reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16V-4 - Collateral protection insurance; effective date, face amount, term.

17:16V-4 Collateral protection insurance; effective date, face amount, term.
4. a. The effective date of the collateral protection insurance policy purchased by the creditor shall not be sooner than the earlier of the date the debtor's insurance lapsed or the date that the debtor failed to provide evidence of insurance on the collateral.
b. The face amount of the collateral protection insurance policy shall not exceed the outstanding balance of the obligation as of the effective date of the coverage purchased by the creditor even though the coverage may exceed the actual cash value or cost of repair.
c. A collateral protection insurance policy term may, but need not, extend to the full life of the credit transaction.
L.1999,c.44,s.4.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16V-5 - Termination, cancellation conditions.

17:16V-5 Termination, cancellation conditions.
5. a. Collateral protection insurance shall terminate on the earliest of the following dates:
(1) the date other acceptable insurance coverage becomes effective, subject to the debtor providing evidence of the other insurance to the creditor, without regard to when such evidence is received by the creditor;
(2) the date the collateral is subject to the completion of foreclosure, including sale, or repossession or similar event, including sale, unless the property is returned to the debtor within 10 days;
(3) the date that there is no further balance due from the debtor to the creditor;
(4) the date specified in the collateral protection insurance policy; or
(5) the date the collateral is determined by the insurer to be a total loss.
b. If the collateral protection insurance is canceled and there is any unearned premium paid by the debtor which is refunded to the creditor, the creditor shall pay or credit the debtor with the amount of the refund pursuant to paragraph (10) of subsection c. of section 3 of P.L.1999, c.44 (C.17:16V-3). All statements of the loan balance and activity provided by the creditor to the debtor shall include all amounts debited or credited to the obligation due to the purchase and cancellation of collateral protection insurance.
L.1999, c.44, s.5; amended 2019, c.312, s.2.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16V-6 - Obtaining insurance.

17:16V-6 Obtaining insurance.
6. Collateral protection insurance may be obtained from an insurance carrier chosen by the creditor which is licensed or otherwise authorized to provide such insurance in this State, and shall be set forth in an individual policy or certificate of insurance.
L.1999,c.44,s.6.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16V-8 - Fiduciary relationship not imposed.

17:16V-8 Fiduciary relationship not imposed.
8. Neither this act nor the purchase of collateral protection insurance nor receipt of commission or other consideration by the creditor shall impose a fiduciary relationship between the creditor and debtor. Placement of collateral protection insurance is for the purpose of protection of the interest of the creditor when the debtor fails to insure collateral as required by the credit transaction agreement.
L.1999,c.44,s.8.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16V-9 - Remedies, rights, options unimpaired.

17:16V-9 Remedies, rights, options unimpaired.
9. This act shall not impair any other remedies, rights or options available to a creditor pursuant to law, regulation, ruling or contract.
L.1999,c.44,s.9.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16V-10 - Notices to primary debtor.

17:16V-10 Notices to primary debtor.
10. If a credit transaction involves more than one debtor, notices or warnings required to be mailed under this act, shall be mailed to any primary debtor.
L.1999,c.44,s.10.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16V-11 - Applicability when debtor resides in State.

17:16V-11 Applicability when debtor resides in State.
11. This act shall apply to all credit transactions entered into in this State or if the debtor resides in this State, provided, however, that if the debtor resides in another state, compliance with that state's requirements regarding notice of purchase by the creditor of collateral protection insurance shall be deemed compliance with the notice provisions of this act.
L.1999,c.44,s.11.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16V-12 - Transactions to which act applies.

17:16V-12 Transactions to which act applies.
12. This act shall apply to all credit transactions whether entered into prior or subsequent to the effective date of this act but shall apply only to collateral protection insurance purchased after the effective date of this act.
L.1999,c.44,s.12.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16W-1 - Declaration regarding records retention

17:16W-1. Declaration regarding records retention
1. The Legislature declares that it is in the public interest to require State chartered financial institutions to retain certain records for specified periods of time. Creating record retention requirements will assist financial institution regulators in their supervisory role and in the examination of financial institutions, help resolve disputes between financial institutions and others, and prevent fraud against financial institutions. This act is intended to promote simplification of financial institution administration by acting as a basis for parity and uniformity with respect to record retention requirements.
L.1999,c.257,s.1.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16W-2 - Definitions regarding records retention

17:16W-2. Definitions regarding records retention
2. As used in this act:
"Commissioner" means the Commissioner of Banking and Insurance.
"Date of the passbook" means the date of the last entry by the financial institution of a transaction with respect to the passbook account, or if the form of the passbook is such that it does not provide for entry of transactions, the last date for which the financial institution has a record of an account transaction. If there is no record of activity with respect to a passbook account subsequent to the issuance of the passbook, the date of issuance shall be the date of the passbook.
"Financial institution" means a State chartered bank, savings bank or savings and loan association.
"Owner" means the person or persons in whose name the account was opened.
"Passbook" means a document or record issued by a financial institution, which document or record represents an obligation of the financial institution, which obligation either has no fixed maturity or due date or which by its term is subject to automatic renewal or renewals for an indefinite time or indefinite number of times. Neither a periodic account statement nor any obligation for which applicable law provides a time by which the payment is due is a passbook for the purposes of this act.
"Passbook account" means an account which is evidenced by a passbook, certificate of deposit or similar document.
"Statement account" means an account which is not a passbook account and for which a financial institution supplies a periodic statement of the account's activity, balance or both, or supplies any other statement of the account as the owner and financial institution may agree.
"Termination of the loan account" means: (1) with respect to a closed-end loan, the date on which the loan is paid; or (2) with respect to an open-end loan, the date on which the outstanding balance on the account is brought to zero and the account is closed so that the borrower has no right to borrow additional funds under the loan agreement; or (3) the date upon which, pursuant to action or policy of the governing board of a financial institution or committee thereof, a loan is charged-off or the loan file is otherwise closed by the financial institution.
L.1999,c.257,s.2; amended 2001, c.169, s.1.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16W-3 - Statement accounts, certificates of deposit, passbook accounts; records

17:16W-3. Statement accounts, certificates of deposit, passbook accounts; records
3. A financial institution shall retain records of its accounts as follows:
a. Statement accounts:
(1) Records of transactions in a statement account sufficient to reconstruct the account and to trace checks, drafts and other orders shall be retained for not less than six years.
(2) Account opening records shall be retained for as long as the account is open, plus not less than six years after the closing of the account.
(3) Account closing records shall be retained for not less than six years after the closing of the account.
(4) A record of the last transaction or contact with the owner, pursuant to section 1 of P.L.1989, c.58 (C.46:30B-18), shall be retained for not less than 10 years after the date of the transaction or contact, as applicable.
b. Certificates of deposit which have a specific maturity date and which are not automatically renewed:
(1) Records of the account opening, transactions regarding the account, if any, and the closing of the account shall be retained for not less than six years following the stated maturity date.
(2) A record of the most recent transaction shall be retained for not less than 10 years after the date of the transaction.
c. Passbook accounts:
(1) Records of transactions in a passbook account sufficient to reconstruct the account shall be retained for a period of not less than six years.
(2) Account opening records shall be retained for as long as the account is open, plus not less than six years after the closing of the account.
(3) Account closing records shall be retained for not less than 15 years after the closing of the account.
(4) A record of the last transaction or contact with the owner, pursuant to section 1 of P.L.1989, c.58 (C.46:30B-18), shall be retained for not less than 10 years after the date of the transaction or contact, as applicable.
L.1999,c.257,s.3.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16W-4 - Passbook payment with no financial institution records

17:16W-4. Passbook payment with no financial institution records
4. The following rules shall apply if a passbook is presented to a financial institution for payment and the financial institution has no record of the account and there is no record of payment of the account to the State pursuant to any applicable escheat or unclaimed property act:
a. If the presentation of the passbook is made by a successor of the owner more than 15 years after the date of the passbook, there shall be a rebuttable presumption that the account was paid in full to or on behalf of the owner or to a successor of the owner. The passbook itself does not rebut this presumption.
b. If the presentation of the passbook is made by a successor of the owner within 15 years after the date of the passbook, there shall be a rebuttable presumption that the account exists and the financial institution is obligated to the owner's heirs, successors or personal representatives. An affidavit of lost passbook by the owner or successor to the owner made prior to the presentation of the passbook shall rebut the presumption of nonpayment and shall create a presumption that the account was duly paid in full to or on behalf of the owner or to a successor to the owner by the financial institution.
c. If the presentation of the passbook is made by the owner, and the presentation is accompanied by a sworn certificate of the owner that the owner never received payment of the account nor transferred the account, there shall be a rebuttable presumption that the account exists and that the financial institution is holding the account for the benefit of the owner. An affidavit of lost passbook by the owner or successor to the owner made prior to the presentation of the passbook shall rebut the presumption of nonpayment and shall create a presumption that the account was duly paid in full to or on behalf of the owner or to a successor to the owner by the financial institution.
L.1999,c.257,s.4.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16W-5 - Loan, collateralized loans; records

17:16W-5. Loan, collateralized loans; records
5. A financial institution shall retain records relating to the making, collection and administration of loans as follows:
a. For all loans:
(1) Records of dispositive or final judgments in bankruptcies or other litigation involving a loan, and termination of loan accounts shall be retained for at least six years after the termination of the loan account.
(2) (Deleted by amendment, P.L.2001, c.169.)
(3) Records of approval of loans or credit shall be retained for not less than six years after the closing of the loan or credit files.
(4) Records of denials of loan applications shall be retained for not less than 25 months after the date of the denial.
(5) Loan files, including copies of records regarding collateral and the perfection of security interests, guarantees and other records from time to time specified for retention by regulation adopted by the commissioner, shall be retained for not less than six years after the termination of the loan account. For lines of credit and open-end loans, records of transactions shall be retained for six years after the date of a transaction.
(6) Loan committee minutes shall be retained for not less than six years after the date of the committee meeting.
(7) Record of compliance with all applicable State and federal regulatory requirements shall be retained for the period specified in the applicable State or federal law or regulation. If no record retention period is specified in the law or regulation, the financial institution shall retain the records necessary to show compliance for not less than six years.
b. Collateralized loans:
(1) Records identifying the collateral perfection of the financial institution's security interest in the collateral and, for tangible personal property, the place and method of possession of the collateral shall be retained for not less than six years after the termination of the loan account.
(2) Records of the disposition by a financial institution of collateral that is personal property shall be retained for not less than six years after the date of disposition.
(3) For collateral that is real estate, records regarding the transfer of title by the financial institution shall be retained for at least six years after the date of transfer of title. Records of dispositive or final judgments or orders in foreclosure proceedings shall be retained for not less than six years after the date of the judgment of foreclosure or if no judgment, from the date of the termination of those proceedings.
(4) Records of escrow analyses and statements and of transactions in escrow accounts shall be retained for not less than six years.
L.1999,c.257,s.5; amended 2001,c.169,s.2.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16W-6 - Records of checks, drafts, etc., six year retention

17:16W-6. Records of checks, drafts, etc., six year retention
6. A financial institution shall retain records of checks, drafts, money orders and cashier's checks issued by it for not less than six years after the date of issue. Records of certified checks and electronic transfers and of other means of transferring funds from the financial institution shall be retained for not less than six years after the date of transfer of the funds.
L.1999,c.257,s.6.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16W-7 - Other records, records retention

17:16W-7. Other records, records retention
7. A financial institution shall maintain records relating to safe deposit boxes, which records include access records, access agreements, lease agreements, signature cards, records of payment for the rental or use of the box, power of attorney and records of abandoned property, for a period of not less than six years after the date of termination of the lease or access agreement. Correspondence which is not included as a record shall be retained for not less than three years after the date of the correspondence.
L.1999,c.257,s.7.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16W-8 - Retention time period

17:16W-8. Retention time period
8. If any records are subject to the provisions of more than one of the time periods for the retention of records specified in sections 3 through 7 of this act, the longest time period for which those records are required to be retained shall be applicable.
L.1999,c.257,s.8.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16W-9 - Retention period for records not covered by this act

17:16W-9. Retention period for records not covered by this act
9. For any records not specifically covered by this act and for which there is no applicable state or federal retention period prescribed, the Commissioner of Banking and Insurance may, by regulation, establish minimum record retention requirements. Any regulations shall be consistent with retention periods for federally chartered banks and savings banks and should reflect the legislative intent of this act to provide parity and uniformity among financial institutions.
L.1999,c.257,s.9.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16W-10 - Claims where records not required to be retained, statutes of limitations not affected; requirements

17:16W-10. Claims where records not required to be retained, statutes of limitations not affected; requirements
10. a. In the event of any claim against a financial institution where the claimant relies in any way on records of the financial institution, which records are not required to be retained by the financial institution by the terms of this act or by other applicable State or federal record retention statutes or regulations and the records have not been retained by the financial institution, the fact that the financial institution does not have the records shall not give rise to any inference or presumption against the financial institution as to the content of the records nor shall the lack of the records shift any burden of proof from the claimant to the financial institution.
b. Nothing in this act shall be deemed to amend or alter any statute of limitations.
c. Nothing in P.L.1999, c.257 (C.17:16W-1 et seq.) shall be interpreted to require a financial institution to create any data or, except as specifically provided in that act, to retain any records that would not otherwise be created or retained. Records required to be retained by P.L.1999, c.257 (C.17:16W-1 et seq.) may be preserved in any form permitted by section 247 of P.L.1948, c.67 (C.17:9A-247).
L.1999,c.257,s.10; amended 2001,c.169,s.3.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16W-11 - Applicability

17:16W-11. Applicability
11. The provisions of this act shall apply to all financial institutions chartered by this State and to the records of out-of-State banks, savings banks and savings and loan associations which relate to accounts, loans or other transactions which are made or located in this State. The provisions of section 4 of P.L.1999, c.257 (C.17:16W-4) shall apply to federally chartered banks and savings banks in this State to the extent that they are not inconsistent with applicable federal law.
L.1999,c.257,s.11; amended 2001,c.169,s.4.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16X-1 - Definitions regarding subsidiary mergers

17:16X-1. Definitions regarding subsidiary mergers
1. For purposes of this act:
"Commissioner" means the Commissioner of Banking and Insurance.
"Financial institution" means a bank, savings bank or savings and loan association.
"Subsidiary" means a corporation, limited liability company, partnership or other entity in which a financial institution owns not less than 80% of that entity's equity.
L.2000,c.70,s.1.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16X-2 - Conditions of merger

17:16X-2. Conditions of merger
2. A financial institution may merge with any one or more of its subsidiaries, so long as the financial institution is the entity that survives the merger as the continuing entity, subject to the terms and conditions set forth in this act.
L.2000,c.70,s.2.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16X-3 - Merger's legal compliance

17:16X-3. Merger's legal compliance
3. Mergers of a financial institution and a subsidiary of a financial institution pursuant to this act shall comply with and require the commissioner's approval pursuant to the provisions of law applicable to a merger of the surviving financial institution.
L.2000,c.70,s.3.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16X-4 - Merger plan contents

17:16X-4. Merger plan contents
4. The governing board of the financial institution shall adopt a plan of merger for a merger pursuant to this act between the financial institution and a subsidiary other than a financial institution setting forth:
a. The name of the financial institution and the name and type of business entity of each subsidiary which proposes to merge into the financial institution which is to be the surviving entity;
b. The terms and conditions of the proposed merger, including a statement of any amendments in the certificate of incorporation of the financial institution;
c. The manner and basis of converting the shares or other interests in the subsidiary or subsidiaries into shares of the financial institution, or the basis for payment of interests which are not to be so converted; and
d. Such other provisions with respect to the proposed merger as are deemed necessary or desirable by the commissioner.
L.2000,c.70,s.4.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16X-6 - Application for commissioner's approval

17:16X-6. Application for commissioner's approval
6. A financial institution shall apply for the commissioner's approval to merge with a subsidiary other than a financial institution, and shall provide the information as required by this act and by rules and regulations adopted by the commissioner. An application shall be deemed approved on the 30th day after receipt by the commissioner, unless approved or disapproved earlier by the commissioner in writing.
L.2000,c.70,s.6.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16X-7 - Merger deemed effective from filing of certification

17:16X-7. Merger deemed effective from filing of certification
7. A merger between a financial institution and a subsidiary other than a financial institution shall be effective from the filing with the commissioner of a certification of the president or a vice president of the financial institution setting forth that all of the conditions and requirements of this act and the commissioner's approval, if applicable, have been satisfied. When the merger has become effective:
a. The parties to the merger shall be a single corporation, which shall be the financial institution.
b. The separate existence of the subsidiary or subsidiaries which are parties to the plan of merger shall cease.
c. The financial institution shall possess all the rights, privileges, powers, immunities, purposes and franchises of each merging subsidiary except for any power or authority of a subsidiary which is not permitted to the financial institution by law.
d. All the real property and personal properties, tangible and intangible, of every kind and description belonging to each of the parties merged, and any action existing or proceeding pending by or against any such party, may be enforced as if the merger had not taken place. Neither the rights of any creditors nor any liens upon, or security interest in, the property of any party to the merger shall be impaired by the merger.
L.2000,c.70,s.7.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16X-8 - Dissention from the merger

17:16X-8. Dissention from the merger
8. Any holder of an interest in a subsidiary to be merged, including a shareholder, partner or member, shall have the right to dissent from the merger as set forth in this section.
a. A holder of an interest may not dissent as to less than all of the holder's interest owned beneficially by the holder. A nominee or fiduciary may not dissent on behalf of any beneficial owner as to less than all of the interest of each such owner with respect to which the right of dissent exists.
b. If a subsidiary party to a plan of merger is a corporation subject to the provisions of N.J.S.14A:1-1 et seq., except as now or hereafter may be provided therein, the shareholder of the subsidiary shall have the rights of a dissenting shareholder, including the right to accept a fair value for the stock all as set forth in N.J.S.14A:11-1 et seq., and the procedure to obtain fair value as set forth therein shall be followed. Holders of interests in other entities which are subsidiaries shall have the same dissenter's rights, if any, as provided in the statutes governing those entities. If the applicable statutes do not provide a right to dissent and obtain fair value, nothing in this act shall be deemed to provide such a remedy.
L.2000,c.70,s.8.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Y-1 - Use of trade name, trademark of depository institution.

17:16Y-1 Use of trade name, trademark of depository institution.
1. No person shall use or reference the trade name or trademark of a depository institution, its affiliate or subsidiary or a trade name or trademark similar to that of a depository institution, its affiliate or subsidiary in any solicitation for services or products without the consent of the depository institution, affiliate or subsidiary.
L.2007, c.51, s.1.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Y-2 - Use of consumer's loan information.

17:16Y-2 Use of consumer's loan information.
2. No person shall use or reference a consumer's loan number, loan amount or other specific loan information, whether publicly available or not, in any solicitation for services or products without the consent of the depository institution, affiliate or subsidiary.
L.2007, c.51, s.2.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Y-3 - Use of depository institution trade name, trademark to deceive consumer.

17:16Y-3 Use of depository institution trade name, trademark to deceive consumer.
3. No person shall use the trade name or trademark of a depository institution, its affiliate or subsidiary or a trade name or trademark similar to that of a depository institution, its affiliate or subsidiary in any advertisement or solicitation for services or products when that use could cause any reasonable person to be confused, mistaken or deceived, initially or otherwise, as to the sponsorship, affiliation, connection or association of that person using the trade name or trademark with the depository institution, affiliate or subsidiary or as to the approval of that person using the trade name or trademark by the depository institution, affiliate or subsidiary.
L.2007, c.51, s.3.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Y-4 - Violations, penalties.

17:16Y-4 Violations, penalties.
4. a. A person who violates the provisions of this act shall be liable to a penalty of $1,000 for each violation. The penalty shall be collected by the Commissioner of Banking and Insurance in accordance with the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.). The penalty provided by this section shall be in addition to any other penalty provided under applicable law.
b. In addition to the penalties of subsection a. of this section, the Commissioner of Banking and Insurance shall order any person in violation of this act to cease their unlawful practices.
L.2007, c.51, s.4.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Y-5 - Regulations.

17:16Y-5 Regulations.
5. The Commissioner of Banking and Insurance shall promulgate regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) as necessary to effectuate the purposes of this act.
L.2007, c.51, s.5.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Z-2 - Definitions relative to banking development districts.

17:16Z-2 Definitions relative to banking development districts.
2. As used in this act:
"Bank" means a State or federally chartered bank, savings bank, savings and loan association, or credit union doing business in the State.
"Banking services" means deposit taking, check cashing, sale of money orders, and origination of residential or commercial mortgages, consumer loans, and commercial loans.
"Branch" means a full service branch office of a bank, providing banking services with tellers, customer service representatives, and loan officers available at least 40 hours per week.
"Commissioner" means the Commissioner of Banking and Insurance.
"Department" means the Department of Banking and Insurance.
"District" means a banking development district approved under this act.
"Program" means the Banking Development District Program established pursuant to this act.
L.2011, c.24, s.2.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Z-3 - Banking Development District Program.

17:16Z-3 Banking Development District Program.
3. There is established in the department, the Banking Development District Program. The commissioner shall administer and monitor the program to encourage the establishment of bank branches in geographic locations in this State where there is a demonstrated need for banking services by the establishment of banking development districts.
L.2011, c.24, s.3.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Z-4 - Rules, regulations setting forth criteria for establishment of banking development districts.

17:16Z-4 Rules, regulations setting forth criteria for establishment of banking development districts.
4. The department shall promulgate rules and regulations which set forth the criteria for the establishment of banking development districts. The criteria shall include, but not be limited to, the following:
a. The location, number, and proximity of sites where banking services are currently available within the district;
b. The identification of consumer needs for banking services within the district;
c. The economic viability and local credit needs of the community within the district;
d. The existing commercial development within the district;
e. The impact additional banking services would have on potential economic development in the district; and
f. Such other criteria that the commissioner shall identify as appropriate.
L.2011, c.24, s.4.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Z-5 - Application for designation of banking development district.

17:16Z-5 Application for designation of banking development district.
5. a. A municipality, in conjunction with a bank, may submit an application to the commissioner for the designation of a banking development district within a specified geographic area.
b. The commissioner shall issue a determination as to an application for designation as a district within 60 days of receipt of the application. If an application is approved, the commissioner shall transmit notification of the approval to the municipality requesting the district, the State Treasurer, and any bank which has or will have a branch located in the district.
c. A bank may submit an application to open a branch in the requested banking development district, subject to all applicable federal and State laws regarding the establishment of branch offices, simultaneously with the submission of the application for the designation of a banking development district.
L.2011, c.24, s.5.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Z-6 - Selection of bank as depository for public moneys, funds.

17:16Z-6 Selection of bank as depository for public moneys, funds.
6. a. Notwithstanding the provisions of section 1 of P.L.1956, c.174 (C.52:18-16.1) or any other law to the contrary, the State Treasurer may select a bank in a district as a depository for public moneys or funds that are otherwise in the custody of the State Treasurer.
b. Subject to an agreement between the State Treasurer and the bank, funds of the State deposited in the bank may earn a fixed rate of interest which is at or below the bank's posted rate for a mutually agreeable depository product, for a mutually agreeable term.
L.2011, c.24, s.6.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Z-7 - Selection of bank as depository of funds of municipality.

17:16Z-7 Selection of bank as depository of funds of municipality.
7. a. The governing body of a municipality in which a banking development district has been designated by the commissioner may, by resolution, select a bank in the district as a depository for funds of the municipality, provided the bank shall be subject to the requirements for a public depository established pursuant to P.L.1970, c.236 (C.17:9-41 et seq.). The resolution shall state the maximum amount which may be on deposit at any time with the bank and such other terms and conditions as are determined to be necessary by the governing body of the municipality.
b. Subject to an agreement between the governing body of the municipality and the bank, funds of the municipality deposited in the bank may earn a fixed rate of interest which is at or below the bank's posted rate for a mutually agreeable depository product, for a mutually agreeable term.
c. The selection of a bank, deposit amount, and the terms and conditions of a deposit may be changed at any time by the governing body of the municipality by further resolution.
L.2011, c.24, s.7.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16Z-8 - Rules, regulations.

17:16Z-8 Rules, regulations.
8. The Department of Banking and Insurance shall adopt rules and regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to effectuate the purposes of this act.
L.2011, c.24, s.8.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16ZZ-1 - Definitions relative to regulation of student loan servicers.

17:16ZZ-1 Definitions relative to regulation of student loan servicers.
1. As used in this act:
"Commissioner" means the Commissioner of Banking and Insurance.
"National Mortgage Licensing System and Registry" means the licensing system owned and operated by the State Regulatory Registry LLC, a wholly owned subsidiary of the Conference of State Bank Supervisors, which functions as a system of record for non-depository, financial services licensing or registration in participating state agencies, including the District of Columbia and United States Territories of Puerto Rico, the United States Virgin Islands, and Guam, where it is the official system for companies and individuals seeking to apply for, amend, renew and surrender license authorities.
"Ombudsman" means the Student Loan Ombudsman appointed pursuant to section 2 of this act.
"Servicing" means:
a. receiving any scheduled periodic payments from a student loan borrower or notification of such payments, and applying payments to the borrower's account pursuant to the terms of the student education loan or the contract governing the servicing of the loan;
b. during a period when no payment is required on the student education loan, maintaining account records for the loan and communicating with the student loan borrower regarding the loan, on behalf of the holder of the loan; or
c. interacting with a student loan borrower to facilitate the loan servicing as described in this definition, including activities to help prevent loan default on obligations arising from a student education loan.
"Student education loan" means a loan that is extended to a student loan borrower expressly to finance postsecondary education expenses or other school-related expenses and shall not include open-end credit or any loan secured by real property.
"Student loan borrower" means any resident of this State who has received or agreed to pay a student education loan; or any person who shares responsibility with a resident for repaying a student education loan.
"Student loan servicer" means any person, wherever located, responsible for the servicing of any student education loan to any student loan borrower.
L.2019, c.200, s.1.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16ZZ-2 - Student Loan Ombudsman.

17:16ZZ-2 Student Loan Ombudsman.
2. a. The commissioner shall designate a Student Loan Ombudsman within the Department of Banking and Insurance to carry out the duties and activities set forth in section 3 of this act. Contingent on the availability of funding, the department may hire additional staff as necessary to implement this act.
b. The ombudsman shall receive and review complaints from student loan borrowers. Any complaint received by the ombudsman in regard to a student loan servicer shall be referred to the commissioner. The ombudsman and the commissioner shall confer annually regarding student loan servicer complaints, the proper referral process for the complaints, and the ombudsman reporting requirement established pursuant to section 3 of this act.
L.2019, c.200, s.2.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16ZZ-3 - Duties of the ombudsman; education course; reports.

17:16ZZ-3 Duties of the ombudsman; education course; reports.
3. a. The commissioner shall ensure that the ombudsman:
(1) receive, review, and attempt to resolve any complaints from student loan borrowers, including, but not limited to, attempts to resolve those complaints in collaboration with institutions of higher education, student loan servicers, and any other participants in student education loan lending;
(2) compile and analyze data on student loan borrower complaints as described in paragraph (1) of this subsection;
(3) assist student loan borrowers to understand their rights and responsibilities under the terms of student education loans;
(4) provide information to the public, agencies, legislators, and others regarding the problems and concerns of student loan borrowers, and make recommendations for resolving those problems and concerns;
(5) analyze and monitor the development and implementation of federal, State, and local laws, regulations, and policies relating to student loan borrowers and recommend any changes the Student Loan Ombudsman deems necessary;
(6) review the complete student education loan history for any student loan borrower who has provided written consent for review;
(7) disseminate information concerning the availability of the Student Loan Ombudsman to assist student loan borrowers and potential student loan borrowers, including disseminating the information to institutions of higher education, student loan servicers, and any other participant in student education loan lending, with any student loan servicing concerns; and
(8) take any other actions necessary to fulfill the duties of the Student Loan Ombudsman as set forth in this section.
b. No later than October 1, 2020, the commissioner shall ensure that the Student Loan Ombudsman and the Higher Education Student Assistance Authority establish and maintain a student loan borrower education course that shall include educational presentations and materials regarding student education loans. The program shall include, but not be limited to, key loan terms, documentation requirements, monthly payment obligations, income-based repayment options, loan forgiveness, and disclosure requirements.
c. No later than 12 months following the date of appointment of the ombudsman pursuant to section 2 of this act, and annually thereafter, the Student Loan Ombudsman shall submit a report to the Commissioner of Banking and Insurance and the Secretary of Higher Education. The ombudsman shall report on: (1) the implementation of this section; (2) the overall effectiveness of the Student Loan Ombudsman position; and (3) additional steps that need to be taken for the Department of Banking and Insurance to gain regulatory control over the licensing and enforcement of student loan servicers.
L.2019, c.200, s.3.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16ZZ-5 - Issuance of license.

17:16ZZ-5 Issuance of license.
5. The commissioner shall automatically issue a limited, irrevocable license to any person servicing a student loan under contract with the United States Department of Education as follows:
a. Any person seeking to act within this State as a student loan servicer is exempt from the application procedures established pursuant to subsection b. of section 4 of this act, other than the requirements of paragraph (3) and paragraph (4), to the extent that the student loan servicing performed in this State is conducted pursuant to a contract awarded by the United States Secretary of Education under 20 U.S.C. s.1087f. The procedure to document eligibility for the exemption shall be prescribed by the commissioner.
b. Any person deemed exempt by the commissioner pursuant to subsection a. of this section shall be issued a license by the commissioner for the servicing of student loans under contract with the United States Department of Education and shall be considered by the commissioner to have met all requirements established in subsection c. of section 4 of this act.
c. The provisions of subsections d. through g. of section 4 of this act and subsection a. of section 10 of this act shall not be applicable to a person issued a limited license pursuant to this section to the extent that the person is servicing federal student loans. A person shall not be exempt from subsections d. through g. of section 4 of this act or subsection a. of section 10 to the extent that the person is also servicing non-federal loans.
d. Any person issued a license pursuant to this section shall provide the commissioner with written notice within seven days following the notification of the expiration, revocation, or termination of any contract awarded by the United States Secretary of Education under 20 U.S.C s.1087f. The person shall have 30 days to satisfy all requirements established under this act in order to continue to act within this State as a student loan servicer unless the person is also licensed to service non-federal loans in New Jersey. At the expiration of the 30-day period, if the person has not satisfied the requirements established pursuant to this act, the commissioner shall immediately suspend any license granted under this section.
e. In the case of student loan servicing that is not conducted pursuant to a contract awarded by the United States Secretary of Education under 20 U.S.C. s.1087f, nothing in this section shall prevent the commissioner from issuing an order to temporarily or permanently prohibit any person from acting as a student loan servicer.
f. In the case of student loan servicing conducted pursuant to a contract awarded by the United States Secretary of Education under 20 U.S.C s.1087f, nothing in the section shall prevent the commissioner from issuing a cease and desist or injunction against any student loan servicer to cease activities in violation of this act or the New Jersey consumer fraud act, P.L.1960, c.39 (C.56:8-1 et seq.).
L.2019, c.200, s.5.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16ZZ-6 - Student loan servicer to use name, location on license; surety bond.

17:16ZZ-6 Student loan servicer to use name, location on license; surety bond.
6. a. No person licensed to act within this State as a student loan servicer shall do so under any other name or at any other place of business than that named in the license. Any change of location of a place of business of a licensee shall require prior written notice to the commissioner. Not more than one place of business shall be maintained under the same license but the commissioner may issue more than one license to the same licensee upon compliance with the provisions of this act as to each new licensee. A license shall not be transferable or assignable.
b. A student loan servicer shall 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 $30,000. The commissioner shall, by regulation, provide who shall be eligible to receive the protection afforded by the bond and may increase the required bond amount, if he determines it to be necessary. When an action is commenced on the bond, the commissioner may require the filing of a new bond and immediately on recovery of any action on the bond, the student loan servicer shall file a new bond.
L.2019, c.200, s.6.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16ZZ-7 - Maintenance, availability of records.

17:16ZZ-7 Maintenance, availability of records.
7. a. Except as otherwise required pursuant to federal law, a federal student education loan agreement, or a contract between the federal government and a licensee, each student loan servicer licensee and persons exempt from licensure pursuant to paragraph (2) of subsection a. of section 4 of this act shall maintain adequate records of each student education loan transaction for not less than two years following the final payment on that student education loan or the assignment of that student education loan, whichever occurs first.
b. If requested by the commissioner, each student loan servicer shall make records available or send records to the commissioner by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt, not later than five business days after requested by the commissioner to do so. Upon request, the commissioner may grant a licensee additional time to make records available or send the records to the commissioner.
L.2019, c.200, s.7.