defined in this section.

"Oral-in-person request" means an inquiry for information about the terms of a mortgage loan, in reference to a specific property, by a natural person on his/her own behalf which is received on the institution's premises by any person at the depository institution who customarily receives or is authorized to receive such requests.

"Residential mortgage loan" means a loan which is secured by a first lien on residential real property located in a State, including a first lien refinancing of an existing loan, but shall not include:

1. Temporary financing (such as a construction loan); or

2. Purchase of an interest in a pool of mortgage loans (such as mortgage participation certificates issued or guaranteed by the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or the Farmers Home Administration); or

3. A loan made primarily for business or consumer purposes (other than to purchase, repair, rehabilitate, or remodel residential real property) but in connection with which a first lien on residential real property is taken as collateral.

"Residential real property" means real property that has been improved by a residential dwelling, including single family and multi-family dwellings, and individual units of condominiums and cooperatives.

"State" means any State of the United States of America, the District of Columbia, and the Commonwealth of Puerto Rico.

N.J. Admin. Code § 3:1-9.2

As amended, R.1977 d.470, eff. 12/15/1977.
See: 10 New Jersey Register 39(b).
As amended, R.1979 d.415, eff. 10/18/1979.
See: 11 New Jersey Register 426(b), 11 New Jersey Register 534(b).
Amended by R.1985 d.98, effective 3/4/1985.
See: 16 New Jersey Register 2872(a), 17 New Jersey Register 577(a).
Definition "Standard Metropolitan Statistical Area" changed to "Metropolitan Statistical Area".
Amended by R.2001 d.112, effective 4/2/2001.
See: 33 New Jersey Register 213(a), 33 New Jersey Register 1087(a).
In "Depository institution", rewrote the first sentence and substituted "subchapter" for "regulation" in the second sentence.