N.J. Admin. Code § 3:18-8.1 - Prohibited acts

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

(a) No business licensee or individual licensee shall:
1. Claim, demand, charge, collect, or receive any compensation from a distressed property owner until after the foreclosure consultant has fully performed every distressed property service the foreclosure consultant contracted to perform and has secured the distressed property relief for the owner;
2. Claim, demand, charge, collect, or receive any fee, interest, or any other compensation from a distressed property owner, for any reason, in excess of two monthly mortgage payments of principal and interest, or the most recent quarterly property tax installment on the distressed property, whichever is less;
3. Take a wage assignment, a lien of any type on real or personal property, or other security to secure the payment of compensation. Any agreement to take such security is void and unenforceable;
4. Receive any consideration from any third party in connection with distressed property services rendered to a distressed property owner;
5. Acquire any interest, directly or indirectly, or by means of a subsidiary or affiliate in a distressed property from a distressed property owner with whom the foreclosure consultant has contracted;
6. Accept any power of attorney from a distressed property owner for any purpose, except to inspect documents as provided by law;
7. Induce or attempt to induce a distressed property owner to enter a contract that does not comply in all respects with the Act or this chapter;
8. Violate any of the provisions of the Act or this chapter; and
9. Other than compensation payable to the business licensee, no individual licensee shall receive or solicit any compensation for foreclosure consulting directly from, or on behalf of, a distressed property owner.
(b) All business licensees shall ensure that all persons in their employ conduct business in compliance with the Act and this chapter.

Notes

N.J. Admin. Code § 3:18-8.1

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