A consumer lender license is required for the making of a loan that is to be used primarily for personal, family or household purposes in an amount of $50,000 or less and that is payable in one or more installments. A consumer lender license does not authorize the making of residential first or second mortgage loans.
The governing statute is the New Jersey Consumer Finance Licensing Act, N.J.S.A 17:11C-1 et. seq.
A sales finance company license is required for the following business activities:
- acquiring or arranging for the acquisition of ³Ô¹ÏºÚÁÏ retail installment contracts and/or ³Ô¹ÏºÚÁÏ retail charge accounts from a retail seller
- directly or indirectly engaging in the business of soliciting the purchase of retail installment contracts or retail charge accounts from a retail seller
- aiding the retail seller in selling, assigning or arranging for the sale or assignment of retail installment contracts or retail charge accounts
The governing statutes are the ³Ô¹ÏºÚÁÏ Consumer Finance Licensing Act, N.J.S.A 17:11C-1 et. seq., and the ³Ô¹ÏºÚÁÏ Retail Installment Sales Act of 1960, N.J.S.A. 17:16C-1 et. seq.
NOTE: Fingerprinting is required for all Consumer Lender and Sales Finance Company License Candidates |
