NJ Regulator: 'Don't Blame Us'

The director of the banking division of the New Jersey Department of Banking and Insurance says the regulator shouldn't be blamed for the state's new predatory lending law.Speaking at the League of Mortgage Lenders Conference in Atlantic City, N.J., H. Robert Tillman said the department is not responsible for the statute and is not in a position to change the language, either. The regulator is issuing guidance on how it intends to enforce the law, but there are limitations on what it can do because of the court system and other participants in the legal and regulatory process, he said. Mr. Tillman reminded the audience that the law does not replace other statutes they need to be concerned about, such as the Licensed Lender Act and the Criminal Fraud Act.