Are licensed lenders required to file a final annual report?
License Lenders who did not transition to NMLS are required to file a final annual report with NJDOBI. This final annual report must reflect all activity during the time you were licensed in 2010.
Are all questions on the annual report similar to previously filed annual reports?
Questions are similar to those in previous annual reports. It is important to pay particular attention to
- Surety Bond in effect while in business
- The dollar volume of all loans closed - whether closed by licensee or brokered
The annual report's final page asks for contact information. This information must be current, i.e., where we can contact you now, both by standard mail and e-mail.
Each licensee will be receiving their final assessment invoice September 2011 reflecting all loan volume detailed in the final annual report.
Is there a filing deadline for the annual report?
All annual reports must be filed no later than May 1, 2011 for the time you were licensed in 2010. 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 $50 for each day the annual report filing is late up to 20% of the amount billed, and are immediately 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.