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Dedicated Funding FAQs - Home Repair Finance Agency |
| Please Note: |
- Notices detailing how to access the online annual reports were mailed February 2, 2009
- All annual reports must be filed no later than April 1, 2009
- If you held a license at any time during 2008, you are required to file an annual report (This requirement remains even if you no longer hold an active license)
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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 2008 Annual Report Worksheet (at right) before completing the online report. |
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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. |
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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 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 non-refundable application fee?
The non-refundable application fee is $400 for each new license. |
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| Annual Reports |
Will a home finance agency be required to file an annual report?
A home finance agency is now required to file an annual report with the Division of Banking. The report must be filed for the period of January 1, 2008 through December 31, 2008.
What type of information will a home finance agency be required to include in the annual report?
The following information must be collected from 1/1/08 through 12/31/08 and maintained to complete the annual report:
- Number of NJ financed home repair contracts purchased between 1/1/08 and 12/31/08
- Total dollar amount of NJ financed home repair contracts purchased between 1/1/08 and 12/31/08
- Total amount of sales tax on financed home repair contracts purchased between 1/1/08 and 12/31/08
Is there a filing deadline for the annual report?
All annual reports must be filed no later than April 1, 2009 for the January 1, 2008 to December 31, 2008 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 $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. |
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| Address and business name changes, duplicate licenses, change of control |
What must a home finance agency do to:
1) Change a licensed business address?
- Complete the change of address information on the reverse side of the actual wall license
- Return the license 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 |
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| Contact Information |
For licensing questions:
NJDOBI
License Services, Banking
PO Box 473
Trenton, NJ 08625
E-mail: blic@dobi.state.nj.us
609-292-7272 |
For annual report, assessment questions:
NJ Department of Banking and Insurance
PO Box 040
Trenton, NJ 08625
E-mail: bsurveillance@dobi.state.nj.us
609-292-7272
ext. 50436 |
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