New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 2 - PROCEDURAL RULES › Section 3:1-2.1 - 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.
"Accepted" means that an application has been received by the
				  Department and it contains all necessary information required or needed by the
				  Department for its review, whether for expedited or regular processing, and the
				  Department has acknowledged in writing that the application is ready for
				  review.
"Adequately managed" means, unless otherwise determined in
				  writing by the Commissioner:
1. The
				achievement of a composite rating of 1 or 2 under the Uniform Financial
				Institution Rating System or an equivalent rating system, in connection with
				the most recent examination or subsequent review of the bank, savings bank, or
				savings and loan; and
2. At least a
				rating of 2 for management, if such a rating is given.
"Bank" means a New Jersey chartered bank as defined in
				  17:9A-1 and shall include a
				  limited purpose trust company.
"Banking institution" means a depository, or a similar
				  institution chartered by the Federal government or another state.
"Branch application" means an application by a banking
				  institution to establish a full branch or a minibranch office, or to relocate a
				  principal office, full branch office or mini-branch office, or to interchange a
				  principal office and full branch office.
"Commissioner" means the Commissioner of the New Jersey
				  Department of Banking and Insurance.
"Company" means any corporation, partnership, business trust,
				  association or any other person except an individual.
"Controlling interest" means ownership or control of a
				  majority of the issued and outstanding capital stock or securities of a
				  corporation, having voting rights.
"Department" means the New Jersey Department of Banking and
				  Insurance.
"Depository" means bank, savings bank or savings and loan
				  association.
"Foreign bank" means a banking institution which has no
				  branch offices in this State.
"Fully funded reserve" means the allowance for loan and lease
				  losses as that term is defined in
				  12
				  C.F.R. §
											325.2(a) or
				  its successor section.
"Individual" means a natural person.
"Newly-chartered institution" means an institution which has
				  been open to the public for business fewer than three years.
"Out-of-State association" means a savings and loan
				  association or building and loan association insured by the Federal Deposit
				  Insurance Corporation and chartered under the laws of a state other than New
				  Jersey, but not as a bank as defined in
				  12
				  U.S.C. §
											1813(a)(2).
"Out-of-State bank" means a state bank, as defined in the
				  Federal Deposit Insurance Act,
				  12
				  U.S.C. §
											1813(a)(2),
				  which is chartered under the laws of a state other than New Jersey.
"Savings and loan association" means a New Jersey chartered
				  savings and loan association, and shall include a capital stock association,
				  and a mutual association.
"Savings bank" means a New Jersey chartered savings bank, and
				  shall include a capital stock savings bank and a mutual savings bank.
"Sufficient compliance" means that the depository has
				  received a currently applicable Community Reinvestment Act,
				  12 U.S.C.
				  §§
											2901 et seq., (CRA) rating of
				  "satisfactory or better" by the applicable Federal regulatory agency. A
				  depository which has a currently applicable CRA rating by the applicable
				  Federal regulatory agency of "needs to improve" shall be considered to be in
				  sufficient compliance if it has entered into an agreement with the Federal
				  agency which is intended to improve its CRA rating, and the Department has
				  verified that the institution has taken reasonable steps to comply with the
				  agreement.
"Trade area" means the assessment area of insured
				  institutions as designated for purposes of compliance with the Community
				  Reinvestment Act,
				  12 U.S.C.
				  §§
											2901 et seq. For uninsured
				  institutions, such as limited purpose trust companies, it means the area within
				  five miles of the institution's proposed office.
"Well capitalized" means a depository that exceeds the
				  required minimum level for each relevant capital measure, as that term is
				  defined in
				  12 U.S.C. §
											1831 or its successor section.