N.J. Admin. Code § 3:15-3.1 - Bond requirements

(a) A person who seeks an initial license as a mortgage lender or mortgage broker shall obtain a surety bond in the amount of $ 150,000, which shall be applicable to the first $ 50,000,000 of closed loan volume.

(b) Following the submission of each annual report, a mortgage lender or mortgage broker shall, if necessary, increase the amount of the surety bond based on the following closed loan volumes and provide proof thereof to the Department within 30 days of the submission of the report.

1.	Closed loan volume: $ 0 to $ 50,000,000	$ 150,000;
2.	Closed loan volume: $ 50,000,001 to $ 75,000,000	$ 200,000;
3.	Closed loan volume: $ 75,000,001 to $ 100,000,000	$ 250,000;
4.	Closed loan volume: $ 100,000,001 and over	$ 300,000.

Notes

N.J. Admin. Code § 3:15-3.1

Amended by R.2002 d.353, effective 11/4/2002.
See: 34 N.J.R. 1775(a), 34 N.J.R. 3795(a).
Rewrote the section.
Amended by R.2010 d.129, effective 6/21/2010 (operative July 31, 2010).
See: 41 N.J.R. 2829(a), 42 N.J.R. 1139(b).
Rewrote the introductory paragraph of (a); deleted (a)1 and (a)2; in the introductory paragraph of (b), substituted "a mortgage lender or mortgage broker" for "licensed lenders with authority as a mortgage banker, correspondent mortgage banker or secondary lender" and inserted ", if necessary,", rewrote the table in (b); and deleted (c).
Petition for Rulemaking.
See: 46 N.J.R. 1719(a), 1908(a), 2377(a).