reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 7 - MISCELLANEOUS › Section 3:1-7.6 - Penalty for late filing of annual reports and/or late payment of assessments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Business
				licensees under the New Jersey Residential Mortgage Lending Act,
				17:11C-51 et seq. (RMLA),
				licensees under the New Jersey Consumer Finance Licensing Act,
				17:11C-1 to 43 (CFLA), motor
				vehicle installment sellers, home repair contractors, home financing agencies,
				check cashers, money transmitters, debt adjusters, foreign money transmitters,
				pawnbrokers, insurance premium finance companies, foreclosure consultants, or
				any other licensees who fail to file an annual report on a timely basis as
				specified below shall be subject to a penalty as specified in (c) below. With
				the exception of licensees under RMLA and CFLA, all licensees who file
				applications to renew their license after the license expiration date shall be
				subject to a penalty of $ 50.00. Business licensees under RMLA and licensees
				under CFLA who file renewal license applications after the expiration of their
				licenses shall be subject to
				3:15-2.7 and
				3:17-2.6, respectively, including
				any penalties specified therein. Individual licensees under RMLA who file
				renewal license applications after the expiration of their license shall be
				subject to 3:15-2.1 5.
1. Annual reports filed electronically will
				be deemed late if received after the date set in
				3:23-4.1 of the year following the
				calendar year covered by the annual report.
2. Annual reports filed by hard copy shall be
				considered late if mailed or shipped with an overnight delivery service after
				March 1 of the year following the calendar year covered by the annual report.
				Hard copy reports may only be filed by licensees who have received an exemption
				from the Department pursuant to
				3:23-4.2 prior to filing.
3. Annual reports found by the Department to
				be incomplete shall be deemed not filed.
4. Any report not filed by the date due,
				including those deemed not filed, shall be considered late and will be subject
				to penalty.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.1 - Authority; scope; enforcement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter
				is promulgated pursuant to the provisions of
				17:16F-11 and
				17:1-8.1 et seq. This subchapter
				applies to depository institutions that make mortgage loans. Nothing in this
				subchapter is intended to, nor shall it be construed to, encourage unsound
				lending practices or the allocation of credit.
(b) Compliance with this subchapter and
				17:16F-1 et seq. shall be enforced
				by the Commissioner of Banking and Insurance of the State of New
				Jersey.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.7 - Violations of the Act

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No depository
				institution shall discriminate by intent or in effort on a basis that is
				arbitrary or unsupported by a reasonable analysis of the lending risks
				associated with the applicant for a given loan or the condition of the property
				to secure it, in the accepting applications, granting, withholding, extending
				or renewing, or in the fixing of rates, terms, conditions, or provisions of any
				mortgage loan on real property located in the municipality in which a
				depository institution has a home or branch office, or in any municipality
				contiguous to such municipality, merely because such property is located in a
				specific neighborhood or geographical area.
(b) It shall not be a violation of the Act or
				this regulation if the mortgage loan is made pursuant to a specific public or
				private program, the purpose of which is to increase the availability of
				mortgage loans within a specific neighborhood or geographical area.
(c) No depository institution may discourage,
				or refuse to allow, receive, or consider, any application, request, or inquiry
				regarding a mortgage loan, or discriminate in imposing conditions upon, or in
				processing, any such application, request, or inquiry on any basis prohibited
				by law.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.8 - Powers of the Commissioner; investigations and hearings

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In order to aid
				in determining whether the Act or
				3:1-9.7 has been violated by a
				depository institution other than a national bank, the Commissioner shall have
				the power to hold hearings, issue subpoenas to compel the attendance of
				witnesses and the production of documents, papers, books, records and other
				evidence before him or her.
(b) In
				the case of a failure of any person to comply with any subpoena issued by the
				Commissioner or to testify to any matter concerning which he or she may be
				lawfully interrogated, the Commissioner may apply to the Superior Court for an
				order requiring the attendance of such person and the giving of testimony or
				production of evidence.
(c) The
				Commissioner will grant all written requests for hearing received from national
				banks. If a national bank requests a hearing and submits voluntarily to the
				authority of the Commissioner, the Commissioner's powers will be as specified
				in subsections (a) and (b) of this section.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.9 - Orders; grounds; content; hearing; service

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the
				Commissioner determines that a depository institution is in violation of the
				Act or 3:1-9.7 he shall:
1. Order such depository institution to cease
				its unlawful practices as provided by
				17:16F-9; or
2. Order such depository institution other
				than a national bank to show cause why a cease and desist order should not be
				issued.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.10 - Investigatory hearings; presiding officer

Current through Register Vol. 56, No. 14, July 15, 2024
Any hearing held pursuant to this subchapter may be
				  conducted by the Commissioner or his or her designee.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.11 - Presiding officer's powers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) It shall be the
				duty of the presiding officer to inquire fully into the facts as they relate to
				the matter before him or her. With respect to cases assigned to him or her, the
				presiding officer shall have the authority, subject to the provisions of this
				subchapter and the Act, to:
1. Administer
				oaths and affirmations;
2. Grant
				applications for subpoenas;
3. Rule
				upon offers of proof and receive relevant evidence;
4. Take or cause depositions to be taken
				whenever the ends of justice would be served thereby;
5. Limit lines of questioning or testimony
				which are repetitive, cumulative or irrelevant;
6. Regulate the course of the investigatory
				hearing, and, if appropriate or necessary, exclude persons or counsel from the
				hearings for contemptuous conduct and strike all related testimony of witnesses
				refusing to answer any proper question;
7. Preside over conferences for the
				settlement or simplification of the issues by consent of the parties;
8. Dispose of procedural requests, motions or
				similar matters which shall be made part of the record of the
				proceeding;
9. Call, examine and
				cross-examine witnesses and to introduce into the record documentary or other
				evidence;
10. Request the parties
				at any time during the investigatory hearing to state their respective
				positions concerning any issue in the case or theory in support thereof;
				and
11. Take any other action
				necessary to effectuate the purposes of the Act or to provide for a full and
				fair investigatory hearing.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.12 - Investigatory hearing procedure

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any party,
				through counsel, shall have the right to call, examine and cross-examine
				witnesses, and to introduce into the record documentary or other relevant
				evidence.
(b) The parties shall not
				be bound by rules of evidence, whether statutory, common law or adopted by the
				rules of court. All relevant evidence is admissible. The presiding officer may,
				in his or her discretion, exclude any evidence or offer of proof if he or she
				finds that its probative value is substantially outweighed by the risk that its
				admission will either necessitate undue consumption of time or create
				substantial danger of undue prejudice or confusion. The presiding officer shall
				give effect to the rules of privilege recognized by law. Every party, through
				counsel, shall have a right to present his cause by oral and documentary
				evidence and to submit rebuttal evidence. Every party, through counsel, and the
				presiding officer shall have the right to examine and cross-examine as may be
				required for a full and true disclosure of the facts.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.13 - Report of presiding officer

Current through Register Vol. 56, No. 14, July 15, 2024
In any case where a person, other than the Commissioner,
				  shall sit as presiding officer, he or she shall submit a written report of his
				  or her findings and conclusions to the Commissioner together with a
				  recommendation as to the disposition of the matter, unless the Commissioner
				  directs otherwise. Copies shall at the same time be forwarded to all parties
				  appearing at the hearing.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.14 - Exceptions to report of presiding officer

Current through Register Vol. 56, No. 14, July 15, 2024
An original and one copy of any exceptions to the presiding
				  officer's report and recommendation may be filed by any party with the
				  Commissioner within seven days after service of the report and
				  recommendation.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.15 - Decision by the Commissioner

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner shall issue a written decision and order. He or she shall mail
				copies to the parties by certified mail, return receipt.
(b) Upon receipt of the presiding officer's
				report and recommendation and any exceptions filed thereto, the Commissioner
				shall issue a decision and order which shall either:
1. Adopt in toto the findings of the fact and
				conclusions of law of the presiding officer; or
2. Reject the report and recommendation of
				the presiding officer and make specific, detailed findings of fact and
				conclusions of law; or
3. Adopt,
				reject or modify each of the presiding officer's findings of fact and
				conclusions of law.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.16 - Continued violation of Act; penalty

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A depository
				institution which continues to violate the provisions of the Act or
				3:1-9.7 after being ordered by the
				Commissioner to cease such practices shall be liable to a penalty of $5,000 for
				each offense. Such penalty shall be in addition to and not in lieu of any other
				provisions of law applicable upon a depository institution's failure to comply
				with an order of the Commissioner.
(b) If the Commissioner determines that a
				depository institution is continuing to violate the provisions of the Act or
				3:1-9.7 after being ordered to
				cease such practices, he or she shall issue and serve such depository
				institution by certified mail, return receipt requested, an order to pay the
				applicable penalties assessed against the depository institution.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.17 - Notice of charges; continued violation of Act

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If it appears
				to the Commissioner that a depository institution, other than a national bank,
				is continuing to violate the provisions of the Act or
				3:1-9.7 of this subchapter after
				being ordered to cease such practices, he shall issue and serve upon such
				depository institution by certified mail, return receipt requested, a notice of
				such charges.
(b) The notice shall
				include:
1. The particular sections of the
				statutes and rules involved; and
2.
				A copy of the detailed statement of facts constituting the basis of the alleged
				violation.
3. A statement that the
				depository institution has the right to request a hearing on the charges by
				submitting a written request for a hearing within 10 days of receipt of the
				charges; however, the time period may be extended at the discretion of the
				Commissioner. The hearing shall be conducted in accordance with the
				Administrative Procedures Act,
				52:14B-1 et seq. and the Uniform
				Administrative Procedure Rules, N.J.A.C. 1:1.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 10 - RESTRICTIONS ON REAL PROPERTY TRANSACTIONS › Section 3:1-10.1 - 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.
"Affiliated person" means the following:
1. A director, manager or executive officer
				of an institution;
2. A spouse of a
				director, manager or executive officer of an institution;
3. A member of the immediate family of a
				director, manager or executive officer of an institution or an affiliate of an
				institution;
4. Any corporation or
				organization of which a director, manager or executive officer of such
				institution is an officer or partner or is, directly or indirectly either alone
				or is, directly or indirectly either alone or with his or her spouse, the owner
				of 10 percent or more of any class of equity securities or the owner with other
				directors, managers and executive officers of such institution and their
				spouses of 25 percent or more of any class of equity securities;
5. Any trust or other estate in which a
				director, manager or executive officer of such institution or the spouse of
				such person has a substantial beneficial interest or as to which such person or
				his or her spouse serves as trustee or in a similar fiduciary capacity.
"Executive officer" means a person who participates or has
				  authority to participate, other than in the capacity of a director, in major
				  policy-making functions of the institution, whether or not: the person has an
				  official title; the title contains a designation of assistant; or the person is
				  serving without salary or other compensation. The chairman of the board, the
				  president, every vice president, the cashier, the secretary, the treasurer and
				  the comptroller are considered to be executive officers, unless by resolution
				  of the board of directors or by the bylaws of the institution any such
				  executive officer is excluded from participation in major policy-making
				  functions, other than in the capacity of a director, and the executive officer
				  does not actually participate therein.
"Immediate family" of any natural person means the following
				  (whether by the full or half blood or by adoption):
1. Such person's spouse, father, mother,
				children, brothers, sisters and grandchildren;
2. The father, mother, brothers and sisters
				of such person's spouse; and
3. The
				spouse of a child, brother or sister of such person.
"Institution" means a bank as defined in
				  17:9A-1(1), a
				  savings bank as defined in
				  17:9A-1(13)  and
				  a State association as defined in
				  17:12B-5(1).
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 10 - RESTRICTIONS ON REAL PROPERTY TRANSACTIONS › Section 3:1-10.2 - Application required on real property transactions

Current through Register Vol. 56, No. 14, July 15, 2024
When an institution files an application for a branch,
				  minibranch, limited facility branch, branch relocation, auxiliary or new
				  charter and intends to purchase or lease, directly or indirectly, the premises
				  applied for from an affiliated person, it shall simultaneously file a detailed
				  real estate application concerning the proposed transaction with the
				  Commissioner for his or her approval. In the event an institution desires to
				  enter into such a transaction on an existing office it must file a detailed
				  real estate application concerning the proposed transaction with the
				  Commissioner for his or her approval.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 10 - RESTRICTIONS ON REAL PROPERTY TRANSACTIONS › Section 3:1-10.3 - Approval of denial of real estate applications

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The real estate
				application concerning a transaction with an affiliated person will be denied
				unless the applicant shall establish to the Commission's satisfaction that:
1. The terms and conditions of the proposed
				transaction are in the best interests of the institution; and
2. The applicant provides a written
				attestation of an independent appraiser that the terms and conditions of the
				proposed transaction are equal to or better than those which the institution
				would have obtained had the premises been purchased or leased in an arm's
				length transaction with a non-affiliated third party.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 10 - RESTRICTIONS ON REAL PROPERTY TRANSACTIONS › Section 3:1-10.4 - Objectors and hearings

Current through Register Vol. 56, No. 14, July 15, 2024
The Commissioner's deliberations on the acceptability of a
				  real estate transaction shall be made pursuant to his or her examination powers
				  and shall be confidential pursuant to
				  17:9A-264. However, this shall not
				  preclude objectors from raising similar and/or parallel issues in written or
				  oral objections which may relate to the applicable statutory criteria for the
				  particular application involved.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 11 - RESTRICTIONS ON LOANS INVOLVING AFFILIATED PERSONS › Section 3:1-11.1 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words or terms, when used in this subchapter,
				  shall have the following meanings unless the context clearly indicates
				  otherwise.
"Affiliate" means a corporation, association, partnership or
				  any type of business organization whatsoever, in which the banking institution,
				  association or holding company owns at least 20 percent of the outstanding
				  common stock unless the banking institution, association or holding company can
				  rebut the presumption of the exercising of significant influence.
"Affiliated person" means the following:
1. A director, manager or executive officer
				of an institution or an affiliate of an institution;
2. Any corporation or organization (other
				than the bank or a majority-owned subsidiary of the bank) of which such person
				is an officer or partner or is directly or indirectly, either alone or together
				with one or more members of his immediate family, the beneficial owner of 10
				percent or more of any class or equity securities;
3. Any trust or other estate in which such
				person has a substantial beneficial interest or as to which such person serves
				as a trustee or in a similar fiduciary capacity;
4. A spouse of a director, manager or
				executive officer of an institution or an affiliate of an
				institution.
5. A member of the
				immediate family of a director, manager or executive officer of an institution
				or an affiliate of an institution.
"Executive officer" means a person who participates or has
				  authority to participate, other than in the capacity of a director, in major
				  policy-making functions of the institution, whether or not: the person has an
				  official title; the title contains a designation of assistant; the person is
				  serving without salary or other compensation. The chairman of the board, the
				  president, every vice president, the cashier, the secretary, the treasurer and
				  the comptroller are considered to be executive officers, unless by resolution
				  of the board of directors or by the bylaws of the institution any such
				  executive officer is excluded from participation in major policy-making
				  functions, other than in the capacity of a director, and the executive officer
				  does not actually participate therein.
"Immediate family" of any natural person means the following
				  (whether by the full or half blood or by adoption):
1. Such person's spouse, father, mother,
				children, brothers, sisters and grandchildren;
2. The father, mother, brothers and sisters
				of such person's spouse; and
3. The
				spouse of a child, brother or sister of such person.
"Institution" means a bank or a savings bank as defined in
				  17:9A-1 and a State association as
				  defined in
				  17:12B-5(1).
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 11 - RESTRICTIONS ON LOANS INVOLVING AFFILIATED PERSONS › Section 3:1-11.2 - Prohibition

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No institution
				or affiliate thereof may, either directly or indirectly, make a loan to any
				director or executive officer of an institution or to any affiliated person of
				such institution, or purchase any such loan, unless the terms and conditions of
				the loan (including, but not limited to, interest rate, maturity and
				collateral) are comparable to those terms and conditions then prevailing for a
				comparable loan to a nonaffiliated person.
(b) Any loans or extensions of credit made
				pursuant to a benefit or compensation program shall be permitted if the benefit
				or compensation program:
1. Is widely
				available to employees of an institution and, in the case of loans or
				extensions of credit to a director or executive officer of its affiliates, is
				widely available to employees of the affiliates at which that person is a
				director or executive officer; and
2. Treats any director or executive officer
				of the institution on an equal basis with other employees of the institution
				and, in the case of loans or extensions of credit to a director or executive
				officer of its affiliates, treats such director or executive officer on an
				equal basis as other employees of the affiliates at which that person is a
				director or executive officer.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 12 - MULTIPLE PARTY DEPOSIT ACCOUNTS › Section 3:1-12.2 - Types of contracts

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A financial
				institution may maintain different deposit contracts for "joint accounts,"
				"P.O.D. accounts," and "trust accounts."
(b) Different contract forms should be used
				for any multiple party deposit account where the parties do not intend to
				create a right of survivorship.
(c)
				A single party contract with a power of attorney or formal trust is an
				acceptable form for parties who do not want present rights to the account for
				all parties, or who do not intend to create a right of survivorship, or who
				otherwise intend to create rights and obligations different from those created
				by the Act.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 12 - MULTIPLE PARTY DEPOSIT ACCOUNTS › Section 3:1-12.3 - Type of accounts

Current through Register Vol. 56, No. 14, July 15, 2024
Nothing in the Act or in this subchapter is to be construed
				  as requiring a financial institution to enter into any deposit account
				  contract. Financial institutions are not required to open any multiple party
				  deposit account that fails to provide for rights of survivorship as provided in
				  17:16I-5.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 12 - MULTIPLE PARTY DEPOSIT ACCOUNTS › Section 3:1-12.4 - Specific content of deposit contract

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following
				information must be included in all multiple party account contracts:
1. A statement that the account is subject to
				the provisions of the Multiple Party Deposit Account Act,
				17:16I-1 et seq.
2. Express provisions that:
i. Identify the type of account; that is,
				whether it is a joint account, a P.O.D. account, or a trust account;
				and
ii. Specify the present
				interests of all parties with an explanation that parties will share equally in
				the absence of proof of net contribution unless the parties expressly agree
				otherwise; and
iii. Specify that
				unless otherwise provided there is a right of survivorship among parties, but
				the account must expressly provide for a right of survivorship between or among
				two or more P.O.D. payees or trust beneficiaries.
3. A statement of no liability to the
				financial institutions for payments made pursuant to the Act. Any multiple
				party account may be paid, on request, to any one or more of the parties. The
				financial institution may also make payment from a multiple-party account,
				including payment of the entire account balance: pursuant to any statutory or
				common law right of set off, levy, attachment or other valid legal process or
				court order, relating to the interest of any one or more of the parties; and on
				request to a trustee in bankruptcy, receiver in any state or Federal insolvency
				proceeding, or other duly authorized insolvency representative of any one or
				more of the parties. The financial institutions shall not be required to
				determine net contributions. If the information in this subsection was not
				provided in the account contract, it may be provided to the parties by
				subsequent notice.
4. The necessary
				form of notice required to effectively change the terms of the deposit
				contract. Where there is more than one party, that is, joint accounts or two or
				more original payees in P.O.D. accounts or two or more trustees in trust
				accounts, the financial institution may require that the party giving the
				notice pursuant to
				17:16I-6 or
				17:16I-12 provide the current
				address of every other party affected by the notice if such address is
				known.
5. An acknowledgement of
				having read the contract which must be signed by all parties.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 12 - MULTIPLE PARTY DEPOSIT ACCOUNTS › Section 3:1-12.5 - Additional provisions

Current through Register Vol. 56, No. 14, July 15, 2024
A financial institution may include any additional
				  provisions in its form of contract which are necessary to inform fully its
				  depositors of the terms of multiple party deposit accounts and applicable
				  rules, provided that such provisions are not inconsistent with the provisions
				  of the Act or this subchapter.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 12 - MULTIPLE PARTY DEPOSIT ACCOUNTS › Section 3:1-12.8 - Limitation of subchapter

Current through Register Vol. 56, No. 14, July 15, 2024
Nothing in this subchapter shall be deemed to supersede
				  specific provisions set out in the Act. Therefore, in the event of any question
				  as to which authority is to be followed, the provisions in the Act will
				  prevail.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 12 - MULTIPLE PARTY DEPOSIT ACCOUNTS › Section 3:1-12.9 - Effective dates

Current through Register Vol. 56, No. 14, July 15, 2024
As required in the Act, any multiple-party account opened on
				  or after May 28, 1980 is subject to the provisions of the Act. The Act has
				  prospective effect only and therefore will apply only to accounts opened on or
				  after that date. The specific provisions as set out in this subchapter will
				  become effective as of the date of adoption and will have prospective effect
				  only unless all parties to the contract agree to retroactively have them apply
				  to accounts opened on or after May 28, 1980.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 13 - INSURANCE ACTIVITIES › Section 3:1-13.1 - Insurance tie-in prohibition

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No lender shall
				require any borrower to obtain insurance from a licensed insurance agent or
				broker, owned by or controlled directly or indirectly by that lender, as a
				precondition for obtaining financing.
(b) In the event a loan or other financing is
				granted for personal, family or household purposes, and if insurance is
				required and is available through the lender, the terms of the loan agreement
				or a separate written notice to the borrower shall state that the borrower has
				the option of securing such insurance from a source of the borrower's own
				choosing. Nothing herein shall prevent the lender from reserving the right to
				refuse to accept, for reasonable cause, an insurer or insurance offered by the
				consumer; provided however, the lender must give written notice to the consumer
				stating specific reasons why insurance coverage provided by the consumer is
				unacceptable to the lender.
(c) No
				lender shall, in connection with any application for a loan secured by a
				mortgage on real property located in New Jersey, require any mortgagor to
				obtain by purchase or otherwise a fire insurance policy in excess of the
				replacement value of the covered premises as permitted under N.J.S.A. 17:36-5.1
				9 as a condition for granting such mortgage loan.
(d) For purposes of this section, the term
				"lender" means any bank, savings bank, savings and loan association, credit
				union, licensed lender, banking institution, bank holding company, savings and
				loan service corporation or any other person, or any subsidiary or affiliate
				thereof, who makes a loan secured by a first, second or subsequent mortgage on
				real property located in New Jersey.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 14 - REVOLVING CREDIT EQUITY LOANS › Section 3:1-14.1 - Authorization

Current through Register Vol. 56, No. 14, July 15, 2024
A bank, savings bank or savings and loan association shall
				  have authority to make loans secured by a lien on real estate that shall be
				  known as a "Revolving Credit Equity Loan" and may charge, contract for and
				  receive thereon interest at a rate or rates agreed to by the bank, savings bank
				  or savings and loan association and the borrower.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 14 - REVOLVING CREDIT EQUITY LOANS › Section 3:1-14.2 - Revolving credit equity loan agreement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A revolving
				credit equity loan shall be made pursuant to an agreement between the bank,
				savings bank or savings and loan association and the borrower whereby:
1. The bank, savings bank or savings and loan
				association may permit the borrower to obtain advances of money from the bank,
				savings bank or savings and loan association from time to time or the bank,
				savings bank or savings and loan association may advance money on behalf of the
				borrower from time to time as directed by the borrower.
2. The amount of each advance and permitted
				interest charges and/or insurance charges are debited to the borrower's account
				and payments and credits are credited to the same account;
3. Interest is computed on the unpaid
				principal balance of the account from time to time; and
4. The borrower has the privilege of paying
				the account in full at any time or, if the account is not in default, in
				monthly installments of fixed or determinable amounts as provided in the
				agreement.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 14 - REVOLVING CREDIT EQUITY LOANS › Section 3:1-14.3 - Terms of agreement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If an agreement
				governing a revolving credit equity loan so provides:
1. The bank, savings bank or savings and loan
				association may at any time change the terms of the agreement, including the
				terms governing the periodic interest rate, the calculation of interest, or the
				method of computing the required amount of periodic installment payments,
				provided however, that the period interest rate shall not be changed more than
				once in each billing cycle nor shall the minimum installment payment be less
				than 1/240 of the outstanding principal balance due plus interest accrued at
				the end of the billing cycle.
2.
				The bank, savings bank or savings and loan association may apply any changes
				made pursuant to (a)1 above to all then outstanding unpaid indebtedness in the
				borrower's account including any indebtedness which shall have arisen from
				advances obtained prior to the effective date of the change of the periodic
				interest rates or required minimum periodic installment.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 14 - REVOLVING CREDIT EQUITY LOANS › Section 3:1-14.4 - Notification of changes

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The bank,
				savings bank or savings and loan association shall notify each borrower of any
				change in terms in the manner set forth in the agreement governing the plan and
				in compliance with the Truth-in-Lending Act and regulations promulgated
				thereunder, as in effect from time to time, if applicable; provided however,
				that if such change has the effect of increasing the interest rate or other
				changes to be paid by the borrower, the bank, savings bank or savings and loan
				association shall mail or deliver to the borrower at least 15 days before the
				effective date of the change a clear and conspicuous written notice that shall
				describe the change and the existing term or terms of the agreement affected by
				the change and shall also set forth the effective date and an explanation, if
				necessary, of the change.
(b) No
				notice of a change is required under (a) above if a change in interest rate is
				made under a properly disclosed variable rate plan that ties the interest rate
				change to an index or formula.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 14 - REVOLVING CREDIT EQUITY LOANS › Section 3:1-14.5 - Interest

Current through Register Vol. 56, No. 14, July 15, 2024
No interest shall be paid, deducted or received in advance,
				  except that a bank, savings bank or savings and loan association may charge at
				  closing up to three discount points computed as a percentage of the credit
				  extended. Interest shall not be compounded and shall be computed only on unpaid
				  principal balances, except that interest due but unpaid may be considered part
				  of the unpaid principal balance. For purposes of computing interest all
				  installment payments shall be applied no later than the next business day after
				  the date of receipt at the designated office or offices of the bank, savings
				  bank or savings and loan association as set forth in the agreement, and
				  interest shall be charged for the actual number of days elapsed at a daily rate
				  of 1/365th of the yearly rate.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 14 - REVOLVING CREDIT EQUITY LOANS › Section 3:1-14.6 - Methods of computing interest

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Interest may be
				computed in each billing cycle by any of the following methods, in accordance
				with the agreement between the bank, savings bank or savings and loan
				association and the borrower.
1. By converting
				each yearly rate to a daily rate and multiplying such daily rate by the
				applicable portion of the daily unpaid principal balance of the account, in
				which case each daily rate is determined by dividing each yearly rate by 365;
				or
2. By multiplying 1/12th of each
				yearly rate by the applicable portion of the average daily unpaid principal
				balance of the account in the billing cycle, in which case the average daily
				unpaid principal balance is the sum of the amount unpaid each day during the
				cycle divided by the number of days in the cycles; or
3. By converting each yearly rate to a daily
				rate and multiplying such daily rate by the number of days in the billing cycle
				and then multiplying by the applicable portion of the average daily unpaid
				principal balance of the account in the billing cycle, in which case each daily
				rate is determined by dividing each yearly rate by 365, and the average daily
				unpaid principal balance is the sum of the amount unpaid each day during the
				cycle divided by the number of days in the cycle.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 15 - AVAILABILITY OF FUNDS › Section 3:1-15.1 - 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:
"Banking institution" means any State or Federally chartered
				  commercial bank, savings bank or savings and loan association.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 15 - AVAILABILITY OF FUNDS › Section 3:1-15.2 - Compliance with Federal law

Current through Register Vol. 56, No. 14, July 15, 2024
Each banking institution shall comply with 12 C.F.R. 229
				  (Regulation CC) or with its successor regulation.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 16 - MORTGAGE LOANS, FEES, OBLIGATIONS › Section 3:1-16.3 - Application process

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Before a lender
				or broker accepts any application fee in whole or in part, any credit report
				fee, appraisal fee or any fee charges as reimbursement for third party fees,
				the lender or broker shall make written disclosure to the borrower (which
				disclosure may be contained in the application) as required by this section or
				3:1-16.1 0, respectively, setting
				forth:
1. A description and the amount of
				each such fee;
2. Whether all or
				any part of such fees are refundable;
3. The terms and conditions for the refund,
				if all or any part of the fees are refundable, provided that, where applicable,
				the terms and conditions may be disclosed by making reference to these rules
				with proper citation;
4. A
				realistic estimate of the number of calendar days required to issue a
				commitment following receipt of such fees by the lender. If the lender
				subsequently determines that the estimate is unrealistic, it may return the
				application and all fees paid and offer the borrower the opportunity to reapply
				subject to a new estimate;
5. The
				name or title of a person within the lender's organization to whom the borrower
				may address written questions, comments, or complaints and who will be required
				to promptly respond to such inquiries; and
6. For correspondent mortgage lenders, a
				statement indicating that the licensee is a correspondent mortgage lender and
				as such does not hold mortgage loans or service mortgage loans for more than 90
				days in the regular course of business.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 16 - MORTGAGE LOANS, FEES, OBLIGATIONS › Section 3:1-16.4 - Lock-in agreements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All lock-in
				agreements shall be in writing and shall contain at least the following
				provisions:
1. The expiration date of the
				lock-in, if any;
2. The interest
				rate locked in, if any;
3. The
				discount points locked in, if any;
4. The commitment fee locked in, if
				any;
5. The lock-in fee, if any;
				and
6. A statement advising of the
				provisions of (b), (c) and (d) below if applicable and of the provisions of
				3:1-16.6(a).
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 16 - MORTGAGE LOANS, FEES, OBLIGATIONS › Section 3:1-16.6 - Expiration of lock-in or commitment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the event a
				lock-in agreement has been executed, and the loan does not close before the
				expiration date of either the lock-in agreement or any commitment issued
				consistent therewith through no substantial fault of the borrower, the borrower
				may:
1. Withdraw the application or reject or
				terminate any commitment, whereupon the lender shall promptly refund to the
				borrower any lock-in fee and any commitment fee paid by the borrower;
				or
2. Have the lock-in agreement
				extended for no more than 14 calendar days following expiration of the
				commitment or, where no commitment issued before expiration of the lock-in, for
				no more than 14 calendar days following issuance of the commitment. If the
				borrower elects to extend the lock-in agreement, the lender may elect either to
				close the loan at or below the lock-in rate, in which case the lender may keep
				the lock-in fee, or may elect to close the loan above the lock-in rate but no
				higher than that which would provide a current market yield but no gross profit
				or "spread" to the lender, in which case the lender shall refund the lock-in
				fee to the borrower. All other terms and conditions of the loan shall be as
				specified in the commitment, regardless whether the loan closes before or after
				the expiration date of the commitment.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 16 - MORTGAGE LOANS, FEES, OBLIGATIONS › Section 3:1-16.7 - Closing

Current through Register Vol. 56, No. 14, July 15, 2024
Provided that the conditions of its commitment have been
				  met, and upon reasonable notice, the lender shall be ready, willing and able to
				  meet any closing date scheduled in accordance with the terms of its commitment.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 16 - MORTGAGE LOANS, FEES, OBLIGATIONS › Section 3:1-16.8 - Trust funds

Current through Register Vol. 56, No. 14, July 15, 2024
Before accepting any trust funds, each lender shall disclose
				  in writing to the party or parties depositing such funds the purpose for which
				  the fund is established, the amount of the trust fund, the period for which the
				  trust fund will be held and the conditions upon which the funds will be
				  disbursed or released.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 16 - MORTGAGE LOANS, FEES, OBLIGATIONS › Section 3:1-16.9 - No private right of action

Current through Register Vol. 56, No. 14, July 15, 2024
A failure to comply with this subchapter shall not be deemed
				  to provide a party to the transaction with any legal rights or remedies he or
				  she would not otherwise enjoy pursuant to the contractual relationship between
				  the parties.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 16 - MORTGAGE LOANS, FEES, OBLIGATIONS › Section 3:1-16.10 - Special rules for brokers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No broker shall
				charge or collect from a borrower on its own behalf any fees other than an
				application fee and discount points or fractions thereof. A broker may collect
				a fee on behalf of a lender provided that the entire amount of the fee is
				transmitted to the lender.
(b)
				Before accepting any loan application, the broker shall make written disclosure
				to the borrower in a separate service agreement setting forth:
1. The amount of the broker's application
				fee, if any;
2. Whether and under
				what circumstances all or any part of the broker's application fee may be
				refundable;
3. The amount of any
				discount points which are payable to the broker for its services;
4. A statement advising of the provisions of
				(c) below;
5. A detailed listing of
				the specific services that will be provided or performed by the broker,
				together with a statement that all fees which are payable to the broker will be
				refunded if the broker does not perform the services indicated; and
6. Whether the broker places loans
				exclusively with any three or fewer lenders and, if so, the name(s) of such
				lender(s).
New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 17 - AUTOMATED TELLER MACHINES ATM › Section 3:1-17.1 - 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:
"Automated teller machine" means an automated facility or
				  terminal owned or rented by a bank, savings bank or savings and loan
				  association at which a customer may do one or more of the following:
1. Make deposits;
2. Obtain disbursements from a deposit or
				loan account; or
3. Transfer money
				from a deposit or loan account.
Included within this definition is a communication terminal
				  facility as defined in
				  17:9A-1(17), and
				  a remote service unit as defined in
				  17:12B-8(e).
"Bank," "savings bank," "savings and loan association" and
				  "credit union" means State chartered institutions having a branch office or
				  branch offices in New Jersey, unless otherwise indicated.
"Foreign financial institution" means a State or Federally
				  chartered bank, savings bank, savings and loan association or credit union
				  which has no principal or branch offices in this State.
"Sharing access" means the ability of financial institutions,
				  other than the institution owning or renting the automated teller machine, to
				  allow their customers to use the machine to consummate transactions, make
				  deposits, initiate inquiries or otherwise conduct business with such financial
				  institutions.