Submission of the annual report is an important 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 2007 Annual Report Worksheet (at right) before completing the online report.

If you have any questions about filing your annual report, please call Al Dillione at 609-292-7272, ext. 50436 or send e-mail to: bankingannualreports@dobi.state.nj.us.

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

License Renewals/New Licenses

When will license renewals occur?
Renewals for ALL licensees will be as of July 1, 2009. It is expected that licensees will be notified about the renewal process no later than April of 2009. Licenses must be renewed prior to June 30, 2009.

Will there be a license renewal fee for the biennial renewal in July of 2009?
Licensees will pay NO FEE to renew licenses. License renewal forms will still need to be completed and filed for each license to be renewed.

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.

Will a check casher continue to be required to file an annual report?
As in the past, 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, 2007 through December 31, 2007.

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

• The dollar volume of checks cashed

Information must be collected from 1/1/07 forward 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 April 1, 2008 for the January 1, 2007 to December 31, 2007 reporting period. Annual reports are expected to be filed electronically over the Internet through the State's secure web site.

What if I cannot file my annual report electronically?
All annual report filings should be filed electronically. If you cannot file your annual report electronically, then you must file a “hardcopy request form” - this form can be obtained by calling Al Dillione at 609-292-7272 ext. 50436.

Once the Division of Banking receives your request form, it will be processed and a hardcopy annual report form will be sent to you. The hardcopy annual reporting deadline is March 1, 2008. The earlier deadline for hardcopy filings is required to permit time for the Department to manually input your annual report information into the computer database.

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. The Division of Banking MUST have report information on ALL licensees in order to properly assess and bill all licensees. Therefore, the Division may act to suspend or revoke the license(s) of a licensee that continues to fail to file its required report.

What must a check casher do to:

1) Change a licensed business address?

• Complete the change of address information on the reverse side of the actual wall license
• 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 name information on the reverse side of the actual wall license(s)
• 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