reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-66 - Reports to commissioner as to assets and liabilities

17:14A-66. Reports to commissioner as to assets and liabilities
A safe deposit company shall make and file with the commissioner, in the form prescribed by the commissioner, periodic reports as the commissioner may from time to time request setting forth in detail and under appropriate heads the assets and liabilities of the company at the close of business on any day specified by the commissioner. The report shall be filed by the company within 10 days after receipt of the request. The report shall be attested by at least three directors who are not officers of the company, and shall be verified by the oaths of at least two officers of the company. The commissioner may extend the time within which the report shall be filed for not more than 10 days.
L. 1983, c. 566, s. 17:14A-66.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-67 - Special reports as to condition of company

17:14A-67. Special reports as to condition of company
The commissioner shall have the power to call for special reports from a safe deposit company when, in his judgment, a special report is necessary to obtain a full and complete knowledge as to the company's condition. The special report shall be filed with the commissioner within 10 days after receipt of the request.
L. 1983, c. 566, s. 17:14A-67.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-68 - Penalty for failure to make and file report

17:14A-68. Penalty for failure to make and file report
A safe deposit company which fails to make and file a report as required pursuant to R.S. 17:14A-66 and R.S. 17:14A-67 shall be subject to a penalty of $100.00 for each day during which the failure continues, to be recovered by the State in a civil action prosecuted by the Attorney General.
L. 1983, c. 566, s. 17:14A-68.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-69 - Publication of report

17:14A-69. Publication of report
A summary of each report filed pursuant to R.S. 17:14A-66, in a form prescribed by the commissioner, shall be published by the safe deposit company once in a newspaper having a general circulation in the county in which the company's principal office is located within two weeks after the report is filed. The cost of publication shall be paid by the company and a proof of publication filed with the commissioner. A copy of the report shall be made available to any person requesting it.
L.1983, c. 566, s. 17:14A-69.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-70 - Examination of safe deposit companies by commissioner

17:14A-70. Examination of safe deposit companies by commissioner
The commissioner shall, whenever and as often as he shall deem it advisable, cause the affairs of every safe deposit company to be examined to determine whether the company is conducting its business in conformity with the laws of this State and its certificate of incorporation, and with safety to its lessees, creditors and the public.
The officers and employees of every safe deposit company, being examined shall exhibit to the examiners all its securities, books, records and accounts and shall otherwise facilitate the examination so far as it may be in their power.
L.1983, c. 566, s. 17:14A-70.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-71 - Examination of safe deposit companies by commissioner; examination of witnesses

17:14A-71. Examination of safe deposit companies by commissioner; examination of witnesses
The commissioner, a deputy commissioner, and every examiner assigned by the commissioner or by a deputy commissioner to examine the affairs of a company may administer an oath to any person whose testimony is required for the purposes of the examination. The commissioner or deputy commissioner may compel the appearance of any person for the purposes of examination, by subpena ad testificandum and the production of books, papers, documents or records by subpena duces tecum.
L.1983, c. 566, s. 17:14A-71.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-71.1 - Examinations confidential

17:14A-71.1. Examinations confidential
Every report and copy of a report of examination of a safe deposit company made by or under the supervision of the commissioner shall be confidential and shall not be made public by any officer, director or employee of a safe deposit company.
L.1983, c. 566, s. 17:14A-71.1.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-71.2 - Examinations confidential; evidence; subpenas

17:14A-71.2. Examinations confidential; evidence; subpenas
Every report and copy of a report of examination of a safe deposit company made by or under the supervision of the commissioner shall not be subject to subpena or to admission into evidence in any court, except pursuant to an order of the court made upon notice of the commissioner affording the commissioner an opportunity to advise the court of reasons for excluding the report or any portion thereof from evidence. The court shall order the issuance of a subpena for the production of or the admission into evidence of a report or portion thereof only after it is satisfied that it is material and relevant to the issues in the proceedings, and the ends of justice and the public interest will be served thereby. This section shall not apply to any action or proceeding instituted by the commissioner or the Attorney General pursuant to any law of this State.
L.1983, c. 566, s. 17:14A-71.2.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-72 - Commissioner's powers on ultra vires, unlawful and unsafe practices

17:14A-72. Commissioner's powers on ultra vires, unlawful and unsafe practices
If the commissioner finds that a safe deposit company is violating the provisions of its certificate of incorporation, or is conducting its business in violation of any law of this State, or in an unsafe manner, he shall order the safe deposit company to cease its ultra vires, unlawful or unsafe practices, as the case may be.
L.1983, c. 566, s. 17:14A-72.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-73 - Review of commissioner's order to cease ultra vires, unlawful or unsafe practices

17:14A-73. Review of commissioner's order to cease ultra vires, unlawful or unsafe practices
An order of the commissioner made pursuant to R.S. 17:14A-72 shall be subject to review by appeal to the Appellate Division of the Superior Court. The institution of proceedings for review shall suspend the accrual of the penalties provided for by R.S. 17:14A-74 until the final determination of the proceedings.
L.1983, c. 566, s. 17:14A-73.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-74 - Penalty for failure to comply with commissioner's order as to ultra vires, unlawful and unsafe practices

17:14A-74. Penalty for failure to comply with commissioner's order as to ultra vires, unlawful and unsafe practices
A safe deposit company which continues to violate the provisions of its certificate of incorporation or which continues to conduct its business in violation of any law of this State, or in an unsafe manner, after having been ordered by the commissioner to cease those practices, shall be liable to a penalty of $1,000.00 to be recovered with costs by the State in a court of competent jurisdiction in a civil action prosecuted by the Attorney-General, and it shall be liable to a like penalty for each day's additional default from and after the time specified in the order. The penalty provided by this section shall be in addition to and not in lieu of any other provision of law applicable upon a safe deposit company's failure to comply with an order of the commissioner.
L.1983, c. 566, s. 17:14A-74.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-75 - Removal of director or officer

17:14A-75. Removal of director or officer
Whenever, in the opinion of the commissioner, any director or officer of a safe deposit company has and continues to violate any law relating to a safe deposit company or has or continues unsafe or unsound practices in conducting the business of the safe deposit company after having been directed by the commissioner to discontinue the violation of law or the unsafe or unsound practices, the commissioner may cause notice to be served upon the director or officer to appear and show cause before him why he should not be removed from office. A copy of a notice so served shall be sent to each of the other directors of the safe deposit company by registered mail. If, after granting the director or officer a reasonable opportunity to be heard, the commissioner finds that he has and continues to violate any law relating to the safe deposit company, or has and continues unsafe or unsound practices in conducting the business of the safe deposit company, after having been directed by the commissioner to discontinue the violation of law or the unsafe or unsound practices, the commissioner may make an order removing the director or officer from office. A copy of the order shall be served upon the director or officer and upon the safe deposit company of which he is a director or officer. After the service of the copies of the order, the director or officer shall cease to be a director or officer of the safe deposit company.
L.1983, c. 566, s. 17:14A-75.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-76 - Participation in management of company after removal from office

17:14A-76. Participation in management of company after removal from office
Any director or officer who, after service upon him of a copy of the order removing him from office, participates in any manner in the management of the safe deposit company is guilty of a disorderly persons offense.
L.1983, c. 566, s. 17:14A-76.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-77 - Record of proceedings to remove director or officer not to be made public; exception

17:14A-77. Record of proceedings to remove director or officer not to be made public; exception
No part of the record of any proceedings under R.S. 17:14A-75 shall be made public or disclosed to anyone except the director or officer involved and the other directors of the safe deposit company involved, except in connection with proceedings brought pursuant to R.S. 17:14A-76.
L.1983, c. 566, s. 17:14A-77.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-77.1 - Review of commissioner's order to remove director or officer

17:14A-77.1. Review of commissioner's order to remove director or officer
An order by the commissioner made pursuant to R.S. 17:14A-75 shall be subject to review by appeal to the Appellate Division of the Superior Court.
L.1983, c. 566, s. 17:14A-77.1.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-78 - Costs of examination of safe deposit company

17:14A-78. Costs of examination of safe deposit company
Every safe deposit company shall pay to the commissioner for the use of the State the reasonable costs of each examination of its affairs made pursuant to this chapter. The Attorney General may prosecute an action in the name of and for the benefit of the State, in a court of competent jurisdiction, against any safe deposit company which fails to pay the costs of examination.
L.1983, c. 566, s. 17:14A-78.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-79 - Filing documents and reports

17:14A-79. Filing documents and reports
All documents and reports which are required to be filed by a corporation pursuant to the provisions of Title 14A, Corporations, General, of the New Jersey Statutes and which apply to a safe deposit company shall be filed in the department.
L.1983, c. 566, s. 17:14A-79.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-80 - Custodial possession by commissioner; causes

17:14A-80. Custodial possession by commissioner; causes
The commissioner shall have the authority to institute an action in the Superior Court to take custodial possession of the property of any safe deposit company:
a. Which has filed for bankruptcy or has been adjudicated a bankrupt;
b. Which is insolvent or has been placed in receivership;
c. Against which any proceedings have been instituted for bankruptcy, insolvency, receivership, agreement of composition or assignment for the benefit of creditors;
d. Against which a summary dispossess action has been instituted;
e. Against which has been issued a judgment, writ of execution, levy or sale;
f. Which has violated the provisions of its certificate of incorporation or any law of this State;
g. Which has refused to submit its books, papers, records, documents, and things to the inspection of the commissioner or any examiner appointed by him;
h. Whose officer or director has refused to be examined upon oath concerning the affairs of the safe deposit company or has refused to answer questions under oath or to produce any books, papers, records, or documents of the safe deposit company in his possession, custody or control;
i. Which has suspended its business for want of funds to carry on its business;
j. Which is, in the opinion of the commissioner, in an unsafe or unsound condition to transact business.
L.1983, c. 566, s. 17:14A-80.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-81 - Custodial possession by commissioner; purpose

17:14A-81. Custodial possession by commissioner; purpose
Possession by the commissioner shall be for the sole purpose of serving as a custodian of the safe deposit company until the lessees of the vaults, safe deposit boxes and other receptacles have removed their personal property therefrom after notice from the commissioner or upon removal by the commissioner to a place of safe storage.
L.1983, c. 566, s. 17:14A-81.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-82 - Custodial possession by commissioner; return of property to management of safe deposit company

17:14A-82. Custodial possession by commissioner; return of property to management of safe deposit company
If and when the commissioner determines that the cause or causes for his taking custodial possession of a safe deposit company have been removed or remedied, he may return the property of the safe deposit company to the control and management of its officers and directors.
L.1983, c. 566, s. 17:14A-82.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-83 - Custodial possession by commissioner; corporate title and existence

17:14A-83. Custodial possession by commissioner; corporate title and existence
Notwithstanding the taking of custodial possession of the property of a safe deposit company by the commissioner:
a. Title to all the property of the safe deposit company, including property held in fiduciary capacities, shall remain in the safe deposit company;
b. The corporate existence of the safe deposit company shall continue unless terminated as provided in R.S. 17:14A-80; and
c. The stockholders and directors of the safe deposit company shall be entitled to meet and the stockholders, directors and officers of the safe deposit company shall be entitled to act upon any matter which does not infringe upon the powers granted to the commissioner by R.S. 17:14A-80.
L.1983, c. 566, s. 17:14A-83.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-84 - Custodial possession by commissioner; notice to commissioner

17:14A-84. Custodial possession by commissioner; notice to commissioner
A safe deposit company shall immediately notify the commissioner in writing of any of the actions or proceedings set forth in subsections a. through e. of R.S. 17:14A-80 instituted by or against the safe deposit company.
L.1983, c. 566, s. 17:14A-84.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-85 - Custodial possession by commissioner; surety bond

17:14A-85. Custodial possession by commissioner; surety bond
A safe deposit company shall file and keep on file with the commissioner a surety bond obtained from a surety company authorized to transact business in this State in an amount of not less than $25,000.00 and in form prescribed by regulation of the commissioner. The bond shall be conditioned for payment to the State for the benefit of the Department of Banking of the costs and expenses incurred by the commissioner in taking custodial possession of the property of a safe deposit company pursuant to R.S. 17:14A-80 in the event the safe deposit company is unable to reimburse the department for those costs and expenses.
L.1983, c. 566, s. 17:14A-85.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-86 - Standards for vaults

17:14A-86. Standards for vaults
Vaults shall have walls, floors and ceiling of reinforced concrete at least 12 inches in thickness constructed as follows:
a. Two grids of #5 ( 5/8 " diameter) deformed steel bars located in horizontal and vertical rows in each direction to form grids not more than four inches on center; or
b. Two grids of expanded steel bank vault mesh placed parallel to the face of the walls, weighing at least six pounds per square foot to each grid, having a diamond pattern not more than 3 " x 8 " ; or
c. Two grids of any other fabricated steel placed parallel to the face of the walls, weighing at least six pounds per square foot to each grid and having an open area not exceeding four inches on the center;
d. Grids are to be located not less than six inches apart and stagger in each direction;
e. The concrete shall develop an ultimate compression strength of at least 3,000 pounds per square inch;
f. Electric conduits into the vault shall not exceed 1 1/2 inches in diameter and shall be offset within the walls, floor or ceiling so as not to form a direct path of entry; and
g. A vault ventilator, if provided, shall be designed with consideration of safety to life without significant reduction of the strength of the vault wall to burglary attack.
L.1983, c. 566, s. 17:14A-86.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-87 - Standards for vault doors

17:14A-87. Standards for vault doors
Vault doors shall be made of steel at least 3 1/2 inches in thickness, or other drill and torch resistant material, and be equipped with a dial combination lock, a time lock, and a substantial lockable day-gate gate.
L.1983, c. 566, s. 17:14A-87.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-88 - Standards for safes

17:14A-88. Standards for safes
A safe shall weigh at least 750 pounds empty, or be securely anchored to the premises where located. The body shall consist of steel, at least one inch in thickness, either cast or fabricated, with an ultimate tensile strength of at least 50,000 pounds per square inch and be fastened in a manner equal to a continuous 1/4 inch penetration weld having an ultimate tensile strength of at least 50,000 pounds per square inch. The door shall be made of steel that is at least 1 1/2 inch in thickness and at least equivalent in strength to that specified for the body, and the door shall be equipped with a combination lock, or time lock, and with a relocking device that will effectively lock the door if the combination lock or time lock is punched. One hole not exceeding 1/2 inch diameter may be provided in the body to permit insertion of electrical conductors, but shall be located so as not to permit a direct view of the door or locking mechanism.
L.1983, c. 566, s. 17:14A-88.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-89 - Safe deposit box standards

17:14A-89. Safe deposit box standards
A safe deposit box used to store and safeguard a lessee's personal property shall be enclosed in a vault or safe meeting the minimum standards set forth in R.S. 17:14A-86 and R.S. 17:14A-87 or R.S. 17:14A-88.
L.1983, c. 566, s. 17:14A-89.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-90 - Surveillance systems

17:14A-90. Surveillance systems
A surveillance system shall be provided for each office of a safe deposit company which shall:
a. Be equipped with one or more photographic, recording, monitoring, or like devices capable of reproducing images of persons in the safe deposit company office with sufficient clarity to facilitate (through photographs capable of being enlarged to produce a one-inch vertical head-size of persons whose images have been reproduced) the identification and apprehension of robbers or other suspicious persons.
Any camera used in the system shall be capable of taking at least one picture every two seconds and, if it uses film, should contain enough unexposed film at all times to be capable of operating for not less than three minutes, and the film shall be at least 16mm, and
(1) Located so as to reproduce identifiable images of persons either leaving the safe deposit company office or in a position to transact business at the office; and
(2) Capable of actuation by initiating devices located throughout the office;
b. Be reasonably silent in operation; and
c. Be so designed and constructed that necessary services, repairs or inspections can readily be made.
L.1983, c. 566, s. 17:14A-90.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-91 - Robbery alarm systems

17:14A-91. Robbery alarm systems
A robbery alarm system shall be provided for each office of a safe deposit company at which the police ordinarily can arrive within five minutes after an alarm is actuated. Robbery alarm systems shall be:
a. Designed to transmit to the police, either directly or through an intermediary, a signal (not detectable by unauthorized persons) indicating that a crime against the office has occurred or is in progress;
b. Capable of actuation by initiating devices located throughout the office;
c. Safeguarded against accidental transmission of an alarm;
d. Equipped with a visual and audible signal capable of indicating improper functioning of or tampering with the system; and
e. Equipped with an independent source of power (such as a battery) sufficient to assure continuously reliable operation of the system for at least 24 hours in the event of failure of the usual source of power.
L.1983, c. 566, s. 17:14A-91.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-92 - Burglary alarm systems

17:14A-92. Burglary alarm systems
A burglary alarm system shall be provided for each office of a safe deposit company. Burglary alarm systems shall be:
a. Capable of detecting promptly an attack on the outer door, walls, floor, or ceiling of each vault, and each safe not stored in a vault, in which personal property of lessees are stored when the office is closed, and any attempt to move a safe;
b. Designed to transmit to the police, either directly or through an intermediary, a signal indicating that an attempt is in progress; and for offices at which the police ordinarily cannot arrive within five minutes after an alarm is actuated, designed to actuate a loud sounding bell or other device that is audible inside the office and for a distance of approximately 500 feet outside the office;
c. Safeguarded against accidental transmission of an alarm;
d. Equipped with a visual and audible signal capable of indicating improper functioning of or tampering with the system; and
e. Equipped with an independent source of power (such as a battery) sufficient to assure continuously reliable operation of the system for at least 80 hours in the event of failure of the usual source of power.
L.1983, c. 566, s. 17:14A-92.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-93 - Notice of crime

17:14A-93. Notice of crime
The board of directors of a safe deposit company shall promptly notify the commissioner of any crime committed or attempted to be committed against the safe deposit company by any person even though the crime or attempted crime has not resulted in a loss.
L.1983, c. 566, s. 17:14A-93.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-94 - Rules and regulations

17:14A-94. Rules and regulations
In addition to other powers and duties vested in him by this chapter or by any other law, the commissioner is authorized and empowered to make reasonable rules and regulations not inconsistent with the provisions of this chapter, and specific rulings, demands and findings as he may deem necessary for the proper operation and enforcement of this chapter.
The commissioner's authority to make rules and regulations may include higher or equivalent modifications in the standards for the construction of vaults, vault doors, safes, safe deposit box standards, surveillance, robbery and burglary alarm systems when the commissioner deems those modifications are warranted and continue to maintain protection of the safe deposit company.
L.1983, c. 566, s. 17:14A-94.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-95 - Dissolution

17:14A-95. Dissolution
A safe deposit company may be dissolved in the manner provided by chapter 12 of Title 14A, Corporations, General of the New Jersey Statutes, except that filings thereunder shall be made in the department.
L.1983, c. 566, s. 17:14A-95.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-96 - Filing fees

17:14A-96. Filing fees
A safe deposit company shall pay to the commissioner for the use of the State:
a. For filing an application for charter ...... $2,500.00
b. For the issuance by the commissioner for
a certificate of authority .......... 100.00
c. For filing the original certificate of
incorporation .......... 50.00
d. For filing a certificate of amendment of
a certificate of incorporation or an amended
certificate of amendment .......... 50.00
e. For filing any other certificate .......... 10.00
f. For filing an application of the establishment
of a branch office .......... 500.00
g. For filing an agreement of merger per
company .......... $1,500.00
h. For filing a plan for consolidation per
company ....... 1,500.00
i. For filing a report required by this
chapter or any other law .......... 25.00
j. For filing an affidavit .......... 10.00
k. For filing proof of publication and mailing
or other proof required by this chapter or any
other law .......... 10.00
l. For filing application for approval of a change
of principal office or branch office ........ 250.00
m. For the issuance of a certified copy of any
certificate of incorporation or agreement of
merger or plan for consolidation or any other
certificate or affidavit ......... 10.00
plus $1.00 per page
n. For application for control of safe
deposit company ....... 1,000.00
o. For filing certificate of dissolution ...... 35.00
L.1983, c. 566, s. 17:14A-96.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:14A-97 - Statutes repealed

17:14A-97. Statutes repealed
The following are repealed:
R.S. 17:14-1 to R.S. 17:14-8 inclusive.
L.1983, c. 566, s. 17:14A-97.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-31 - Definitions.

17:15A-31 Definitions.
2. As used in this act:
"Applicant" means a person who has applied or is in the process of applying for a license pursuant to this act.
"Automated cash machine" means an unmanned communications terminal which dispenses cash, traveler's checks or both; does not accept deposits; and through which transactions with banking institutions are consummated.
"Automated check cashing machine" means an unmanned communications terminal which only cashes checks for a fee.
"Check" includes a check, draft, money order, negotiable order of withdrawal and similar types of negotiable instruments.
"Commissioner" means the Commissioner of Banking and Insurance.
"Controlling interest" means ownership, control or interest in 25% or more of the outstanding and issued voting stock of the check cashing business.
"Customer" means any person who seeks to have a check cashed by a licensee but does not include the maker of a check payable to another person.
"Department" means the Department of Banking and Insurance.
"Fee" includes any fee, charge, cost, expense, or other consideration.
"License" means a license issued pursuant to this act and held by a licensee, which license authorizes the licensee to cash checks for a fee as provided pursuant to this act.
"Licensee" means a person who holds, or who should hold, a license pursuant to this act.
"Limited branch office" means a private premises where a licensee maintains and makes available to the particular group specified in the authorization, and to that group only, the facilities for cashing checks, drafts, or money orders on the designated premises for no more than two days of each week as designated in the authorization pursuant to subsection c. of section 12 of this act and also includes the premises where payroll services are provided.
"Mobile office" means any vehicle or other moveable means from which the business of cashing checks is conducted.
"Natural person" does not include a payee identified on the payee line of a check as a partnership, professional association, company, corporation, or other business entity.
"Office" includes a principal office and a full branch office.
"Payroll check" means a check issued by an employer to its employee in payment of salary or wages for services rendered by the employee.
"Payroll service" means a service provided, pursuant to a written agreement, by a licensed check casher to an employer in which the employer pays a fixed fee or rate for the on-site delivery of payroll or cashing of payroll checks issued to its employees, at no cost to the employees.
"Person" has the meaning given that word in R.S.1:1-2.
"Substantial stockholder" means any person who beneficially owns or controls more than 10% of the outstanding voting shares of an applicant or a licensee.
L.1993, c.383, s.2; amended 2003, c.252, s.1; 2015, c.233, s.1.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-32.1 - Sale of check cashing business.

17:15A-32.1 Sale of check cashing business.
1. a. A person who is conducting business as a check casher pursuant to P.L.1993, c.383 (C.17:15A-30 et seq.), whose license was continued pursuant to section 21 of P.L.1993, c.383 (C.17:15A-50), and who is not the subject of any action by the commissioner pursuant to section 19 or 20 of P.L.1993, c.383 (C.17:15A-48 or 17:15A-49), shall be permitted to sell the assets of the business of cashing checks.
b. A person purchasing the assets of the business of cashing checks from a person permitted to sell those assets pursuant to subsection a. of this section shall be required to:
(1) qualify for a license pursuant to the provisions of P.L.1993, c.383 (C.17:15A-30 et seq.), except that the person shall not be required to comply with the provisions of subsection e. of section 12 and subsection f. of section 18 of P.L.1993, c.383 (C.17:15A-41 and 17:15A-47) ; and
(2) conduct the business of cashing checks from the location the address of which is listed on the license of the person from whom the assets of the business of cashing checks are being purchased.
c. A business of cashing checks which is sold and purchased pursuant to subsections a. and b. of this section may be sold and purchased subsequently as long as each time the business is sold the seller is not the subject of any action by the commissioner pursuant to section 19 or 20 of P.L.1993, c.383 (C.17:15A-48 or 17:15A-49) and the person purchasing the business of check cashing :
(1) qualifies for a license pursuant to the provisions of P.L.1993, c. 383 (C.17:15A-30 et seq.), except that the purchaser shall not be required to comply with the provisions of subsection e. of section 12 and subsection f. of section 18 of P.L.1993, c.383 (C.17:15A-41 and 17:15A-42); and
(2) conducts the business of cashing checks from the location the address of which is listed on the license of the person from whom the business of cashing checks is purchased.
L.1998,c.104,s.1.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-33 - Application for licensure; requirements

17:15A-33. Application for licensure; requirements
4. Any person wishing to be licensed to cash checks for a fee shall:
a. Submit to the commissioner a completed written application on forms prescribed by the commissioner which shall contain notice that false statements made therein are punishable and supported by evidence as required by the commissioner;
b. Submit an application fee as prescribed by the commissioner by regulation in an amount not to exceed $2,000;
c. Submit proof of net worth and liquid assets as required pursuant to section 8 of this act; and
d. Execute a statement on the application in which the applicant consents to allow the department to examine the records of the bank account or accounts used for its check cashing business.
L.1993,c.383,s.4.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-34 - Approval of application

17:15A-34. Approval of application
5. The commissioner shall approve an application for a license if:
a. The applicant has complied with the requirements of section 4 of this act;
b. The commissioner finds that the financial responsibility, experience, character, and general fitness of the applicant support the belief that the business will be operated honestly and fairly; and
c. The commissioner finds that none of the grounds for revoking or suspending a license set forth in section 19 of this act exist.
L.1993,c.383,s.5.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-35 - Contents of application.

17:15A-35 Contents of application.
6. The application for a license shall include, but not be limited to, the following:
a. The name, age, business address, residence and present and previous occupations of each applicant or licensee and of each officer, owner, director, partner, and substantial stockholder of the check cashing business to be licensed;
b. The name and business address of each manager of each office, mobile office or limited branch office that the applicant proposes to operate;
c. The address of each stationary site, if the check cashing business, or any portion thereof, is to be conducted from a stationary site or sites;
d. The New Jersey motor vehicle registration number or other identification of the mobile office and the exact location or locations, if more than one, at which the applicant proposes to operate the mobile office, if the check cashing business, or any portion thereof, is to be conducted from a mobile office;
e. Any other information that the commissioner may reasonably require;
f. All licensees shall have an affirmative obligation to advise the commissioner in writing within five days of any change in the information required under subsections a., c. and d. of this section; and
g. An applicant's customer information, customer lists, authorizations and customer contracts submitted to or obtained by the department in connection with an application for licensure for a limited branch office shall be confidential and not public records subject to public access, inspection or copying under P.L.1963, c.73 (C.47:1A-1 et seq.) or the common law concerning access to public records. The applicant's name and address and an application for licensure for a limited branch office shall be public records. Nothing contained in this subsection shall restrict the authority of the department or any other governmental entity to access documents, whether or not deemed public records, submitted in connection with an application for a limited branch office license.
L.1993,c.383,s.6; amended 2003, c.252, s.2; see s.8 of 2003, c.252 for contingency in 2014.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-36 - Fingerprinting, background checks for licensees

17:15A-36. Fingerprinting, background checks for licensees
7. Each director, substantial stockholder, officer, owner, partner, manager, and employee in the check cashing business of a licensee shall submit to being fingerprinted on forms supplied by the commissioner and shall provide written consent to the performance of background checks. The commissioner is authorized to exchange fingerprint data with and receive criminal history record information from the Federal Bureau of Investigation and the Division of State Police for use in performing background checks. The commissioner is authorized to conduct such additional background checks as he deems appropriate. The department is authorized to collect from the applicant or licensee any costs connected with these background investigations.
L.1993,c.383,s.7.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-37 - Required capital, net worth, liquid assets.

17:15A-37 Required capital, net worth, liquid assets.
8. An applicant shall prove, in a manner and form satisfactory to the commissioner, that the applicant has available for the operation of its check cashing business at each office, mobile office or automated check cashing machine location, capital or net worth of at least $50,000, and has available for the operation of its check cashing business at each office , mobile office or location, liquid assets of at least $50,000.
L.1993,c.383,s.8; amended 2003, c.252, s.3; see s.8 of 2003, c.252 for contingency in 2014.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-38 - Licensee to engage services of public accountant

17:15A-38. Licensee to engage services of public accountant
9. a. Each applicant shall engage and each licensee shall maintain the services of a public accountant, which accountant shall assist the licensee to maintain the records of the check cashing business in an orderly and accurate manner.
b. The contract between the licensee and the public accountant shall include a statement by the accountant consenting to allow the department to examine all records of the licensee at the accountant's place of business during normal business hours.
c. If a licensee changes the public accountant used to assist in the maintenance of the licensee's records of the check cashing business, the licensee shall notify the department within 15 days of the date a change is made and provide the department with the information required pursuant to subsection d. of section 10 of this act.
L.1993,c.383,s.9.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-39 - License required for operation, conditions

17:15A-39. License required for operation, conditions
10. No applicant for a license shall commence operations until a license has been issued. The commissioner shall not issue a license unless the following conditions have been met:
a. The application for the license has been approved pursuant to section 5 of this act;
b. The applicant's place or places of business have been approved by the department and the department has determined that the applicant has the necessary equipment to record transactions and maintain other records as required by this act;
c. The applicant has submitted to the department a statement that the applicant has a bank account or accounts which will be used solely for the check cashing business, together with the number or numbers of those accounts and the name of the institution in which each account is held; and
d. The applicant has submitted to the department the name and business address of the applicant's public accountant and evidence acceptable to the commissioner demonstrating compliance with subsections a. and b. of section 9 of this act.
L.1993,c.383,s.10.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-40 - Valid license, civil actions.

17:15A-40 Valid license, civil actions.
11. a. A license shall be valid until surrendered by the licensee, or unless revoked or suspended pursuant to this act.
b. The license shall be for a term of not less than two years as set by the commissioner by regulation.
c. A licensee may bring a civil action in Superior Court against another licensee, or against a depository institution subject to subsection b. of section 21 of P.L.1993, c.383 (C.17:15A-50), as amended, or subsection c. of section 21 of P.L.1993, c.383 (C.17:15A-50), as amended, for violating any of the following provisions, if that violation has an impact on the check cashing business of the licensee bringing the action: (1) section 3 of P.L.1993, c.383 (C.17:15A-32); (2) the requirements set forth in paragraph (6) of subsection d. of section 12 of P.L.1993, c. 383 (C.17:15A-41); (3) subsection e. of section 12 of P.L.1993, c. 383 (C.17:15A-41); (4) subsection f. of section 18 of P.L.1993, c.383 (C.17:15A-47); (5) subsection b. of section 21 of P.L.1993, c.383 (C.17:15A-50); or (6) subsection c. of section 21 of P.L.1993, c.383 (C.17:15A-50). Nothing contained in this subsection shall be construed to restrict, limit or alter in any way the commissioner's authority to enforce the provisions of "The Check Cashers Regulatory Act of 1993," P.L.1993, c.383 (C.17:15A-30 et seq.) or any other law.
d. If a licensee has not provided check cashing services during normal business hours at the location specified in the license for a period of 180 consecutive days or more, and if no application for renewal of the license or relocation of the licensed check casher is or shall have been filed prior to expiration of that 180-day period, the department may, after notice to the licensee and opportunity to be heard, revoke the license or for good cause shown, the department may extend the 180-day period.
L.1993,c.383,s.11; amended 2003, c.252, s.4; 2007, c.81, s.14.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-42 - Approval required for sale, transfer of business

17:15A-42. Approval required for sale, transfer of business
13. Any sale or transfer of a controlling interest in a licensee's or applicant's check cashing business shall be approved by the commissioner prior to the transfer or sale, after the licensee or applicant has provided written notice of the proposed sale or transfer to the commissioner. The commissioner shall approve the transfer or sale unless he determines, following an opportunity for a hearing, that sufficient grounds exist to deny, revoke, or suspend the license.
L.1993,c.383,s.13.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-43 - Fees permitted.

17:15A-43 Fees permitted.
14. No licensee shall charge a fee or receive any other consideration, directly or indirectly, which is greater than the amount permitted pursuant to this section, as follows:
a. For cashing a check drawn on a depository institution or other financial entity located in this or any other State, two percent of the face amount of the check, or $.90, whichever is greater;
b. For cashing a check payable to a recipient of Temporary Assistance for Needy Families (TANF), one percent of the face amount of the check, or $.90, whichever is greater;
c. For cashing a check payable to a recipient of supplemental security income pursuant to Subchapter XVI of the Social Security Act, 42 U.S.C. s.1381 et seq., one and one half percent of the face amount of the check, or $.90, whichever is greater;
d. For cashing a check payable to a recipient of old-age and survivors benefit payments pursuant to Subchapter II of the Social Security Act, 42 U.S.C. s.401 et seq., one and one half percent of the face amount of the check, or $.90, whichever is greater;
e. On or after the 365th day from the effective date of this act, subsequent increases to the fees which may be charged pursuant to subsection a. of this section by a licensee for cashing a check, draft or money order shall be set by the commissioner by regulation;
f. In setting the fees pursuant to subsection e. of this section, the commissioner shall consider, but not be limited to, the following:
(1) rates charged in the past;
(2) the income, cost and expense of the operation of licensees;
(3) rates charged by licensed check cashers or other similar entities located in other states for the same or similar services and the factors upon which those rates are based;
(4) changes in the population served; and
(5) a reasonable profit for check cashers; and
g. For cashing a check in excess of $2,500, a licensee may charge up to three percent of the face amount of the check, except, in the case of a check subject to subsection b., c., or d. of this section, the licensee shall charge no greater amount than the amount specified in the applicable subsection.
L.1993, c.383, s.14; amended 1998, c.98; 2015, c.233, s.2; 2019, c.261.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:15A-45 - Annual report by check cashing business; violations, penalties.

17:15A-45 Annual report by check cashing business; violations, penalties.
16. Each licensee shall annually file a report with the commissioner giving the information the commissioner may require concerning its check cashing business and operations during the preceding calendar year. In addition to the annual report the commissioner may require additional regular or special reports as the commissioner deems necessary to effectuate the purposes of this act. These reports shall be made under oath or affirmation and shall be in the form and within the time prescribed by the commissioner by regulation.
A licensee that fails to make and file its annual report in the form and within the time provided in this section shall be subject to a penalty of not more than $100 for each day's failure, and the commissioner may revoke or suspend its authority to do business in this State. The penalty may be collected in a summary proceeding pursuant to the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.). A warrant may issue in lieu of a summons.
L.1993,c.383,s.16; amended 2007, c.81, s.15.