New Jersey passed a bill requiring the licensing of mortgage servicers. Under the bill, a person may not act as a mortgage servicer in New Jersey without obtaining a license from the Department of Banking and Insurance, unless exempt. The bill also sets forth mortgage servicer requirements with respect to fees, bonds, experience, renewals, notifications, reports, insurance, escrow accounts, payoff statements, borrower accounts, transfers of servicing and recordkeeping. The bill went into effect July 28, 2019.
See New Jersey Legislature website for the full text of the Statutes:https://www.njleg.state.nj.us/2018/Bills/A5000/4997_R1.PDF
