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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 11c:
Section: 17:11c-16: Net worth requirements for consumer lenders
16. a. Every applicant for a license as a consumer lender shall prove in a form satisfactory to the commissioner, that the applicant has a net worth of at least $100,000, and has available for the purpose of making consumer loans liquid assets of at least $100,000.
b. Every consumer lender shall have at all times a net worth of at least $100,000 and shall maintain at all times assets of at least $100,000 in liquid form available for or actually used in the making of consumer loans.
L.1996,c.157,s.16.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:11c-16 (if available):
Court decisions that cite this statute:
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