The State of New Jersey
NJ Department of Banking and Insurance

Home > Banking Division > Banking Licensees > Consumer Lenders, Sales Finance Companies > FAQs
Frequently Asked Questions - Consumer Lenders/Sales Finance Cos.

Who needs to be licensed?
Those entities that conduct sales finance business and consumer lender business as defined in N.J.S.A. 17:16C-1 and N.J.S.A. 17:11C-2 respectively. 

2. Is fingerprinting a condition of obtaining a license?
All candidates for Consumer Lender license and Sales Finance Company license will be required to complete a fingerprinting process as a condition of securing a license.  This requirement affects all officers, directors, members, partners, and substantial stockholders of corporations, limited liability companies and partnerships as well as sole proprietors seeking business entity licenses.

3. What is involved in getting a license?
All information as to how to apply for a license is contained in the instructionsPLEASE NOTE: Consumer Lenders are required to submit audited financial statements with an unqualified opinion.  Sales Finance Companies may submit an unaudited financial statement.

4. How long does the process take?
It takes approximately 60 days from acceptance of the application to receipt of the wall license.  An application is deemed to be accepted when the application filing is complete upon submission.

5. Must I have an office in New Jersey?
No, an in-state office location is not required for either a Consumer Lender or Sales Finance Company business license.

6. If the company has multiple locations, whether in state or out-of-state, must they be licensed as branch offices?
If these locations conduct business as defined in the New Jersey Consumer Finance Licensing Act for consumer lenders or sales finance companies, they must be licensed for the respective business activity.

7. How much net worth or tangible net worth must be demonstrated on the audited financial statement?
Consumer Lender must demonstrate that the entity has a minimum net worth of $100,000.  In addition, consumer lender applicants must demonstrate a minimum in liquid assets of $100,000.  The net worth and liquid asset requirements are not cumulative.

8. Must I file an audited financial if this is a new entity?
Any company – even if newly organized – applying for a Consumer Lender license must be able to demonstrate through the submission of an audited financial statement that it meets the net worth/liquid asset requirements under the law.

9. What is the term of the license?
All licenses that are initially issued anytime between July 1, 2017 and June 30, 2019 will expire on June 30, 2019.  Thereafter, all licenses will be subject to renewal for a 2-year term beginning on July 1 of an odd year and expiring on June 30 of the following odd year, i.e. July 1, 2019 through June 30, 2021.

10. What is the cost of the license?
The non-refundable application fee for a Consumer Lender or a Sales Finance license is $700.  An application seeking both types of licenses requires a non-refundable application fee of $1,000.

11. Can a residence be used as a licensed office?
Refer to the Certification of Office Suitability In-State Office or Certification of Office Suitability Out-Of-State Office, whichever is applicable, to determine if the residence meets the requirements for an appropriate office location.

12. What is the procedure if I change my business address?
Before filing for an address change be certain that the proposed location is in compliance with the office requirements identified in the Certification of Office Suitability In-State Office or Certification of Office Suitability Out-Of-State Office, whichever is applicable.  Complete the Change of Legal Name or Address form found on the web site.

13. What is the procedure if I change my business name?
Complete the Change of Legal Name or Address form found on the web site. Enclose a copy of the amended Certificate of Incorporation or copy of Alternate Name Certificate, if a corporation; a copy of the 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.

14. How do I obtain a duplicate license?
Please contact to request a license reprint.

15. What is required to 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

16. What if I change my legal style of business?
This change is treated as a name change initially.  We require that the company file a confirmation of the company’s Federal Employment Identification Number (“FEIN”) from the Internal Revenue Service within 30 days of the legal style change.  The company will be required to submit a new application if the FEIN changes.

17. Is the license transferrable?
No.  A license may not be transferred from one entity to another.

18. How do I renew my license?
Renewal instructions will be sent to you on or before April 1 of the year in which your license expires.

19. When do I file the annual report?
The annual report is due May 1.  It must be filed online.

20. When is my assessment due?
The assessment  MUST be paid within 30 days of the receipt of the assessment bill.

21. What must I do if I want to cease doing business?
You are required to notify the Department prior to ceasing business and must follow the steps contained in the regulations at N.J.A.C. 3:17-2.8.  Please contact requesting information about the surrender procedure.

22. How can I contact DOBI if I have a question that was not answered above?
You can put your question in writing and fax it to the Department at (609) 633-0822 or send it by e-mail to

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New Jersey Department of Banking and Insurance