An Annual Report is required to be filed by May 1, 2023 for all Motor Vehicle Installment Seller Licensees. If the report is delayed, your dealership will be assessed a fine and your license suspended (details below).
All licensed dealerships were sent an email from the Department of Banking and Insurance (DOBI) in February. Any dealership who has not yet filed their Annual Report should have also received a follow up email earlier this week from DOBI. If you have not received an email from DOBI, you can contact them at [email protected].
ALL ANNUAL REPORTS ARE DUE BY MAY 1, 2023
Background
Pursuant to N.J.A.C. 3:23-4.1, all companies licensed to do business by the New Jersey Department of Banking and Insurance (DOBI) are required to file an annual report with the Department. Licensees are required to file an annual report after each calendar year in which they were licensed.
Your annual report must be filed online by May 1, 2023 on the Department’s Banking Annual Reports website at http://ocfreporting.nj.gov. Failure to file your annual report on time will result in an enforcement action. After May 1, 2023, the Department will issue an Order and Notice of Violation subjecting late filers to penalties, depending on when the annual report is filed with the Department:
The penalties are as follows:
- From May 2, 2023 to May 31, 2023- $100 per each day the report was not filed after May 1, 2023
- From June 1, 2023 to June 30, 2023- $3,000
- From July 1, 2023 to July 31, 2023- $6,000
- From August 1, 2023 to August 31, 2023- $9,000
- From September 1, 2023 to September 30, 2023- $12,000
If the annual report is not filed by close of business September 30, 2023, the business will face a fine of $15,000 and revocation of their license
Downloading the Worksheets
The Department recommends that businesses complete the appropriate worksheet(s) corresponding with their license type(s) before attempting to file their annual report online. Using the worksheet(s) will allow the business to collect the required information beforehand and will make online filing easier. To download your worksheets, visit http://ocfreporting.nj.gov. Please read all the instructions on the Welcome Page carefully and download the worksheet(s) that corresponds with your license type(s).
Accessing and logging into the Online Application
When ready to begin the online report, go to the Welcome Page and click on the ‘Begin an Annual Report’ button to launch the Banking Annual Reports online application. Your business account number will act as a personal identification number (PIN) and provide an extra layer of security for accessing annual report information.
Filing and Assistance
Once successfully logged in, the online application will begin collecting annual report information, tailored to the specific license type. Once completed, the individual MUST click “SUBMIT” for the Department to receive it. If successfully submitted, you will receive a confirmation number via email. If you do not receive a confirmation number, your Annual Report will NOT be considered as “filed.”
Department notifications regarding the Annual Report, including the confirmation number, will be sent to you at the email address on file with the Department.
Renewals
Please also be advised that all non-mortgage licenses need to be renewed this year. The renewal period runs from early May until June 30, 2023. This is separate and apart from the Annual Report and Assessment process. A separate notice will be sent as the renewal period approaches.
For more detailed information on this and other topics visit the Department’s website at: http://www.state.nj.us/dobi/bankdedfund/bankdedfunding.htm