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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 16bb: Guaranteed asset protection waivers defined, offered.
Section: 17:16bb-8: Actions by commissioner.
8. The commissioner may take any action which is necessary or appropriate to enforce the provisions of this act and to protect guaranteed asset protection waiver holders in this State. After proper notice and opportunity for hearing, the commissioner may:
a. Order the creditor, administrator or any other person not in compliance with this act to cease and desist from further guaranteed asset protection waiver-related operations which are in violation of this act.
b. Impose a penalty of not more than $500 per violation and no more than $10,000 in the aggregate for all violations of a similar nature. For purposes of this act, violations are of a similar nature if the violation consists of the same or similar course of conduct, action or practice, irrespective of the number of times the act, conduct or practice which is determined to be a violation of the act occurred.
L.2017, c.82, s.8.
This section added to the Rutgers Database: 2017-05-25 17:39:29.
Older versions of 17:16bb-8 (if available):
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