Sponsored by:
Senator ANTHONY M. BUCCO
District 25 (Morris and Passaic)
Senator GORDON M. JOHNSON
District 37 (Bergen)
SYNOPSIS
Permits mortgage loan originators to work from remote locations under certain circumstances.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning mortgage loan originators and supplementing P.L.2009, c.53 (C.17:11C-51 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. Notwithstanding any other law, rule, or regulation to the contrary, a mortgage loan originator or qualified individual licensee licensed pursuant to the “New Jersey Residential Mortgage Lending Act,” P.L.2009, c.53 (C.17:11C-51 et seq.) may perform licensable activities at a place of residence or another remote location, provided that the activities are in accordance with written supervisory policies and procedures.
b. Licensable activities from a remote location shall be permitted when:
(1) the mortgage loan originator or qualified individual licensee has written policies and procedures for the supervision of an employee working from a place of residence or another remote location;
(2) access to company platforms and customer information is in accordance with a comprehensive written information security plan;
(3) no in-person customer interaction occurs at a place of residence unless the residence is a licensed location; and
(4) physical records are not maintained at a remote location.
c. As used in this section “remote location” means a site at which a mortgage loan originator or qualified individual licensee conducts business other than the principal place of business or principal office.
d. The Commissioner of Banking and Insurance may issue and promulgate rules and regulations, in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to effectuate the provisions of this act.
2. This act shall take effect immediately.
STATEMENT
This bill permits mortgage loan originators to work from remote locations under certain circumstances.
Under the bill, a mortgage loan originator or qualified individual licensee licensed pursuant to the “New Jersey Residential Mortgage Lending Act” may perform licensable activities at a place of residence or another remote location provided that the activities are in accordance with written supervisory policies and procedures.
Licensable activities from a remote location are permitted when:
(1) the mortgage loan originator or qualified individual licensee has written policies and procedures for the supervision of an employee working from a place of residence or another remote location;
(2) access to company platforms and customer information is in accordance with a comprehensive written information security plan;
(3) no in-person customer interaction occurs at a place of residence unless the residence is a licensed location; and
(4) physical records are not maintained at a remote location.