New Jersey Administrative Code › Title 3 - BANKING › Chapter 33 - PROPOSED INTERSTATE ACQUISITION › Subchapter 1 - DETERMINATION OF ELIGIBILITY › Section 3:33-1.1 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise.
"Applicant" means any out-of-State insured savings
				  association or out-of-State savings and loan holding company filing an
				  application hereunder to acquire a New Jersey insured savings association or
				  New Jersey savings and loan holding company.
"Central-Atlantic Region" means the states of New Jersey,
				  Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, Ohio,
				  Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin and the District of
				  Columbia.
"Commissioner" means the New Jersey Commissioner of Banking
				  and Insurance.
"Control" shall have the meanings set forth in
				  12 U.S.C. §
										1467a(a)(2).
"Eligible insured savings association" means an insured
				  savings association:
1. Located in an eligible state other than New Jersey, which
				  state has reciprocal legislation in effect;
2. Which is not directly or indirectly controlled by an
				  insured savings association located outside of an eligible state or by a
				  savings and loan holding company located outside of an eligible state;
				  and
3. Which has at least 75 percent of the total aggregate
				  deposits of the insured savings association and of the savings and loan
				  subsidiaries of a savings and loan holding company directly or indirectly
				  controlling the insured, savings association if any, in an eligible state or
				  states.
"Eligible savings and loan holding company" means a savings
				  and loan holding company:
1. Located in an eligible state, other than New Jersey, which
				  has reciprocal legislation in effect;
2. Which is not directly or indirectly controlled by a
				  savings and loan holding company located outside of an eligible state;
				  and
3. Which has at least 75 percent of the total aggregate
				  deposits of its savings and loan subsidiaries in savings and loan subsidiaries
				  located in an eligible state or states.
"Eligible state" means:
1. Any state in the Central-Atlantic Region, when at least
				  two of those states, in addition to New Jersey, each of which has at least $
				  20,000,000,000 in insured savings association deposits, have reciprocal
				  legislation in effect; or
2. Any state or territory of the United States, when at least
				  13 states in addition to New Jersey, of which at least four, other than New
				  Jersey, are among the 10 states, other than New Jersey, with the largest amount
				  of insured savings association deposits, have reciprocal legislation in effect.
"Insured savings association" means a "savings association"
				  as defined in
				  12
				  U.S.C. §
										1813 whose deposits are insured
				  by the Federal Deposit Insurance Corporation.
"Insured savings association deposits" means the total
				  domestic deposits in insured savings associations in each state according to
				  the most recent available statistics of the Federal Deposit Insurance
				  Corporation or, if those statistics are not available, from sources designated
				  by the Commissioner.
"Located" means:
1. When referring to an insured savings association, the
				  state in which the amount of aggregate deposits of all of its offices in that
				  state is greater than the amount of aggregate deposits of all of its offices in
				  any one other state or foreign jurisdiction; or
2. When referring to a savings and loan holding company, the
				  state in which the amount of aggregate deposits of all of its savings and loan
				  subsidiaries in that state is greater than the amount of aggregate deposits of
				  all its savings and loan subsidiaries in any one other state or foreign
				  jurisdiction.
"New Jersey insured savings association" means an insured
				  savings association located in New Jersey.
"New Jersey savings and loan holding company" means a savings
				  and loan holding company located in New Jersey.
"Out-of-State insured savings association" means an insured
				  savings association located outside of New Jersey.
"Out-of-State savings and loan holding company" means a
				  savings and loan holding company located outside of New Jersey.
"Reciprocal legislation" means statutory law of a state that
				  authorizes or permits a New Jersey insured savings association or a New Jersey
				  savings and loan holding company, or both, to acquire insured savings
				  associations or savings and loan holding companies, or both, located in that
				  state on terms and conditions substantially the same as the terms and
				  conditions pursuant to which an insured savings association or savings and loan
				  holding company located in that state may acquire insured savings associations
				  or savings and loan holding companies, or both, located in that state. The fact
				  that the law of that other state imposes limitations or restrictions on the
				  acquisition of insured savings associations or savings and loan holding
				  companies, or both, located in that state by a New Jersey insured savings
				  association or New Jersey savings and loan holding company, or both, shall not
				  necessarily mean that the law of that state is not reciprocal legislation;
				  provided, however, that if the law of the other state limits acquisitions by a
				  New Jersey insured savings association or New Jersey savings and loan holding
				  company, or both, to insured savings associations or savings and loan holding
				  companies, or both, which are not in competition with insured savings
				  associations or savings and loan holding companies, or both, located in or
				  chartered by the state or to insured savings associations or savings and loan
				  holding companies which do not have customary deposit and commercial loan
				  powers, the law of that other state shall not be reciprocal legislation. If the
				  reciprocal legislation of that other state imposes limitations or restrictions
				  on the acquisition or ownership of an insured savings association or savings
				  and loan holding company located in that state by a New Jersey insured savings
				  association or New Jersey savings and loan holding company, or both,
				  substantially the same limitations and restrictions shall be applicable to the
				  eligible insured savings association or eligible savings and loan holding
				  company, or both, located in that other state with respect to its acquisitions
				  of New Jersey insured savings associations or New Jersey savings and loan
				  holding companies, or both.
"Savings and loan holding company" shall have the meaning set
				  forth in
				  12 U.S.C. §
										1467a(a)(1)(D).
"Savings and loan subsidiary" means an insured savings
				  association or savings and loan holding company, more than 50 percent of the
				  voting shares or members' rights of which are owned or controlled, directly or
				  indirectly, by a savings and loan holding company.
"State" means any state of the United States, and also the
				  District of Columbia, any territory of the United States, Puerto Rico, Guam,
				  American Samoa and the U.S. Virgin Islands.
"Subsidiary" means any person or company which is controlled
				  by another person or company.