Department of Banking and Insurance Bulletin No. 20-06

The record

Jurisdiction

New Jersey

Level

Sector regulator

Authority

N.J.S.A. 17:11C-1 et seq. and related licensing acts administered by the Office of Consumer Finance

Issued

2020-03-19 Mar. 19, 2020

Effective

2020-03-19

End

Extended by Bulletin 20-26 ("Extension of No Action Position Regarding Temporarily Working from Home Due to COVID-19"), 2020; end date not verified (read as 2020-12-31)

In force

Mar. 19, 2020 to Dec. 31, 2020

Quarters

2020 Q22020 Q32020 Q4

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

Limitation types

Telework mandateOther

Addressees

• all licensed residential mortgage lenders, correspondent lenders, mortgage brokers, mortgage loan originators, loan processors and underwriters, debt adjusters, consumer lenders, sales finance companies, mortgage servicers and student loan servicers

Functions reached

• OF/OP mortgage and consumer-finance offices moved to home-based work under regulatory conditions
• ML/CL lending operations (no in-person public activity from home locations)
• HR supervision and records requirements

Collection

New Jersey NJ

Operative words

"This memorandum sets forth the Department's no-action position regarding licensure of certain branch office locations as a result of individuals who temporarily work from home during the COVID-19 outbreak." Annex A (Certification of Location Suitability): "3. None of the New Jersey licensable activity will be conducted in person with members of the public from the home location, and no licensable activity will be conducted at a location other than a licensed location or the home location"... "5. All physical business records are returned to the licensed branch office immediately upon the employee's return to the office or, if earlier, the revocation of the period of no action."

Enforcement

Notes