The State of New Jersey
NJ Department of Banking and Insurance
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Dedicated Funding FAQs - Check Casher
Please Note:

The online annual reporting system will be available on or about February 1, 2014. All licensees will be receiving notifications on how to access the system by mail. All annual reports will be due May 1, 2014.

If you have any questions, please contact Consumer Finance Assessments.

 

Submission of the annual report is an essential component of the Department's funding mechanism. Therefore, failure to file your online annual report may result in significant fines and penalties.

The Department recommends downloading and printing the 2013 Annual Report Worksheet (at right) before completing the online report.


If you have any questions about filing your annual report, please call Consumer Finance Assessments at 609-292-7272.


Thank you in advance for your cooperation in this important matter.

 
Annual Report Worksheet
Check Casher (PDF)
 
 
File Your Annual Report
 
Annual Reports


Is a check casher required to file an annual report?

A check casher is required to file an annual report with the Division of Banking. The report must be filed for the period of January 1, 2013 through December 31, 2013 for all business conducted in New Jersey.

Are any questions on the annual report new to licensees who previously filed annual reports?
Questions are similar to those in previous annual reports.

  • Liquidity requirement
  • Surety Bond requirement
  • Financial statements
  • The number and dollar volume of checks cashed for all NJ locations

Information must be collected from 1/1/13 through 12/31/13 for all New Jersey business and maintained to complete the annual report.

Is there a filing deadline for the annual report?
All annual reports must be filed no later than May 1, 2014 for the January 1, 2013 to December 31, 2013 reporting period. Annual reports are expected to be filed electronically over the Internet through the State's secure web site.

What is the penalty for filing the annual report late?
If the filing of the annual report is late, you may be subject to a late penalty of $100 for each day the annual report filing is late, and are subject to suspension or loss of license. The Division of Banking MUST have report information on ALL licensees in order to properly assess and bill all licensees.

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Additional License Specific Information


When will license renewals occur?
Renewals for ALL
non-mortgage licensees will be as of July 1, 2015. It is expected that licensees will be notified about the renewal process no later than April of 2015. Licenses must be renewed prior to June 30, 2015.

Will there be a license renewal fee for the biennial renewal in July of 2015?
Al non-mortgage licensees will pay NO FEE to renew licenses. License renewals will be required to be processed electronically using the Banking Online Services feature. Paper renewals will NOT be available. For information about signing up for Banking Online Services CLICK HERE.

Do applications for new licenses require a fee?
Yes. All new applications – those for new businesses and new branch offices - require the payment of a non-refundable application fee.

How much is the non-refundable application fee?
The non-refundable application fee is $700 for each new license.

What must a check casher do to:
1) Change a licensed business address?

  • Complete the Change of Address form
  • Enclose a copy of the deed, lease or rental agreement for the new business location – Note: The agreement MUST BE executed between the licensee and the landlord/property owner. If a sublease is involved, there MUST BE written evidence of the landlord's knowledge and acceptance of the subleasing arrangement
  • Enclose (4) four photographs of the location – two exterior and two interior
  • Written physical description of the location to be licensed
  • Evidence of compliance with local zoning requirements, specifically identifying that a check cashing operation may be located at the proposed site, in the form of a letter from the local zoning officer
  • Identification of any other businesses being conducted or intended to be conducted at the office location to be licensed. Note: N.J.S.A.17:15A-47(f) states that a check casher is prohibited from engaging in business other than a business which primarily provides financial services at an office or mobile office. The statement providing this information must be notarized and must fully describe the nature and scope of any other businesses and how such other businesses will be physically separated from the proposed check cashing business.
  • Enclose a certified survey demonstrating that the proposed location is NOT within 2,500 feet of any other existing licensed check casher principal or branch office location – Note: Documentation MUST clearly state that there are NO check cashing offices within 2,500 feet
  • Return the above items to the Licensing Services Bureau, NJDOBI

Note: There is NO FEE to change a business address

2) Change a licensed business name?

  • Complete the Change of Legal Name form
  • Enclose a copy of the amended Certificate of Incorporation, if a corporation; a copy of amended certificate of formation, if a limited liability company; a copy of amended or new trade name certificate if a partnership or sole proprietorship; an amended Certificate of Authority to do Business in New Jersey if a foreign corporation
  • Return the above items to the Licensing Services Bureau, NJDOBI

Note: There is NO FEE to change a business name or to add a new doing business as or trade name

3) Obtain a duplicate license?

  • Request and complete a lost license affidavit
  • Return this affidavit to the Licensing Services Bureau, NJDOBI

Note: There is NO FEE to obtain a duplicate license or registration certificate

4) Complete a change of control of direct ownership of the licensed business (25% or more)?

  • Complete a Change of Control application
  • Enclose a copy of the stock purchase agreement if a corporation or agreement to purchase ownership interest if a limited liability company as well as any other documents evidencing the change in ownership - Note: Partnerships and sole proprietorships cannot file changes of control - New application is required
  • Enclose a copy of the corporate resolution or amended limited liability operating agreement showing the termination of officer/director/member positions and the appointments of new officers/directors/members
  • Enclose completed personal certifications for each new officer, director, member and substantial stockholder/owner (owning more than 10% of stock/ownership interest)
  • Return the above items to the Licensing Services Bureau, NJDOBI

Note: There is NO FEE to complete a change of control

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Contact Information For licensing questions:
NJDOBI License Services, Banking
PO Box 473
Trenton, NJ 08625
E-mail: bliconline@dobi.state.nj.us
609-292-7272
For annual report, assessment questions:
NJ Department of Banking and Insurance
PO Box 040
Trenton, NJ 08625
Email: Consumer Finance Assessments
609-292-7272 ext. 50436
 
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New Jersey Department of Banking and Insurance