Dealerships that hold a banking license should be aware that these licenses must be renewed every two years. Current banking licenses expire on June 30, 2021. Be on the lookout for a renewal notice from the New Jersey Department of Banking and Insurance (DOBI), which will be sent via email this year. The renewal notices, which are normally sent in early April, have not yet been sent.
NJ CAR has asked DOBI when the renewal notices are expected to be distributed and will follow-up with a second reminder when we have confirmation that they have been delivered.
When your dealership receives it’s notice, NJ CAR encourages you to complete the renewal process as soon as possible, in order to limit the chance of any issues prior to the expiration on June 30th.