N.J. Stat. § 17:16C-19

Current through L. 2024, c. 80.

Section 17:16C-19 - Preservation of books, accounts, records, annual report; violations, penalties

All books, accounts and records of the licensee shall be preserved and kept available as provided herein for such period of time as the commissioner may by regulation require. The commissioner may require a licensee to file an annual report containing that information required by the commissioner by regulation concerning business conducted as a licensee in the preceding calendar year. The report shall be submitted under oath and in the form specified by the commissioner by regulation.

A licensee that fails to make and file its annual report in the form and within the time provided in this section shall be subject to a penalty of not more than $100 for each day's failure, and the commissioner may revoke or suspend its authority to do business in this State. The penalty may be collected in a summary proceeding pursuant to the "Penalty Enforcement Law of 1999," P.L. 1999, c. 274(C.2A:58-10 et seq.). A warrant may issue in lieu of a summons.

N.J.S. § 17:16C-19

Amended by L. 2007, c. 81,s. 20, eff. 5/4/2007.

Amended by L. 2005, c. 199, s. 20, eff. upon the adoption of regulations pursuant to 17:1C-35 and 17:1C-46.

L.1960, c.40, p.149, s.19.

L. 2007, c. 81,s. 29, states, "This act shall take effect immediately, but remain inoperative until July 1, 2006, and if enacted after that date, shall be retroactive to July 1, 2006; except that provisions of this act which amend the term of a license shall remain inoperative until the Commissioner of Banking and Insurance adopts regulations establishing the new license terms authorized by this act. The Commissioner of Banking and Insurance may immediately undertake action to promulgate any regulation necessary to implement the provisions of this act." .