N.J. Admin. Code § 3:15-6.1 - Methods and accounting for business licensees

Current through Register Vol. 54, No. 7, April 4, 2022

(a) Each licensee shall maintain books and records in accordance with recognized accounting principles.
(b) If a person licensed to act as a mortgage lender or mortgage broker maintains books and records on a basis other than the accrual method of accounting, that licensee shall also maintain books and records on the accrual basis of accounting which states the tangible net worth of the licensee.

Notes

N.J. Admin. Code § 3:15-6.1
Amended by R.2010 d.129, effective 6/21/2010 (operative July 31, 2010).
See: 41 N.J.R. 2829(a), 42 N.J.R. 1139(b).
Section was "Methods of accounting". In (b), substituted "lender or mortgage broker" for "banker, correspondent mortgage banker, mortgage broker, secondary lender or consumer lender" and deleted "or net worth" following "tangible net worth" and ", as applicable" following "licensee".

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