17:11C-16. Net worth requirements for consumer lenders
89 words·~1 min read·
/nj/title-17/chapter-11c/17-11c-16·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
16. a. Every applicant for a license as a consumer lender shall prove in a form satisfactory to the commissioner, that the applicant has a net worth of at least $100,000, and has available for the purpose of making consumer loans liquid assets of at least $100,000.
b. Every consumer lender shall have at all times a net worth of at least $100,000 and shall maintain at all times assets of at least $100,000 in liquid form available for or actually used in the making of consumer loans.
L.1996,c.157,s.16.