# N.J. Stat. § 17:11C-12: Approval of transfer, sale

> New Jersey · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-12

## Section

- **Citation:** N.J. Stat. § 17:11C-12
- **Heading:** Approval of transfer, sale
- **Jurisdiction:** New Jersey
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** NJ Code / Title 17 / Chapter 11C / Section 11C-12

## Text

12. Any sale or transfer of a controlling interest in a consumer lender or sales finance company licensee's or applicant's business shall be approved by the commissioner prior to the transfer or sale, after the licensee or applicant has provided an application which contains a written notice of the proposed sale or transfer to the commissioner. The application shall list each officer, director, partner or owner to receive a controlling interest as a result of the transfer or sale, and each shall be subject to a criminal history record background check as set forth in subsection e. of section 7 of P.L.1996, c.157 (C.17:11C-7) as a condition for the commissioner's approval of the transfer or sale. The commissioner shall approve the transfer or sale unless the commissioner determines, following an opportunity for a hearing, that sufficient grounds exist to deny, revoke or suspend the license. The sale or transfer shall be deemed approved if the commissioner does not deny a completed application within 90 days after its receipt. L.1996, c.157, s.12; amended 2009, c.53, s.48.

## Nearby sections

- [N.J. Stat. § 17:11C-1 Short title amended.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-1.md)
- [N.J. Stat. § 17:11C-2 Definitions regarding licensed lenders.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-2.md)
- [N.J. Stat. § 17:11C-3 License required for consumer lender, sales finance company.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-3.md)
- [N.J. Stat. § 17:11C-6 Exempt consumer loan business, certain](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-6.md)
- [N.J. Stat. § 17:11C-7 Conditions for issuance of license.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-7.md)
- [N.J. Stat. § 17:11C-8 Application, fee.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-8.md)
- [N.J. Stat. § 17:11C-9 Maintenance of branch offices by licensee.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-9.md)
- [N.J. Stat. § 17:11C-10 Information on license; posting, disposition of license.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-10.md)
- [N.J. Stat. § 17:11C-11 Issuance, surrender, expiration of license.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-11.md)
- [N.J. Stat. § 17:11C-12 Approval of transfer, sale.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-12.md)
- [N.J. Stat. § 17:11C-16 Net worth requirements for consumer lenders](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-16.md)
- [N.J. Stat. § 17:11C-17 Change of address notice.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-17.md)
- [N.J. Stat. § 17:11C-18 Commissioner's authority relative to issuance, revocation, oversight of licenses, enforcement.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-18.md)
- [N.J. Stat. § 17:11C-19 Maintenance of books, accounts, records, documents.](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-19.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_NJ_T17_C11C_S11C-12. Check the current official text before relying on it. Not legal advice.