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Home > Banking Division > Banking Licensees > 2021 License Renewals - Business Entities
2021 License Renewals - Business Entities
   
1. The ability to request renewal of such licenses begins on November 1, 2020, except as provided below.  Renewal applications will be available for electronic submission to the New Jersey Department of Banking and Insurance (“Department”) through the NMLS from November 1 through December 31, 2020.  The NMLS website has renewal request instructions.
   
2. A Company or Branch in Approved-Conditional or Approved-Deficient status will be blocked from requesting renewal through NMLS until the Department determines that all relevant requirements and/or deficiencies have been satisfactorily addressed.  If such determination occurs on or before December 31, 2020, the licensee will be permitted to request renewal through the NMLS.  Licensees in this status are urged to check their NMLS records as soon as possible and contact the Department about the resolution of outstanding issues.
   
3. All companies and branch offices must review their NMLS filings prior to renewal to ensure that any requirements or deficiencies set by this Department have been addressed. Furthermore, if there has been a material change to any information previously submitted to the NMLS on a MU1, MU3, (such as a name change, the occurrence of a previously unreported bankruptcy filing or criminal conviction, or changes to any previously supplied answers to disclosure questions), to ensure the efficient processing of your renewal request and to avoid future questions regarding qualifications for continued licensure, your NMLS record must be updated before a renewal request is submitted.  Each applicant is required to attest that the information on file with the NMLS as of the date the renewal request is submitted is current and accurate.  Attesting to the accuracy of information that, in fact, is not correct will require later submission of corrected information, and may also be grounds for a denial of the renewal request and for the imposition of penalties, pursuant to N.J.S.A. 17:11C-70.
   
4. All companies must file any outstanding Mortgage Call Reports (“MCRs”) including the Financial Condition Statement with the NMLS, file any outstanding Annual Reports due to the Department, and pay any outstanding assessments or fines due to the Department before filing a request for renewal.  Failure to file any such reports or make any such payments will delay the processing of the company’s renewal request, which will be placed “on hold” in the NMLS pending further regulatory action.  In such case, the processing of the renewals of all associated branch and individual licenses will also be delayed and designated “on hold” in the NMLS, which may affect their ability to do business in New Jersey.
   
5. In the event that the Department does not complete its review of timely filed and complete renewal requests by January 1, 2021, individual applicants, business entity applicants, and all individuals affiliated with the business entity applicant, that timely-filed complete renewal requests will remain in “renewal requested” status.  In accordance with provisions of the New Jersey Administrative Procedures Act at N.J.S.A. 52:14B-11, the authority of such individuals and business entities to perform RMLA licensed activities under their 2020 license will continue until the Department issues a decision on the 2021 renewal application.  Similarly, the authority to perform RMLA licensed activities under their 2020 license of all business entities and individuals that timely filed renewal requests, but that are designated as “on hold” in the NMLS in accordance with paragraphs #4 above will continue until the Department issues a decision on the 2021 renewal application.  Please be advised that applicants for license renewal that are on hold as of January 1, 2021 will be subject to review and to potential enforcement action if deficiencies and requirements are not addressed in accordance with Department directives.
   
6. If you fail to renew your license by December 31, 2020 the NMLS system will change your license status to ‘Terminated - Failed to Renew’. Be advised you are not permitted to originate loans in New Jersey under this status. You will have an opportunity to reinstate your license between January 1, 2021 through February 28, 2021. The Fees associated with reinstatement are as follows.         
 
Company: $600 NJ Reinstatement Fee + $100 NMLS Processing Fee = $700
Branch: $500 NJ Reinstatement fee + $20 NMLS Processing Fee = $520
 

You are not permitted to resume loan origination in New Jersey until the Department has reviewed your request and changed your license status from Terminated to an active Approved status.

   
  Find Annual Renewal Instructions at NMLS  
     
For additional questions, contact:
NJDOBI License Services, Banking
PO Box 473
Trenton, NJ 08625
E-mail: bliconline@dobi.nj.gov
Phone: 609-292-7272
Fax: 609-633-0822
 
 
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New Jersey Department of Banking and Insurance