N.J. Admin. Code § 3:17-5.4

Current through Register Vol. 56, No. 21, November 4, 2024

Section 3:17-5.4 - Loan numbering, original document envelope, and index requirement for consumer lenders

(a) Each consumer loan made shall have its proper consecutive or individual number and all instruments evidencing or securing any consumer loan shall bear the respective loan number.

(b) Each consumer lender shall maintain an alphabetical index of all borrowers, comakers, endorsers, guarantors and sureties that shall show the name of the borrower, loan number, date of loan and amount of loan.

(c) Each consumer lender shall maintain an envelope or other file for each loan in which shall be kept all the original notes, security agreements or other evidences of indebtedness or security, which have been signed by the borrower.

N.J. Admin. Code § 3:17-5.4