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 non-refundable application fee?
The non-refundable application fee is $500 for each new license.

Will an insurance premium finance company continue to be required to file an annual report?
As in the past, an insurance premium finance company 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. For insurance premium finance companies, it is important to pay particular attention to:

• The dollar volume of personal and commercial financed agreements made

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 an insurance premium finance company 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.