Q:  Can the June 1, 2020 deadline to file an annual report be extended?

A:  Yes, a grace period until August 1, 2020 is provided for this year for those licensees who have not yet filed the annual report. The Department appreciates that licensees may be facing unusual circumstances this year.   

Q:  What will happen if I fail to file the annual report by the extended deadline of August 1, 2020? 

A:  If a licensee fails to file the annual report by the extended deadline, the licensee may be fined up to $100 per day for each day that the annual report remains unfiled, and a Notice of Violation ordering the suspension of a license to do business in the State of New Jersey may be issued.

Q:  Who is required to file the annual report as set forth in Bulletin No. 20-23? 

A:  The following licensees are subject to Bulletin No. 20-23 and are required to file the annual report by the extended deadline of August 1, 2020 as set forth above:  Foreign and Domestic Money Transmitters; Check Cashers; Motor Vehicle Installment Sellers; Home Financing Agencies; Home Repair Contractors; Home Repair Salesmen; Insurance Premium Finance Companies; Pawnbrokers; High Cost Home Loan Credit Counselors; Foreclosure Consultants Mortgage Lenders; and Mortgage Brokers.

Q:  What if I am a licensee included in Bulletin No. 20-23, but did no business during 2019?

A:  If you were actively licensed any time during 2019, you must file an annual report even if you did no business during 2019 or if you did business during only part of the year.

Q:  How do I file the annual report?

A:  The annual report must be filed online.  The Department sent instructions to licensees by postal mail on January 31, 2020.  The instructions provided licensees with the licensee’s personalized authentication credentials for accessing the online annual report application.  Those credentials must be used to file the annual report. Detailed information about filing the annual report can also be found at http://ocfreporting.nj.gov. 

Q: What if I cannot locate my personalized authentication credentials or have other questions about filing my annual report?

A: If you have any questions or cannot locate your personalized authentication credentials, please contact the Division of Banking’s Office of Consumer Finance at bankingannualreports@dobi.nj.gov.  Include your name, your company’s name, the nature of your question and your contact information with your request.  A member of the Office of Consumer Finance’s Licensing Unit will respond to you within 2 business days with the requested information.