{"data":{"id":"us-nj/n.j.-stat.-17-11c-64","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:11C-64","heading":"Minimum net worth required for applicant for business license.","body":"14.  a. (1) Each applicant for a business license as a residential mortgage lender shall demonstrate that it has tangible net worth of at least $250,000, except that an applicant for a business license as a correspondent mortgage lender shall demonstrate that it has a tangible net worth of at least $150,000.  Each applicant for a business license as a residential mortgage broker shall demonstrate that it has tangible net worth of at least $50,000.\n(2)\tEach licensed residential mortgage lender that is a business licensee shall maintain at all times tangible net worth of at least $250,000, except that a correspondent mortgage lender that is a business licensee shall maintain at all times tangible net worth of at least $150,000.  Each licensed residential mortgage broker that is a business licensee shall maintain at all times tangible net worth of at least $50,000.\n(3)\tThe commissioner may by regulation:\n(a)\tdefine the term \"tangible net worth\";\n(b)\testablish standards for determining compliance with the tangible net worth requirements of this section; and\n(c)\tdetermine any remedial action, as authorized pursuant to section 20 of this act, including suspension of a license, for failure to comply with these tangible net worth requirements.\nb.\tThe commissioner may, by regulation, require that a business licensee demonstrate to the satisfaction of the commissioner that it has adequate means to fund loans through lines of credit, or otherwise.\nL.2009, c.53, s.14.","path":["TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE \t\t\tAND INSURANCE"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"64b67d52aa66053d63a65774577c9f937b970489ffc41e1f5eec3730f5c35626","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-11c-63","next":"us-nj/n.j.-stat.-17-11c-65"},"notice":"GroundRules: Original legal text. Not legal advice."}