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, new branch offices and new individual licenses – require the payment of a non-refundable application fee.

How much is the non-refundable application fee?
The non-refundable application fee is $300 for each new license.

Will a motor vehicle installment seller be required to file an annual report?
A motor vehicle installment seller 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 motor vehicle installment seller 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. To ensure consistency of reporting, please utilize the following example of net amount financed. For example, if the net amount financed is $9,000, and the warranty and other fees put the final net amount financed at $10,500, this transaction gets reported in the $10,000 or less category.

• Number of NJ financed retail installment contracts (including all leases with a purchase option) involving motor vehicles having a net amount financed of $10,000 or less executed between 1/1/08 and 12/31/08
• Total NJ dollar amount of financed retail installment contracts (including all leases with a purchase option, the amount to report is the Total Lease Payments less Sales Tax) involving motor vehicles having a net amount financed of $10,000 or less executed between 1/1/08 and 12/31/08 - excludes sales tax
• Number of NJ financed retail installment contracts (including all leases with a purchase option) involving motor vehicles having a net amount financed between $10,001 and $50,000 executed between 1/1/08 and 12/31/08
• Total NJ dollar amount of financed retail installment contracts (including all leases with a purchase option) involving motor vehicles having a net amount financed between $10,001 and $50,000 executed between 1/1/08 and 12/31/08 - excludes sales tax
• Number of NJ financed retail installment contracts (including all leases with a purchase option) involving motor vehicles having a net amount financed of $50,001 or more executed between 1/1/08 and 12/31/08
• Total NJ dollar amount of financed retail installment contracts (including all leases with a purchase option) involving motor vehicles having a net amount financed of $50,001 or more executed between 1/1/08 and 12/31/08 - excludes sales tax

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.

What must a motor vehicle installment seller 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