N.J. Admin. Code § 3:24-5.3

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

Section 3:24-5.3 - Return items record

(a) A return items record shall be maintained in which the following information shall be clearly recorded with respect to each check, draft or money order, returned unpaid:

1. The date on which each check, draft or money order was originally cashed by licensee;

2. The issuer of each check, draft or money order;

3. The date of each check, draft or money order returned unpaid;

4. The name of the drawer of each check, draft or money order returned unpaid;

5. The name of the payee or last endorser of each check, draft or money order;

6. The amount of each check, draft or money order returned unpaid;

7. The name of the bank on which each check, draft or money order is drawn;

8. The reason for which each check, draft or money order was returned unpaid;

9. The date on which each check, draft or money order was redeposited;

10. The date and manner of payment of each check, draft or money order, with complete details of the disposition made of it, including a record of the specific check, draft or money order utilized in the payment of the original item; and

11. A current record, updated (monthly), showing the efforts and progress being made to collect any unpaid checks, drafts, or money orders, including the receipt of partial payments.

N.J. Admin. Code § 3:24-5.3