New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.2 - 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:
"Act" or "GUDPA" means the Governmental Unit Deposit
				  Protection Act,
				  17:9-41 et
				  seq.
"Adequately capitalized" means, with respect to a public
				  depository, "adequately capitalized" as the term is defined in
				  17:9-41.
"Association" means any State or Federally chartered savings
				  and loan association.
"Call report" means the quarterly report on a depository's
				  overall condition made to the appropriate Federal banking agency as defined by
				  subsections (q) and (r) of section 3 of the Federal Deposit Insurance Act, Pub.
				  L. 81-797 (12 U.S.C. §
										1813(q) and
				  (r)) or to the National Credit Union
				  Administration.
"Capital funds" means:
1. In the case of a State bank or national bank or capital
				  stock savings bank, the aggregate of the capital stock, surplus and undivided
				  profits of the bank or savings bank;
2. In the case of a mutual savings bank, the aggregate of the
				  capital deposits, if any, and the surplus of the savings bank;
3. In the case of an association, the aggregate of all
				  reserves required by any law or regulation, and the undivided profits, if any,
				  of the association; and
4. In the case of a credit union, the aggregate of all
				  reserves required by any law or regulation, and the capital deposits of the
				  credit union.
"Commissioner" means the Commissioner of the New Jersey
				  Department of Banking and Insurance.
"Credit union" means a credit union as defined in
				  17:13-80.
"Critically undercapitalized" means, with respect to a public
				  depository, "critically undercapitalized" as the term is defined in
				  17:9-41.
"Custodial depository or custodian" means the depositories
				  specified in N.J.S.A. 17:9-44c.
"Department" means the New Jersey Department of Banking and
				  Insurance.
"Eligible collateral" means:
1. Obligations of any of the following:
i. The United States;
ii. Any agency or instrumentality of the United States,
				  including, but not limited to, the Student Loan Marketing Association, the
				  Government National Mortgage Association, the Federal Home Loan Mortgage
				  Corporation, the Federal National Mortgage Association, the Federal Housing
				  Administration and the Small Business Administration;
iii. The State of New Jersey or any of its political
				  subdivisions; or
iv. Any other governmental unit;
2. Obligations guaranteed or insured by any of the following,
				  to the extent of that insurance or guaranty:
i. The United States;
ii. Any agency or instrumentality of the United States,
				  including, but not limited to, the Student Loan Marketing Association, the
				  Government National Mortgage Association, the Federal Home Loan Mortgage
				  Corporation, the Federal National Mortgage Association, the Federal Housing
				  Administration and the Small Business Administration; or
iii. The State of New Jersey or any of its political
				  subdivisions;
3. Obligations now or hereafter authorized by law as security
				  for public deposits;
4. Obligations in which the State, political subdivisions of
				  the State, their officers, boards, commissions, departments and agencies may
				  invest pursuant to an express authorization under any law authorizing the
				  issuance of those obligations;
5. Obligations, letters of credit, or other securities or
				  evidence of indebtedness constituting the direct and general obligation of a
				  Federal Home Loan Bank or Federal Reserve Bank; or
6. Any other obligations as may be approved by the
				  Commissioner by regulation or by specific approval.
"Governmental unit" means any county, municipality, school
				  district, or any public body corporate and politic created or established under
				  any law of this State by or on behalf of any one or more counties or
				  municipalities, or any board, commission, department, or agency of any of the
				  foregoing having custody of funds, or any charitable funds established pursuant
				  to N.J.S.A. 54:4-66.7 or spillover funds established pursuant to N.J.S.A.
				  54:4-66.7.e.
"Public depository" means a State or Federally chartered
				  bank, savings bank or an association located in this State or a State or
				  Federally chartered bank, savings bank or an association located in another
				  state with a branch office in this State, the deposits of which are insured by
				  the Federal Deposit Insurance Corporation, or a State or Federally chartered
				  credit union located in this State, or a State or Federally chartered credit
				  union located in another state with a branch office in this State, the deposits
				  of which are insured by the National Credit Union Share Insurance Fund
				  administered by the National Credit Union Administration, and which receives or
				  holds public funds on deposit.
"Public funds" means the funds of any governmental unit,
				  including, but not limited to, moneys possessed or held by charitable funds
				  established pursuant to N.J.S.A. 54:4-66.7, spillover funds established
				  pursuant to N.J.S.A. 54:4-66.7.e, or local charitable donations as defined in
				  N.J.S.A. 54:4-66.6 or in escrow related thereto, but does not include deposits
				  held by the State of New Jersey Cash Management Fund.
"Significantly undercapitalized" means, with respect to a
				  public depository, "significantly undercapitalized" as the term is defined in
				  17:9-41.
"Undercapitalized" means, with respect to a public
				  depository, "undercapitalized" as the term is defined in
				  17:9-41.
"Uninsured" means not insured by the Federal Deposit
				  Insurance Corporation (FDIC), the National Credit Union Share Insurance Fund
				  administered by the National Credit Union Administration, or by any other
				  agency of the United States which insures deposits made in public
				  depositories.
"Valuation date" means March 31, June 30, September 30, and
				  December 31.
"Well capitalized" means, with respect to a public
				  depository, "well capitalized" as the term is defined in
				  17:9-41.