N.J. Admin. Code § 3:2-1.2 - Definitions

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

The following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise.

"Act" means 17:16H-1 et seq.

"Advertisement" means any announcement, statement, assertion or representation which is placed before the public in a newspaper, magazine, or other publication or in the form of a notice, circular, pamphlet, letter or poster or over any radio or television station or in any other way.

"Commissioner" means the Commissioner of the Department of Banking and Insurance.

"Department" means the New Jersey Department of Banking and Insurance.

"Deposit account" means an account that is held by or offered to a consumer, and includes time, demand, savings, and negotiable order of withdrawal accounts.

"Disclaimer" means any statement in any advertisement which affects, limits or in any way modifies the offer that is the subject of the advertisement.

"Financial institution" means any bank, savings bank, state association, credit union, residential mortgage lender, correspondent mortgage lender, residential mortgage broker, residential mortgage loan originator, consumer lender, or sales finance company, or any other institution, corporation, partnership, or individual subject to supervision, regulation or licensing by the Department.

"Lender" means the financial institution which makes the loan or issues the loan commitment.

"Mortgage loan" means a loan made by a financial institution to a natural person for a personal, family or household purpose, secured by a mortgage constituting a lien upon real property on which there is erected or to be erected a structure containing one to four dwelling units, a portion of which may be used for nonresidential purposes, or upon a lease of the fee of such real property, in the making of which the financial institution relies primarily upon the value of the mortgaged property.

"Point" means an amount of money equal to one percent of the principal amount of the loan.

Notes

N.J. Admin. Code § 3:2-1.2
Amended by R.1988 d.524, effective 11/7/1988.
See: 20 N.J.R. 1025(a), 20 N.J.R. 2750(b).
Added "mortgage banker, mortgage broker" to "financial institution"; added definitions "lender", "mortgage loan" and "point".
Amended by R.1995 d.244, effective 8/7/1995.
See: 27 N.J.R. 793(a), 27 N.J.R. 2883(b).
Added the definition of "Deposit account".
Amended by R.2000 d.343, effective 8/21/2000.
See: 32 N.J.R. 2177(a), 32 N.J.R. 3059(a).
In "Act", changed N.J.S.A. reference; inserted "Commissioner" and "Department"; and rewrote "Financial institution".
Amended by R.2011 d.162, effective 6/6/2011.
See: 43 N.J.R. 335(a), 43 N.J.R. 1330(b).
In definition "Financial institution", substituted "residential mortgage lender, correspondent mortgage lender, residential mortgage broker, residential mortgage loan originator" for "licensed lender, including a mortgage banker, correspondent mortgage banker, mortgage broker, secondary lender"; and in definition "Mortgage loan", substituted "four" for "six".

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