Garden State Check Cashing Service, Inc. v. State of New Jersey Department of Banking and Insurance(081044)(Statewide)(A-1-18; 080861)
The only requirements for an asset sale are that a seller is conducting business by holding a valid license and is not subject to an action by the Commissioner. As such, the asset sale was valid, the Irvington location retained its grandfathered status, and DOBI’s decision to grant the license to New Loan was appropriate.
