reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 1 - CAPITAL REQUIREMENTS › Section 3:4-1.7 - Capital for interim conversion

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Notwithstanding
				any rule to the contrary, a depository institution with a ratio of Tier 1
				capital to assets in excess of two percent shall be deemed to be adequately
				capitalized to qualify for a conversion to a bank, savings bank, capital stock
				savings bank, capital stock association or mutual association pursuant to
				17:9A-17.1 et seq. or 17:16M-1 et
				seq., provided that:
1. The conversion is an
				interim step toward a merger or acquisition with another institution;
				and
2. After the merger or
				acquisition, the resulting depository institution will satisfy all capital
				maintenance requirements.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 2 - COMPENSATION › Section 3:4-2.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter
				implements the stock option plan set forth in the "Banking Act of 1948" at
				17:9A-8.1 0 and 27.50 et
				seq.
(b) This subchapter shall
				apply to all depositories.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 2 - COMPENSATION › Section 3:4-2.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in the subchapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise.
"Bank" means a bank as defined in
				  17:9A-1.
"Depository" means a bank, savings bank or savings and loan
				  association, and includes a limited purpose trust company.
"Savings and loan association" means a capital stock
				  association established pursuant to
				  17:12B-244 et seq.
"Savings bank" means a capital stock savings bank established
				  pursuant to
				  17:9A-8.1 et seq.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 2 - COMPENSATION › Section 3:4-2.3 - Stock option plans

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A bank may
				permit its directors, officers and employees to participate in a stock option
				plan established pursuant to
				17:9A-27.5 0 et seq., and a
				savings bank may permit its directors, officers and employees to participate in
				a stock option plan established pursuant to
				17:9A-8.1 0.
(b) A savings and loan association may permit
				its directors, officers and employees to participate in a stock option plan to
				the same extent as permitted for banks and savings banks so long as the
				association complies with
				17:9A-27.5 0 et seq.
(c) A depository may not grant stock options
				to a director for less than the higher of the par value or 100 percent of the
				fair market value of the shares at the time the options are granted. A
				depository may not grant stock options to an officer or employee for less than
				the higher of the par value or 85 percent of the fair market value of the
				shares at the time the options are granted. Stock option plans may not provide
				for the payment of cash to directors by the depository upon cancellation of the
				options.
(d) A stock option plan
				must be adopted by the depository's board of directors and approved by the
				holders of two-thirds of the capital stock of the depository entitled to
				vote.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 3 - REPORTING REQUIREMENTS › Section 3:4-3.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of
				this subchapter is to set forth the form of report to be filed with the
				Department by banks and out-of-State banks with a branch office in this State
				as required pursuant to
				17:9A-256. This subchapter further
				sets forth when the filing of such reports shall be waived pursuant to N.J.S.A.
				17:9A-256E.
(b) This subchapter
				shall apply to all banks and out-of-State banks with a branch office in this
				State required to file reports with the Department pursuant to
				17:9A-256.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 3 - REPORTING REQUIREMENTS › Section 3:4-3.2 - 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.
"Bank" means a bank or savings bank.
"Branch office" means a branch office as defined in
				  17:9A-1.
"Commissioner" means the Commissioner of the New Jersey
				  Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and
				  Insurance.
"Out-of-State bank" means a state bank, as defined in the
				  Federal Deposit Insurance Act,
				  12
				  U.S.C. §
										1813(a)(2),
				  that is chartered under the laws of a state other than this state.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 3 - REPORTING REQUIREMENTS › Section 3:4-3.3 - Call reports and official email address

Current through Register Vol. 56, No. 14, July 15, 2024
(a)
				Pursuant to N.J.S.A. 17:9A-256, every bank and out-of-State bank with a branch
				office in this State shall file a semi-annual report with the Department that
				sets forth the bank's assets and liabilities as of June 30 and December 31 of
				each year, on a form to be provided by the Commissioner. The reports shall be
				in the general form of report adopted by the Federal Financial Institutions
				Examination Council for purposes of filing by banks with the Federal Deposit
				Insurance Corporation pursuant to 12 CFR Part 324 or with the Board of
				Governors of the Federal Reserve System pursuant to
				12 U.S.C. §
										324. Such reports shall be filed with the
				Department within 30 days after the end of the relevant six-month period. Upon
				request, the Commissioner may extend the due date for not more than 10
				days.
(b) The requirements at (a)
				above shall not apply to a bank or out-of-State bank that files reports of
				financial condition with the Federal Deposit Insurance Corporation pursuant to
				12 CFR Part 324 or with the Board of Governors of the Federal Reserve System
				pursuant to
				12 U.S.C. §
										324.
(c) In addition to the reports required to be
				filed pursuant to (a) above, the Commissioner may require such additional
				reports from a particular bank, as the Commissioner deems necessary, to obtain
				a full and complete knowledge of such bank's condition. Reports filed pursuant
				to this subsection shall be considered confidential and shall not be subject to
				public inspection or copying pursuant to the Open Public Records Act,
				N.J.S.A.
				47:1A-1 et seq.
(d) Notwithstanding the provisions at (b)
				above, each bank shall provide the Department, in writing, on letterhead signed
				by an officer, with its official email address. Within 10 days following any
				change in the official email address previously provided to the Department, the
				bank shall notify the Department of the change in the same manner and include
				the full name of the entity, its old email address, its new email address, and
				the effective date of the change. The notice shall be sent to: New Jersey
				Department of Banking and Insurance, Division of Banking, Attention:
				Depositories, 20 West State Street, PO Box 040, Trenton, New Jersey
				08625-0040.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 3 - REPORTING REQUIREMENTS › Section 3:4-3.4 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with the provisions of this subchapter
				  shall result in the imposition of penalties as authorized by law, including,
				  but not limited to, penalties authorized by N.J.S.A. 17:9A-256D.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 4 - AGENTS OF FOREIGN BANKS › Section 3:4-4.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of
				this subchapter is to specify the activities that foreign banks and agents of
				foreign banks may conduct in New Jersey. It also specifies what activities are
				illegal for foreign banks and agents of foreign banks.
(b) This subchapter shall apply to foreign
				banks and agents of foreign banks that conduct business in New
				Jersey.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 4 - AGENTS OF FOREIGN BANKS › Section 3:4-4.3 - Prohibited activities

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except as may
				be permitted by (b) below and by
				3:4-4.4 through 4.6 for the
				particular types of agents referenced therein, and by
				3:4-4.7, foreign banks and
				their-agents are prohibited from engaging in the following activities, which
				constitute transacting business in this State.
1. Accepting retail deposits;
2. Soliciting loans in person or through New
				Jersey media;
3. Receiving or
				accepting loan applications;
4.
				Making loans, including any types of loans specifically defined in
				3:4-4.2;
5. Making loan underwriting decisions;
				or
6. Accepting fees other than in
				conjunction with closings.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 4 - AGENTS OF FOREIGN BANKS › Section 3:4-4.4 - Permitted activities

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For the
				purposes of
				17:9A-316 a foreign bank shall not
				be deemed to transact business or maintain an office in this State by virtue of
				conducting business in this State through an agent.
(b) For the purposes of N.J.S.A. 17:9A-316E,
				and this subchapter "conducting business" means:
1. Closing loans in New Jersey provided that:
i. The agent is an attorney admitted to
				practice in New Jersey, a New Jersey-licensed title insurance producer, or an
				insured depository institution affiliate; and
ii. The interest rate charged does not exceed
				the maximum permitted by
				2C:21-19(a);
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 4 - AGENTS OF FOREIGN BANKS › Section 3:4-4.5 - Sellers of retail goods

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to (b)
				below, in connection with the sale of retail goods or services by its own
				business, a retail seller in this State may:
1. Offer or distribute information from a
				foreign bank to a customer;
2.
				Offer or distribute an application to a customer;
3. Receive, accept for transmittal to a
				foreign bank, or transmit to a foreign bank a customer's application or
				application information; and
4.
				Receive fees from a customer in connection with a sale.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 4 - AGENTS OF FOREIGN BANKS › Section 3:4-4.6 - Non-depository affiliates

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to (b)
				below, an entity or an employee of an entity located in this State, that is not
				an insured depository institution affiliated with a foreign bank, may:
1. Offer or distribute information from the
				foreign bank to a customer;
2.
				Offer or distribute an application for banking products or services to a
				customer;
3. Transmit, or receive,
				or accept for transmittal to the foreign bank a customer's application or
				application information; and
4.
				Receive fees from a customer in connection with banking products or
				services.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 4 - AGENTS OF FOREIGN BANKS › Section 3:4-4.7 - Emergency cases

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner may, in emergent cases, permit agents of a foreign bank to conduct
				activities in this State that would otherwise be prohibited by
				3:4-4.3, subject to the following
				conditions:
1. The primary regulator of the
				foreign bank shall verify to the Department that the bank presents no safety
				and soundness or consumer protection concerns, and shall agree to notify the
				Department promptly if such concerns develop during the time the agent is
				engaging in activities in New Jersey;
2. The primary regulator of the foreign bank
				shall agree to remain the primary regulator of the foreign bank;
3. The agent activities of the foreign bank
				in this State are conducted pursuant to the regulatory law of the primary
				regulator, including powers provisions, except that such activities shall be
				subject to the general law of New Jersey, including, but not limited to theft,
				fraud, and criminal law;
4. The
				approval granted by the Commissioner shall be limited to a specified period,
				not to exceed 180 days. If concluding agent activities within the specified
				period would constitute a substantial hardship, the foreign bank may apply to
				the Commissioner for one or more extensions not to exceed 180 days
				each;
5. The foreign bank shall
				agree that the Commissioner may withdraw the approval for cause, provided that
				the primary regulator has been given notice of such cause and has not taken
				effective action to correct it or otherwise address it satisfactorily;
				and
6. The foreign bank shall agree
				that the Commissioner shall have access to the institution and documents for
				purposes of determining its compliance with the conditions for admission to the
				State and whether there have been violations of general state law, provided
				that the Commissioner has requested documents or information from the primary
				regulator and has not received the same in a timely manner.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 4 - AGENTS OF FOREIGN BANKS › Section 3:4-4.8 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Violation of this subchapter shall subject the foreign bank
				  and the agent to the penalties authorized by law, including, but not limited
				  to, those provided in
				  17:9A-330.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 1 - PURPOSE AND SCOPE › Section 3:5-1.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of
				this subchapter is to set forth the funding mechanism for the support of the
				Division of Banking in the Department of Banking and Insurance as required by
				17:1C-33 et seq., and to
				distribute the financial burden proportionately among depository institutions
				and other financial entities that the Division of Banking, in the Department of
				Banking and Insurance, charters, licenses and registers consistent with the
				Division's regulatory activities.
(b) These rules apply to banks, savings
				banks, savings and loan associations, credit unions, business licensees under
				the New Jersey Residential Mortgage Lending Act,
				17:11C-51 et seq., licensees under
				the New Jersey Consumer Finance Licensing Act,
				17:11C-1 to 43, check cashers,
				money transmitters, consumer lenders, pawnbrokers, sales finance companies,
				insurance premium finance companies, home repair contractors, home repair
				finance agencies, motor vehicle installment sellers, debt adjusters, high cost
				home loan counselors, and foreclosure consultants.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 3 - CERTIFICATION OF EXPENSES; SPECIAL FUNCTION APPORTIONMENT › Section 3:5-3.1 - Expense certification

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In accordance
				with 17:1C-33 et seq. the Director of
				the Division of Budget and Accounting in the Department of the Treasury shall,
				on or before August 15 in each year, ascertain and certify to the Commissioner
				by category the total amount of expenses incurred by the State in connection
				with the administration of the special functions of the Division of Banking in
				the Department of Banking and Insurance relative to the financial regulation,
				supervision and monitoring of depository institutions and other financial
				entities it licenses during the preceding fiscal year. Those expenses shall
				include, in addition to the direct cost of personal service, the cost of
				maintenance and operation, the cost of employee benefits and the workers'
				compensation paid for and on account of personnel, rentals for space occupied
				in State-owned or State-leased buildings and all other direct and indirect
				costs of the administration of those functions of the Department, as well as
				any amounts remaining uncollected from the assessment of the previous fiscal
				year. Certification made pursuant to this subchapter shall be made by the
				Director of the Division of Budget and Accounting.
(b) Upon receipt of the certification made by
				the Director of the Division of Budget and Accounting pursuant to (a) above,
				but no later than September 1 in each year following the close of the previous
				fiscal year, the Commissioner shall issue the assessment for the amount of the
				expenses incurred by, or on behalf of, the special functions of the Division.
				Statements of the individual assessments made pursuant to this subsection and
				in accordance with N.J.A.C. 3:5-4 shall be distributed via mailing among all
				regulated entities.
(c) The
				Commissioner shall certify the amount of the individual assessment issued to
				each regulated entity. Each regulated entity shall remit the amount so
				certified and assessed to it to the Department. Amounts collected by the
				Department shall be used for reimbursement to the State for expenses incurred
				in connection with the special functions of the Division relative to the
				financial regulation, supervision and monitoring of depository institutions and
				other financial entities it charters, licenses or registers, provided that the
				amount collected for those expenses shall not exceed the amount appropriated by
				the Legislature for those expenses.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 4 - ASSESSMENT COMPUTATION FORMULA › Section 3:5-4.1 - Departmental expenses

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The direct
				expenses of the Office of Depositories and the Office of Consumer Finance shall
				be maintained and allocated to each Office separately.
(b) Centralized expenses such as the
				Commissioner's Office, and other centralized operating units which supply
				support to Depositories and Consumer Finance shall be apportioned between
				Depositories and Consumer Finance on the basis of the percentage of full time
				employees in each Office.
(c) The
				direct expenses for Depositories shall be added to the Depositories'
				apportioned share for centralized expenses. This will produce the total amount
				of the expenses for Depositories for the preceding fiscal year.
(d) The direct expenses for Consumer Finance
				will be added to the apportioned share for centralized expenses attributable to
				Consumer Finance. This will produce the total amount of the expenses for
				Consumer Finance for the preceding fiscal year.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 4 - ASSESSMENT COMPUTATION FORMULA › Section 3:5-4.2 - Total assessments

Current through Register Vol. 56, No. 14, July 15, 2024
All regulated entities shall be assessed a total assessment.
				  The total assessment shall consist of the total of a base assessment and a
				  volume assessment, if applicable.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 4 - ASSESSMENT COMPUTATION FORMULA › Section 3:5-4.3 - Base assessments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Base
				assessments shall be determined by the Commissioner in accordance with
				17:1C-46 taking into account such
				factors as the average size of the regulated entities within each regulated
				industry and the extent of the Division's regulatory activities required with
				respect to each type of regulated industry. The Department shall also consider
				the potential impact of the base assessment amount on business entities of
				various sizes in an effort to allocate the total assessment in a manner
				proportionate to the Department's regulatory activities with respect to each
				regulated entity.
(b) With the
				exception of credit unions, the base assessment for depository institutions
				shall not exceed $ 5,000.
(c) The
				base assessment for credit unions shall not exceed the following limits:
1. Credit unions having $ 10 million or less
				in assets: $ 500.00;
2. Credit
				unions having more than $ 10 million, but not more than $ 40 million in assets:
				$ 1,500; and
3. Credit unions
				having more than $ 40 million in assets: $ 5,000.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 4 - ASSESSMENT COMPUTATION FORMULA › Section 3:5-4.4 - Volume assessments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The volume
				assessment for depository institutions shall be calculated as follows:
1. The Department shall deduct the total base
				assessments for depositories from the total expenses for Depositories for the
				preceding calendar year.
2. Using
				filings of each depository institution, the Department shall calculate, to nine
				decimal places, the percentage of total assets under supervision held by each
				depository institution in relation to the total assets under supervision for
				all depository institutions as of December 31 of the prior calendar
				year.
3. The Department shall
				multiply the percentage for each depository institution times the expenses
				remaining after the total of the base assessments of depository institutions
				has been deducted from the total amount of expenses for Depositories for the
				preceding fiscal year.
4. The
				volume assessment for each depository institution shall be added to the base
				assessment for each depository institution.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 5 - MAXIMUM TOTAL OF ASSESSMENTS › Section 3:5-5.1 - Maximum assessment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The total
				amount assessable to regulated entities in any fiscal year for the purposes of
				this subchapter shall not exceed the lesser of:
1. The total amount of expenses incurred by
				the State in connection with the administration of the special functions of the
				Division during the preceding fiscal year as ascertained by the Director of the
				Division of Budget and Accounting in the Department of the Treasury, on or
				before August 15 in each year, and certified to the Commissioner by category
				pursuant to
				3:5-3.1; or
2. .0001084 times the sum of:
i. The average total assets for
				State-chartered banks, savings banks, and savings and loan associations for the
				preceding five calendar years' data, excluding the two most recent calendar
				years; plus
ii. The total average
				loan volume for residential mortgage loans closed by licensed lenders pursuant
				to the New Jersey Licensed Lenders Act,
				P.L.
				1996, c. 157
				(17:11C-1 et seq.) and business
				licensees under the New Jersey Residential Mortgage Lending Act,
				17:11C-51 et seq., for the
				preceding five calendar years' data, excluding the two most recent calendar
				years.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 6 - OBJECTION TO ASSESSMENT › Section 3:5-6.1 - Time to object and decision on objections

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Within 15 days
				after the date of mailing a statement of the assessment as provided in
				3:5-3.1(b), a
				regulated entity may file objections to its assessment with the Commissioner.
				All such objections must be filed in writing.
(b) Upon being filed, the validity of such
				objections shall be determined by the Commissioner in accordance with
				17:1C-36 and 37.
(c) If, after having determined the validity
				of an objection, the Commissioner finds any part of the assessment against the
				objecting regulated entity excessive, erroneous, unlawful or invalid, he or she
				shall transmit to the objector, by registered mail, his or her findings and an
				amended statement of the assessment in accordance with those findings, which
				shall have the same force and effect as an original statement of the
				assessment. If the Commissioner finds the entire statement of the assessment
				unlawful or invalid, he or she shall notify the objector, by registered mail,
				of that determination, and the original statement of the assessment shall be
				null and void. If the Commissioner finds that the statement as rendered is
				neither excessive, erroneous, unlawful nor invalid, in whole or in part, he or
				she shall transmit notice thereof to the objector by registered mail.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 7 - COLLECTION; NOTICE OF DELINQUENCY › Section 3:5-7.1 - Unpaid assessments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If any
				regulated entity to which a statement of the assessment has been mailed fails
				or refuses to pay the amount within 30 days of the date of mailing, or fails to
				file with the Commissioner objections to the statement of the assessment as
				provided in N.J.A.C. 3:5-6, the Commissioner shall transmit to the State
				Treasurer a certified copy of both the statement of the assessment and the
				notice of the neglect or refusal of the regulated entity to pay the amount
				thereof, and at the same time shall mail by registered mail to the entity a
				copy of the statement of the assessment and the notice of the neglect or
				refusal transmitted to the State Treasurer.
(b) If a statement of the assessment against
				which objections are filed is not paid in full within 30 days after the date of
				mailing to the objector of notice of a finding that the objections have been
				disallowed, or if an amended statement of the assessment is not paid within 30
				days of the date a copy thereof is mailed by registered mail to the objector,
				the Commissioner shall give notice of the delinquency to the State Treasurer
				and to the objector, and the State Treasurer shall proceed to make the
				collection.
(c) In accordance with
				17:1C-40, no action or proceeding
				shall be maintained in any court for the purpose of restraining or delaying the
				collection or payment of a statement of the assessment rendered in accordance
				with the provisions of this chapter and
				17:1C-33 et seq.
(d) No action for recovery of an amount paid
				shall be maintained in any court unless objections have been filed with the
				Commissioner. In an action for recovery of any payments, plaintiff may raise
				any relevant issue of law, but the Commissioner's findings of fact shall be
				presumptive evidence of the facts therein stated.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 7 - COLLECTION; NOTICE OF DELINQUENCY › Section 3:5-7.2 - Collection; sale of goods

Current through Register Vol. 56, No. 14, July 15, 2024
In accordance with
				  17:1C-43 within 10 days after
				  receipt of the notice and certified copy of the statement of the assessment,
				  the State Treasurer shall proceed to collect the amount stated to be due, with
				  legal interest, by seizure and sale of any goods or chattels, including stocks,
				  securities, bank accounts, surety bonds, realty, evidences of debt and accounts
				  receivable belonging to the regulated entity anywhere within the State. The
				  State Treasurer shall not seize any goods or chattels held by the regulated
				  entity on behalf of another.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 7 - COLLECTION; NOTICE OF DELINQUENCY › Section 3:5-7.3 - Additional remedy

Current through Register Vol. 56, No. 14, July 15, 2024
As provided in
				  17:1C-44 as an additional remedy,
				  the State Treasurer may issue a certificate to the Clerk of the Superior Court
				  that a regulated entity is indebted under these rules in an amount stated in
				  the certificate. The clerk shall immediately enter upon his record of docketed
				  judgments the name of the regulated entity, and of the State, the amount of
				  debt so certified, and the date of the entry. The entry shall have the same
				  force and effect as the entry of a docketed judgment in the Office of the
				  Clerk, and the State Treasurer shall have all the remedies and may take all of
				  the proceedings for the collection thereof which may be had or taken upon the
				  recovery of a judgment in a civil action, but without prejudice to the
				  regulated entity's right of appeal.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 8 - REGULATED ENTITIES EXEMPT FROM FEES AND CHARGES; EXCEPTIONS › Section 3:5-8.1 - Fees and exemptions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Notwithstanding
				any law or regulation to the contrary, a regulated entity paying the amounts
				assessed to it in statements of the assessment made pursuant to N.J.A.C. 3:5-3
				shall be exempt from all fees or charges imposed by the Division pursuant to
				any other provision of law or regulation, except for:
1. Charter fees;
2. Application fees for licenses;
3. Mortgage solicitor registration
				application fees;
4. Fees for entry
				by a foreign depository institution whether from another state of the United
				States or from another country into New Jersey for branch, trust or other
				activities;
5. Fees charged under
				the Governmental Unit Deposit Protection Act, P.L. 1970, c. 236 (17:9-41 et seq.);
6. Fees charged any entity not chartered,
				licensed or registered by this State, including, but not limited to, activities
				conducted by foreign banks pursuant to section 316 of P.L. 1948, c. 47
				(17:9A-316 ) or foreign
				associations pursuant to section 214 of P.L. 1963, c. 144 (17:12B-214 );
7. Fees charged qualified corporations
				authorized pursuant to section 213 of P.L. 1948, c. 67 (17:9A-213 ) to perform either
				registrar and transfer agent activities or activities permitted for qualified
				educational institutions; and
8.
				Such other fees as may be specified as not exempt pursuant to
				17:1C-33 (
				P.L.
				2005, c. 199 ) and any
				amendments thereto.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 5 - DEDICATED FUNDING ASSESSMENT › Subchapter 9 - IMPROPER REPORTING OF INFORMATION TO THE DEPARTMENT › Section 3:5-9.1 - Penalty for improper reporting

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A depository
				institution that submits figures on assets, deposits or any other factor used
				by the Department to compute the depository institution's assessment that are
				substantially or materially in error shall be liable for an administrative
				penalty not to exceed $ 10,000 for each submission that contains substantially
				or materially incorrect information.
(b) A licensee that submits figures on loan
				volume, number of branches, or any other factor used by the Department to
				compute the licensee's assessment that are substantially or materially in error
				shall be liable for an administrative penalty not to exceed $ 10,000 for each
				submission that contains substantially or materially incorrect
				information.
(c) In addition to any
				monetary penalty that may be imposed against a licensee pursuant to (b) above,
				the Commissioner may take action to revoke, suspend or refuse to renew the
				license of a licensee that submits substantially or materially erroneous
				figures. The suspension, revocation or refusal to renew a license shall be in
				addition to any monetary penalty imposed pursuant to (b) above.
(d) The administrative penalty authorized
				pursuant to this subsection may be recovered in a summary proceeding in
				accordance with the Penalty Enforcement Law of 1999,
				P.L.
				1999, c. 274
				(2A:58-10 et seq.). Pursuant to
				N.J.S.A. 17:1C-48d, a willful violation of this section shall be considered a
				crime of the third degree.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 2 - APPROVED DEPOSITORIES FOR INVESTMENTS COMPRISING SECURITY FUNDS › Section 3:6-2.1 - Approved depositories

Current through Register Vol. 56, No. 14, July 15, 2024
The following institutions are approved as depositories for
				  investments comprising security funds created pursuant to
				  17:9A-31: banks, savings banks and
				  national banking associations having a principal or a branch office in New
				  Jersey having total capital stock and surplus of at least $ 2,000,000 which are
				  authorized to do a fiduciary business.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 3 - LIMIT ON LOANS TO AN EXECUTIVE OFFICER › Section 3:6-3.1 - Limitation on loans to an executive officer

Current through Register Vol. 56, No. 14, July 15, 2024
The $ 10,000 maximum loan limitation prescribed in N.J.S.A.
				  17:9A-72B(2) on loans to an executive officer is increased to an aggregate
				  amount not to exceed at any one time 2.5 percent of the capital funds of the
				  bank, as defined in
				  17:9A-60, or $ 25,000 whichever is
				  greater, but in no event more than $ 100,000.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 3 - LIMIT ON LOANS TO AN EXECUTIVE OFFICER › Section 3:6-3.2 - Exclusion

Current through Register Vol. 56, No. 14, July 15, 2024
In accordance with N.J.S.A. 17:9A-74B(3), loans to finance
				  the education of an executive officer's children are excluded from the
				  limitations set out in
				  3:6-3.1.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 5 - FEDERAL FUNDS TRANSACTIONS › Section 3:6-5.1 - Exclusion from limitation on liability

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In "sales of
				Federal funds," the liability of a transferee bank to a transferor bank shall
				not be subject to any limitation on liability to a transferor bank imposed by
				17:9A-62.
(b) In sales of Federal funds, the liability
				of a transferee bank to a transferor savings bank shall not be subject to any
				limitation on liability to a transferor savings bank.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 5 - FEDERAL FUNDS TRANSACTIONS › Section 3:6-5.2 - Sales of Federal funds by State member banks, State nonmember banks and savings banks

Current through Register Vol. 56, No. 14, July 15, 2024
(a) As used in this
				subchapter, in the case of State banks which are members of the Federal Reserve
				System, "sales of Federal funds" include transactions which involve the
				temporary transfer and sale of immediately available funds either from one
				member bank in the Federal Reserve System to another member bank in the Federal
				Reserve System or to another bank not in the Federal Reserve System.
(b) In the case of a State bank which is not
				a member of the Federal Reserve System, "sales of Federal funds" include
				transactions which involve the temporary transfer and sale of immediately
				available funds from the nonmember bank to another nonmember bank or to a
				member bank.
(c) In the case of a
				savings bank, "sales of Federal funds" include transactions which involve the
				temporary transfer and sale of immediately available funds from the savings
				bank to a nonmember bank or to a member bank.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 6 - SHORT-TERM INVESTMENT OF CASH IN FIDUCIARY ACCOUNTS › Section 3:6-6.1 - Type of investment

Current through Register Vol. 56, No. 14, July 15, 2024
Cash held for various fiduciary accounts may be invested on
				  a short term basis in a variable account note of a single borrower by a bank
				  defined in
				  17:9A-36(2).
				  Participating accounts will thus be provided with a readily accessible medium
				  for short-term investment of their cash balances.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 6 - SHORT-TERM INVESTMENT OF CASH IN FIDUCIARY ACCOUNTS › Section 3:6-6.2 - Provisions of note

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Under this
				arrangement, the borrower delivers its note to evidence the amount of the loan
				outstanding from time to time.
(b)
				The note may be a demand obligation or have a fixed maturity (in which case it
				is understood that the borrower will renew the note at maturity) and may set
				forth provisions concerning the rate and payment of interest in the note or in
				a separate agreement to which reference is made in the note.
(c) The note must be payable to the order of
				the bank or to a nominee of the bank and may be repayable by the borrower in
				whole or in part at any time, and should contain columns for entering changes
				in the amount of the loan outstanding, the dates of such changes, and the
				initial of an employee of the bank authorized by the borrower to make such
				entries.
(d) While it is preferable
				that all entries affecting the balance of the note shall be recorded thereon,
				it is satisfactory for such entries to be recorded separately, provided
				adequate documentation is maintained in regard to all such entries.
(e) All notes must be kept in the custody of
				duly authorized employees of the bank.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 6 - SHORT-TERM INVESTMENT OF CASH IN FIDUCIARY ACCOUNTS › Section 3:6-6.3 - Fluctuations in participations

Current through Register Vol. 56, No. 14, July 15, 2024
The amount of the loan may be subject to daily fluctuations
				  as the participants increase or decrease their participations. The net amount
				  of any such increase or decrease depends initially upon the particular
				  requirements of the participants. If it is desired to participate an account in
				  the loan or to increase its existing participation therein, a "buy" order is
				  prepared for the dollar amount of the planned participation. If it is desired
				  to reduce or withdraw an account's participation, a "sell" order is prepared.
				  All buy and sell orders must be combined at the end of each day's business when
				  the net amount of any proposed increase or decrease in the loan is determined.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 6 - SHORT-TERM INVESTMENT OF CASH IN FIDUCIARY ACCOUNTS › Section 3:6-6.4 - Confirmation of changes in loan; provision for interest rate

Current through Register Vol. 56, No. 14, July 15, 2024
On the following business day, the net figure referred to in
				  3:6-6.3, Fluctuations in
				  participations, must be communicated to the borrower by telephone. If the
				  figure indicates a proposed increase in the loan, this communication is an
				  offer to lend the amount of the increase which the borrower may either accept
				  or reject in whole or in part. If the figure indicates a proposed reduction in
				  the loan, communication constitutes a demand for payment of the amount of the
				  reduction. The resulting increase or decrease in the loan and the new balance
				  due must be then recorded by making appropriate entries on the note. The
				  balance so entered, when confirmed by the borrower in writing, should be
				  understood to constitute conclusive evidence of the balance owing on the loan.
				  The net amount of any increase (or decrease) in the loan must be promptly
				  credited to (or charged against) the borrower's account with the bank. Interest
				  must be paid monthly on the daily amount of the loan outstanding during the
				  preceding month at a rate which is mutually agreed upon by the bank and the
				  borrower and specified in the note or related agreement. In the event the
				  borrower issues its own commercial paper, the interest rate shall not be less
				  than that which will yield the simple interest equivalent to the discount rate
				  currently being paid by the borrower on its 180-day commercial paper. If any
				  change in the 180-day rate is established by the borrower, the rate of interest
				  paid on the variable amount loan must be changed simultaneously, unless a rate
				  higher than the 180-day rate has been agreed upon and is being paid.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 6 - SHORT-TERM INVESTMENT OF CASH IN FIDUCIARY ACCOUNTS › Section 3:6-6.5 - Maintenance of loan records in bank$DQ$s trust department

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Participations
				of each account in the loan must be reflected in the securities record of each
				account in the bank's trust department.
(b) A participation record for each account
				must be also maintained and a check must be made each time a change in the
				amount of the loan occurs to assure that these participation records are in
				balance with the outstanding amount of the note.
(c) The bank may not participate in the loan
				for its own account, nor may it acquire such a participation.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 6 - SHORT-TERM INVESTMENT OF CASH IN FIDUCIARY ACCOUNTS › Section 3:6-6.6 - Authorization to invest in this type of collective investment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Where
				collective investments of the type described in this subchapter are not
				specifically authorized by the governing instruments of the various
				participating accounts, such investments may be made pursuant to
				17:9A-37 and in such case:
1. Participation in such investment shall be
				restricted to accounts in which the bank is acting in a fiduciary capacity
				specified in paragraphs (5), (6), (9) and (10) of
				17:9A-28;
2. The written variable note duly executed by
				the parties and a written outline of the procedure, as above set forth,
				controlling participation in such investment or a written incorporation by
				reference of the above-mentioned procedure shall constitute the written plan in
				accordance with the provisions of
				17:9A-37(E);
3. The note is of a borrower whose commercial
				paper is rated at least A-1 by the financial periodicals rating commercial
				paper (for example, Standard and Poor) and such note is either payable on
				demand or at the call of the bank; and
4. The determination of whether such
				collective investment shall constitute a legal common trust fund or a
				discretionary common trust fund shall be determined in accordance with the
				provisions of N.J.S.A. 17:9A-38D and the Prudent Investor Act,
				3B:20-11.1 et seq.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 6 - SHORT-TERM INVESTMENT OF CASH IN FIDUCIARY ACCOUNTS › Section 3:6-6.7 - Parity provision

Current through Register Vol. 56, No. 14, July 15, 2024
This regulation is issued to enable banks to establish and
				  maintain common trust funds on an equal basis with common trust funds
				  established and maintained by national banking associations.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 8 - CONVERSIONS OF SAVINGS BANK CHARTERS › Section 3:6-8.1 - Authorization for conversion

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any mutual
				savings bank may apply to the Commissioner to convert itself to a mutual
				association by organizing and transferring its assets and liabilities to a
				newly-chartered mutual association, and any capital stock savings bank may
				apply to the Commissioner to convert itself to a bank by organizing and
				transferring its assets and liabilities to a newly-chartered bank.
(b) Before applying to the Commissioner for a
				conversion pursuant to (a) above, the savings bank shall obtain a resolution of
				the savings bank's board of directors indicating that the conversion is
				advisable and in the best interests of the members or shareholders.
(c) After the board of directors has adopted
				a resolution, a meeting of the members or stockholders shall be held upon not
				less than 10 days' written notice. The notice shall contain a statement of the
				time, place and purpose for which such meeting is called. At this meeting, the
				members or shareholders shall vote on whether the savings bank shall convert to
				an association or bank, as the case may be. An affirmative vote of at least
				two-thirds of the members present, or shares eligible to be voted which are
				represented at the meeting, either in person or by proxy, may approve the
				conversion.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 6 - GENERAL PROVISIONS › Subchapter 8 - CONVERSIONS OF SAVINGS BANK CHARTERS › Section 3:6-8.2 - Application for conversion

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An application
				for a conversion from a savings bank to an association or bank shall contain
				the following:
1. A certified copy of the
				resolution of the board of directors authorizing the conversion;
2. A certified copy of the resolution adopted
				by the stockholders or members relating to the plan of conversion, containing
				the following information:
i. The total
				number of votes eligible to be cast;
ii. The total number of votes represented in
				person or by proxy at the special meeting;
iii. The total number of votes cast in favor
				and against each matter; and
iv.
				The percentage of votes cast in favor and against each matter.
3. A certificate of incorporation
				for the new association or bank;
4.
				Biographical information for each of the incorporators and/or directors on
				forms approved by the Commissioner;
5. A completed form from the New Jersey State
				Police requesting criminal history record information for each director and/or
				incorporator, along with a cashier's check, certified check or money order for
				the applicable amount, payable to the State Police, stapled to the front of
				each form;
6. A copy of the savings
				bank's most recent quarterly Consolidated Report of Condition indicating the
				savings bank's financial condition. This requirement shall be deemed satisfied
				if this information is accessible to the Department via the internet;
7. Financial projections for the converted
				association or bank for the next three years. Projections shall include a
				consolidated average balance sheet and a profit and loss statement at the end
				of each year. This financial information shall include projections of all
				relevant regulatory capital requirements and capital ratios as well as
				appropriate income ratios;
8. A
				business plan for three years; and
9. Copies of all applications for Federal
				regulatory approval and all approvals required in connection with the
				conversion, or, if no application or approval is required, a statement or
				opinion of counsel to that effect.