Section 17:11C-43 - Annual report by licensees; violations, penaltiesA consumer lender or sales finance company licensee shall annually file a report with the commissioner which shall set forth such information as the commissioner shall require concerning the business conducted as a licensee during the preceding calendar year. The report shall be under oath and in a form and within the time specified by the commissioner by regulation.
A licensee that fails to make and file its annual report in the form and within the time provided in this section shall be subject to a penalty of not more than $100 for each day's failure, and the commissioner, as authorized pursuant to section 18 of P.L. 1996, c. 157(C.17:11C-18) may revoke or suspend its authority to do business in this State. The penalty may be collected in a summary proceeding pursuant to the "Penalty Enforcement Law of 1999," P.L. 1999, c. 274(C.2A:58-10 et seq.). A warrant may issue in lieu of a summons.
Amended by L. 2009, c. 53,s. 60, eff. 7/31/2010, or the later date approved by the Secretary of the United States Department of Housing and Urban Development pursuant to the provisions of section 1508 of the federal "Secure and Fair Enforcement for Mortgage Licensing Act of 2008," Pub.L. 110-289 (12 U.S.C. s.5107) .Amended by L. 2007, c. 81,s. 10, eff. 5/4/2007. L. 2007, c. 81,s. 29, states, "This act shall take effect immediately, but remain inoperative until July 1, 2006, and if enacted after that date, shall be retroactive to July 1, 2006; except that provisions of this act which amend the term of a license shall remain inoperative until the Commissioner of Banking and Insurance adopts regulations establishing the new license terms authorized by this act. The Commissioner of Banking and Insurance may immediately undertake action to promulgate any regulation necessary to implement the provisions of this act." .