Consumer & commercial lending in New Jersey

Who needs this in New Jersey

A company that makes consumer loans to New Jersey residents generally needs a consumer lender / sales-finance license from New Jersey Department of Banking and Insurance when the product, rate, or amount crosses the state’s trigger. Banks and credit unions lending under a charter are usually exempt. Commercial-purpose loans often sit outside the consumer statute — confirm before you treat a business loan as unlicensed.

Where to file

Request the matching DOBI consumer-credit license on NMLS. File in New Jersey because the borrower lives there, not because your office does.

Federal overlay

TILA / Regulation Z, ECOA, FCRA, and CFPB supervision sit on top of the state license. A state license does not create a federal charter.

Sources

• NMLS / CSBS state agency contacts