Resources

Division of Banking

The New Jersey Division of Banking is responsible for chartering, licensing, and regulating nearly 6,000 financial entities which provide a wide range of financial services. In terms of overall assets, these entities are comprised mainly of commercial banks, savings banks, and savings and loan associations, but the Division's supervisory and licensing authority extends to such financial service establishments as credit unions, mortgage bankers, mortgage brokers, secondary mortgage lenders, consumer lenders, check cashing and check selling companies and several other types of licensees whose functions entail various forms of consumer finance.

Division of Insurance

Established in 1891, the Division has direct regulatory responsibility over 89 domestic insurance companies, 77,000 licensed producers and 510 public adjusters.

Real Estate Commission

Established in 1921, the New Jersey Real Estate Commission was created to administer and enforce New Jersey's real estate licensing law, NJS.A. 45:15-1 et seq. The Commission consists of five members who have been licensed as New Jersey real estate brokers for at least ten years, two public members, and one representative of an appropriate governmental department. The Commission meets approximately 36 times each year, and frequently acts as a quasi-judicial body rendering decisions on contested license applications and disciplinary actions.

The Commission's mailing address is:

New Jersey Real Estate Commission
20 West State Street
P. O. Box 328
Trenton, New Jersey 08625-0328
Fax: 609-292-0944

Community Development Credit Unions

Based on our past experience it is clear that community development credit unions (CDCUs) can be of great benefit to certain communities. The division has some basic information available about credit unions in general and also about CDCUs. There is also guidance on how to organize a CDCU.

Both state and federal law authorize the chartering of community development credit unions. CDCUs are a special type of credit union intended to serve specific communities. In order to attain CDCU designation, those organizing the CDCU must define a field of membership in which over half of its members (or prospective members) fall into at least one of the following four categories:

1. A member of a household which has an income less than 80% of the median household income for the SMSA (Standard Metropolitan Statistical Area),
2. A member of a household which resides in a public housing project and has qualified for such residency on the basis of income;
3. A recipient in a community action program* (CAP); or
4. A full-time or part-time student in a high school, vocational school, college or university.

   *Note: CAPs are administered by community-based organizations and are funded through community service block grants. Programs include day care, head start, job placement, and weatherization.

Contact:

Bill Waits
Division of Banking
Division of Banking, P. O. Box 040
Trenton, NJ 08625
609-984-2757

Community Reinvestment Act

The Community Reinvestment Act is a federal statute which requires that FDIC-insured depositories engage in lending services and investment act where they have offices. Although not regulatory, the division actively facilitates compliance with the Act.

Complaint Information

Complaints involving all lines of insurance related problems need to be submitted to our Department in writing. All complaints need to include the company name/agent's name, the policy/certificate number(s), any documentation that will substantiate your position, and a brief description of the problems that you have encountered. Be sure to use dark ink and do not highlight. Otherwise, important data may not be legible.

The mailing address is:

New Jersey Division of Insurance
20 West State Street
P.O. Box 329
Trenton, NJ 08625-0329