reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 3 - MUTUAL STATE ASSOCIATION HOLDING COMPANIES › Section 3:32-3.3 - Application

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The board of
				directors of an organizing mutual state association may apply to form a mutual
				state association holding company by submitting the following to the
				Commissioner:
1. A description of the
				proposed formation of the mutual state association holding company;
2. A certified copy of the resolution of the
				board of directors of the organizing mutual state association authorizing the
				application by a two-thirds vote of the board;
3. 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.
4. A certificate of incorporation
				for the mutual state association holding company containing:
i. The name by which the mutual state
				association holding company shall be known;
ii. The street, street number, and
				municipality where the principal office of the mutual state association holding
				company is to be located;
iii. The
				names and addresses of the directors of the organizing mutual state
				association;
iv. The number of
				directors of the mutual state association holding company;
v. The names of persons who are to act as
				directors of the mutual state association holding company, until their
				successors are elected and qualified;
vi. The amount of capital deposits and
				surplus which are to be transferred from the organizing mutual state
				association to the mutual state association holding company;
vii. A provision allowing for the retention
				of any interests of the respective depositors of the organizing mutual state
				association in the assets of the organizing mutual state association, according
				to a fair valuation, including assets which are proposed to be transferred from
				the organizing mutual state association to the mutual state association holding
				company; and
viii. A provision
				providing for the establishment of a liquidation account;
5. Proposed by-laws of the surviving
				subsidiary capital stock state association and mutual state association holding
				company; and
6. A copy of any
				applications for establishment of a mutual state association holding company
				filed with any Federal regulator.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 3 - MUTUAL STATE ASSOCIATION HOLDING COMPANIES › Section 3:32-3.4 - Approval of application

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner shall approve the application for a mutual state association
				holding company upon a finding of the following factors:
1. The establishment of a mutual state
				association holding company is in the best interests of the depositors of the
				mutual state association;
2. The
				qualifications, experience and character of the proposed officers and directors
				of the mutual state association holding company are sufficient to result in the
				successful operation of the mutual state association holding company;
3. The interests of the public will be served
				by the establishment of a mutual state association holding company;
4. The mutual state association holding
				company is adequately capitalized; and
5. The establishment of the mutual state
				association holding company meets the requirements of law.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 3 - MUTUAL STATE ASSOCIATION HOLDING COMPANIES › Section 3:32-3.5 - Filings after application approval

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Within 60 days
				after its execution, the directors shall submit a certificate of incorporation
				for any subsidiary capital stock state association setting forth the following:
1. The name by which the subsidiary capital
				stock state association shall be known;
2. The street, street number and municipality
				in which the principal office of the subsidiary capital stock state association
				is to be located;
3. The names and
				addresses of the directors of the mutual state association holding company who
				will be the incorporators of the subsidiary capital stock state
				association;
4. The number of
				directors on the board of directors;
5. The names of the persons who will serve as
				directors until their successors are elected and qualified;
6. The amount of capital stock, the number of
				shares into which it is divided, and the par value of each share, not less than
				a majority of the total outstanding shares of which will be held in the name of
				the mutual state association holding company; and
7. The amount of surplus with which the
				subsidiary capital stock state association will commence business.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 3 - MUTUAL STATE ASSOCIATION HOLDING COMPANIES › Section 3:32-3.6 - Board of directors

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The board of
				directors of a mutual state association holding company shall be managed by a
				board of not less than six nor more than 21 directors.
(b) Directors of a mutual state association
				holding company shall be elected by a plurality of the members of the board of
				the mutual association holding company at the annual meeting for a term of up
				to three years, as provided in the by-laws.
(c) A vacancy on the board of directors may
				be filled by a plurality of the members of the board of directors for the
				remainder of the unexpired term. If the board fails to fill a vacancy for one
				year, the Commissioner may appoint a member to the board.
(d) Directors of a mutual association holding
				company may be paid reasonable compensation. The compensation paid to directors
				shall be fixed by a majority vote of the board. The Commissioner may direct
				that the amount of compensation paid to directors be reduced if it is deemed to
				be excessive. The Commissioner shall consider the duties, experience, education
				and responsibilities of the director, and any other relevant factors, when
				making this determination.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 3 - MUTUAL STATE ASSOCIATION HOLDING COMPANIES › Section 3:32-3.7 - Officers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The board of
				directors of a mutual state association holding company at the first meeting
				following each annual meeting may elect a Chairman of the Board and shall elect
				a President, both of whom shall be directors. The board of directors shall
				select the Chairman of the Board, President or another officer who is a
				director to be the chief executive officer, and may elect a Secretary and a
				Treasurer, neither of whom need be directors.
(b) A mutual state association holding
				company may pay its officers any reasonable compensation as may be from time to
				time fixed by the board of directors. The Commissioner may direct that the
				amount of compensation paid to officers be reduced if it is deemed to be
				excessive. The Commissioner shall consider the duties, experience, education
				and responsibilities of the officer, and any other relevant factors, when
				making this determination.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 3 - MUTUAL STATE ASSOCIATION HOLDING COMPANIES › Section 3:32-3.8 - Division of surplus

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The board of a
				mutual state association holding company may, by a majority vote of the
				directors, divide any surplus which is in excess of the amount required for the
				operations of the mutual state association holding company and which is not
				necessary to maintain the safety and soundness of the mutual state association
				holding company, and may distribute this surplus to the depositors of its
				subsidiary capital stock state association or associations. All such
				distributions shall be made equitably based on the amount deposited by each
				depositor in the mutual state association or associations.
(b) The Commissioner may, if he or she deems
				the surplus held by a mutual state association holding company to be excessive,
				either upon petition or on the Commissioner's own initiative, order the state
				association holding company to distribute the surplus to the depositors of the
				subsidiary capital stock state association or associations.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 33 - PROPOSED INTERSTATE ACQUISITION › Subchapter 1 - DETERMINATION OF ELIGIBILITY › Section 3:33-1.3 - Determination of eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Within 30 days
				after receipt of a completed application for determination of compliance with
				the requirements of
				17:12B-279 and this subchapter,
				the Commissioner shall issue a determination:
1. Whether the out-of-State insured savings
				association or out-of-State savings and loan holding company is an eligible
				insured savings association or eligible savings and loan holding
				company;
2. Whether the
				out-of-State insured savings association or out-of-State savings and loan
				holding company has more than 50 percent of the total aggregate deposits of its
				insured savings association subsidiaries in insured savings association
				subsidiaries located in an eligible state or states, each of which has
				reciprocal legislation in effect; and
3. Whether any limitations or restrictions on
				acquisition or ownership shall be applicable with respect to the proposed
				transaction, and a description of those limitations or restrictions, if
				any.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 33 - PROPOSED INTERSTATE ACQUISITION › Subchapter 1 - DETERMINATION OF ELIGIBILITY › Section 3:33-1.4 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following
				fees shall be paid to the Commissioner relative to the application required by
				N.J.A.C.
				3:33-1.3:
1.
				Filing of application: $ 1,500.
2.
				Issuance by the Commissioner of a determination that the proposed acquisition
				would be in compliance with the requirements of
				17:12B-279, if it were consummated
				and approved by all applicable persons and/or regulatory authorities: $
				100.00.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter
				implements
				17:9-41 et seq. regarding
				collateral requirements for depositories that accept the deposits of local New
				Jersey governmental unit funds.
(b)
				This subchapter shall apply to all depositories that accept the deposits of
				local New Jersey governmental unit funds.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.3 - General requirement

Current through Register Vol. 56, No. 14, July 15, 2024
No deposit from a governmental unit may be received and held
				  by any public depository unless the public depository secures such deposit in
				  accordance with the Governmental Unit Deposit Protection Act,
				  17:9-41 et seq., and this
				  subchapter.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.4 - Required reports

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A public depository shall file
				electronically with the Department a report as set out on the Department's
				website at
http://www.nj.gov/dobi/index.html
.
				The report is due on a quarterly basis and is to be filed on or before the due
				date for the filing of a call report. The report shall include the following
				information:
1. The name and address of the
				reporting institution;
2. The date
				of report filing and the valuation date of the report;
3. The name and title of the designated GUDPA
				officer or contact person and that person's telephone number and e-mail
				address;
4. A secondary contact
				name and title, with telephone number and e-mail address;
5. The total capital funds;
6. New Jersey capital funds allocated
				pursuant to
				3:34-1.6;
7. Seventy five percent of New Jersey capital
				funds;
8. The total average balance
				of New Jersey public funds during the three-month period ending prior to the
				current valuation date;
9. Whether
				a daily or four-day average was used;
10. The New Jersey public funds covered by
				insurance;
11. The average New
				Jersey public funds on deposit in excess of insurance;
12. The total average balance of New Jersey
				public funds during the 15-day period preceding the current valuation
				date;
13. The collateral
				requirement, and the total market value of collateral pledged;
14. A listing of collateral pledged; and, for
				each security, the par value, name and description, the Committee on Uniform
				Security Identification Procedures (CUSIP) number, the rate, the maturity date,
				the market value, and the collateral location;
15. The gross New Jersey public funds on
				deposit as of the valuation date; and
16. As of the valuation date, the
				depository's:
i. Capital category;
ii. Tier 1 leverage capital/average total
				assets;
iii. Tier 1 risk-based
				capital/risk-weighted assets; and
iv. Total risk-based capital/risk-weighted
				assets.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.5 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each public depository, unless exempt,
				shall pay an annual fee for every fiscal year. The fee will be based on the
				average daily public funds on deposit for the three-month reporting period
				ending on the June 30 valuation date of the prior fiscal year.
(b) A public depository paying dedicated
				funding assessments pursuant to N.J.A.C. 3:5 shall be exempt from paying the
				annual fee set forth in this section.
(c) Payment shall be made by electronic means
				as directed by the Commissioner on the Department's website at
http://www.nj.gov/dobi/index.html
at the time of the filing in accordance with (a) above and (d) and (e)
				below.
(d) The amount of the annual
				fee shall be:
1. $ 500.00 for a public
				depository with no uninsured public funds;
2. $ 1,000 for a public depository with less
				than $ 50,000,000 in uninsured public funds;
3. $ 2,000 for a public depository with $
				50,000,000 or more, but less than $ 100,000,000 in uninsured public
				funds;
4. $ 3,000 for a public
				depository with $ 100,000,000 or more, but less than $ 200,000,000 in uninsured
				public funds;
5. $ 4,000 for a
				public depository with $ 200,000,000 or more, but less than $ 300,000,000 in
				uninsured public funds;
6. $ 5,000
				for a public depository with $ 300,000,000 or more, but less than $ 400,000,000
				in uninsured public funds; or
7. $
				6,000 for a public depository with $ 400,000,000 or more in uninsured public
				funds.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.6 - Collateral obligations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Every public
				depository having uninsured public funds on deposit shall maintain, in addition
				to collateral noted in (b) and (c) below, as security for such deposits,
				eligible collateral having a market value at least equal to:
1. Five percent of the uninsured public funds
				on deposit, if the public depository is well capitalized;
2. 50 percent of the uninsured public funds
				on deposit, if the public depository is adequately capitalized;
3. 75 percent of the uninsured public funds
				on deposit, if the public depository is undercapitalized;
4. 100 percent of the uninsured public funds
				on deposit, if the public depository is significantly undercapitalized;
				or
5. 150 percent of the uninsured
				public funds on deposit, if the public depository is critically
				undercapitalized.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.7 - Eligible collateral

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All eligible
				collateral used to secure public funds on deposit in a public depository shall
				be in a form that is "readily marketable" and "liquid." The determination of
				"readily marketable" and "liquid" shall be made by the Commissioner based upon
				the existence of a substantial public market for the collateral and a high
				probability that the Commissioner could convert the collateral into cash
				promptly through existing available channels.
(b) In addition to obligations otherwise
				authorized in
				17:9-41, eligible collateral shall
				also include irrevocable stand-by letters of credit issued by a Federal Home
				Loan Bank. The Commissioner shall review and approve the form of all such
				letters of credit proposed by a public depository as eligible collateral under
				this section. Further, the original letter of credit shall be held by the
				Commissioner.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.8 - Notice of approval of an eligible public depository

Current through Register Vol. 56, No. 14, July 15, 2024
The Department will maintain a listing on its website at
http://www.nj.gov/dobi/index.html
of all depositories it has approved as public depositories.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.9 - Scope of terms surplus, undivided profits, reserves, and capital deposits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) As included
				within the definition of capital funds in
				17:9-41 and
				3:34-1.2:
1. The terms "surplus" and "undivided
				profits" shall, in the case of a State bank or national bank, include any
				reserve for contingency, reserve for securities and reserve for bad debts as
				computed for Federal income tax purposes, but shall:
i. Exclude any specifically allocated
				reserves or reserves for known specific charges; and
ii. Be reduced by the booked value of any
				intangible assets set up on the balance sheet which represent nonmaterial
				values over and above physical assets, such as goodwill, deferred losses and
				intangible assets.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.10 - Substitution of collateral

Current through Register Vol. 56, No. 14, July 15, 2024
Public depositories shall have the right to make
				  substitutions of eligible collateral between valuation dates without
				  notification to and approval by the Commissioner; provided that any substituted
				  collateral shall have a market value as of the date of substitution that is at
				  least equal to the market value of the collateral so replaced as reported on
				  the last valuation date. Any withdrawal of pledged collateral without
				  replacement as aforesaid requires the prior approval of the Commissioner. A
				  written request to the Commissioner requesting such withdrawal of collateral
				  shall indicate the collateral to be withdrawn and the reason or reasons for
				  such withdrawal. The Commissioner shall transmit to the public depository his
				  or her approval or disapproval of such withdrawal in writing.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.11 - Agreement between custodial depositories and Commissioner

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A public
				depository shall not deposit collateral in a custodial depository that is a
				parent or subsidiary of the public depository, or is otherwise related to the
				public depository.
(b) A custodial
				depository shall be required to have a written agreement with the Commissioner
				authorizing such depository to hold securities as collateral for public funds
				under the terms and conditions enumerated therein.
(c) Should a public depository fail to meet
				its minimum regulatory capital requirements as established by the appropriate
				supervising Federal agency, or meet the criteria set forth in
				17:16J-2(a), or
				for reasons grounded in other safety and soundness concerns, the Commissioner
				may:
1. Limit the authority of the public
				depository by prohibiting the public depository from accepting public deposits
				not insured by a Federal agency; and/or
2. Require that the public depository pledge
				only readily marketable investment grade securities, and pledge such securities
				to the extent of 120 percent of the amount of public funds on deposit not
				insured by the appropriate Federal insurance fund.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.12 - Agreement or resolution; public depository and custodial depository

Current through Register Vol. 56, No. 14, July 15, 2024
Each public depository shall be required to have a written
				  agreement with a custodial depository. Said agreement shall indicate that the
				  collateral pledged is to be held subject to the order of the Commissioner or
				  his or her authorized deputy and is held as security for public funds as
				  required under the Act.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.13 - Security; State and other public deposits

Current through Register Vol. 56, No. 14, July 15, 2024
The securing of public deposits as required under the Act
				  shall not preclude any public depository from securing State or other public
				  deposits which are otherwise required to be secured by law. The deposits which
				  are otherwise required to be secured shall be excluded from the computation of
				  the average balance of public funds as required in this subchapter.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.14 - Records maintained by Commissioner; eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
The Commissioner shall maintain such records as he or she
				  shall deem necessary in order to determine which public depositories have
				  complied with the Act. After receipt of each quarterly report, the Commissioner
				  shall post a listing of public depositories eligible to act as a depository for
				  public funds on the Department's website at
http://www.nj.gov/dobi/index.html
.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 34 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Subchapter 1 - GOVERNMENTAL UNIT DEPOSIT PROTECTION › Section 3:34-1.16 - Financial education program supported by credit union public depositories

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the average
				daily balance of the public funds on deposit at the credit union for the
				preceding year is in excess of $ 2,000,000, the chief financial officer, or the
				senior official in the credit union with responsibility for performing the
				functions of a chief financial officer, of a credit union that qualifies as a
				public depository shall transmit to the Department with each fourth calendar
				quarter GUDPA report a written certification, in a form specified by the
				Commissioner and posted on the Department's website, that the credit union has
				forwarded to the nonprofit corporation designated by the Department of
				Education in accordance with
				17:9-43.2 a sum equal to the
				average daily balance, multiplied by the appropriate factor, as determined in
				accordance with the following schedule:
1. An
				average daily balance in excess of $ 2 million but less than $ 25 million:
				multiply by a factor of .0005;
2.
				An average daily balance of $ 25 million or over but less than $ 50 million:
				multiply by a factor of .00075;
3.
				An average daily balance of $ 50 million or over: multiply by a factor of
				.0010. However, in no event, shall a credit union be required to forward a sum
				in excess of $ 100,000 in any one year.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 35 - QUALIFIED EDUCATIONAL INSTITUTIONS › Subchapter 1 - QUALIFIED EDUCATIONAL INSTITUTIONS › Section 3:35-1.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter
				implements
				17:9A-213(b) 
				which permits qualified educational institutions to exercise certain trust
				powers as set forth in
				17:9A-28(6) and
				(9).
(b) This subchapter shall apply to all
				educational institutions that seek to exercise powers pursuant to
				17:9A-213(b),
				except those exempt from the requirements pursuant to
				17:9A-213(f).
New Jersey Administrative Code › Title 3 - BANKING › Chapter 35 - QUALIFIED EDUCATIONAL INSTITUTIONS › Subchapter 1 - QUALIFIED EDUCATIONAL INSTITUTIONS › Section 3:35-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise.
"Commissioner" means the Commissioner of the New Jersey
				  Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and
				  Insurance.
"Qualified educational institution" means a not-for-profit
				  corporation which is operated pursuant to Title 15A of the New Jersey Statutes
				  and which is organized and operated exclusively for educational purposes, is
				  exempt from Federal income taxation pursuant to paragraph (3) of subsection (c)
				  of section 501 or 115 of the Internal Revenue Code of 1986,
				  26 U.S.C.
				  §
										501(c)(3) and
				  26
				  U.S.C. § 115, and has registered with the Department to act as executor,
				  trustee, guardian or administrator pursuant to this subchapter.
"Qualified interest" means the interest of the qualified
				  educational institution as an income beneficiary, a principal beneficiary of a
				  trust, or both, which is a charitable remainder trust, charitable lead trust or
				  pooled income fund, or similar split interest trust, and in which the qualified
				  educational institution is entitled to receive at least 51 percent of the
				  income of the trust or 51 percent of the principal.
"Unrestricted net assets" means the part of the net assets of
				  the educational institution that is neither permanently restricted nor
				  temporarily restricted by donor imposed stipulations.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 35 - QUALIFIED EDUCATIONAL INSTITUTIONS › Subchapter 1 - QUALIFIED EDUCATIONAL INSTITUTIONS › Section 3:35-1.3 - Required disclosures and minimum standards

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A qualified
				educational institution shall have unrestricted net assets in an amount at
				least equal to the amount of assets under trust management.
(b) A qualified educational institution shall
				provide for adequate vault or other safekeeping facilities for the safeguarding
				of stocks and other securities held in its trust accounts.
(c) A qualified educational institution shall
				have in effect liability insurance in the amount of $ 1,000,000, for each
				director, officer or other employee of the educational institution responsible
				for administering and investing assets of its trust accounts.
(d) A qualified educational institution shall
				have among its officers or other employees persons determined by the
				Commissioner to possess the qualifications, experience and character required
				for the duties and responsibilities for which they will be responsible in
				administering and investing assets of its trust accounts.
(e) A qualified educational institution shall
				have available competent legal counsel licensed to practice law in this State
				to advise about trust matters whenever necessary.
(f) All monies, securities and other
				properties held by a qualified educational institution in trust shall be kept
				separate and apart from the monies, securities and other property belonging to
				the qualified educational institution. This requirement shall be satisfied as
				long as the qualified educational institution at all times maintains records
				that show the name of the party on whose account the monies, securities and
				other property is held.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 35 - QUALIFIED EDUCATIONAL INSTITUTIONS › Subchapter 1 - QUALIFIED EDUCATIONAL INSTITUTIONS › Section 3:35-1.4 - Registration to act as a qualified educational institution

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The educational
				institution shall register with the Department prior to exercising the powers
				specified in
				17:9A-28(6)  and
				28(9) as trustee of funds in which the educational institution has a qualified
				interest. The application for registration to act as a qualified educational
				institution shall be on a form approved by the Commissioner and shall contain
				the following:
1. The name of the educational
				institution and the address of the principal office of the educational
				institution located in this State;
2. The names of the officers or employees of
				the educational institution, responsible for administering and investing the
				assets of the trusts together with a summary of each person's education and
				experience in the field of trust management;
3. The address of the office(s) or
				location(s) at which the institution will manage the trusts;
4. The names and home addresses of the
				directors and officers of the educational institution;
5. An audited financial statement with an
				unqualified opinion prepared by a certified public accountant or public
				accountant disclosing the institution's assets and liabilities and its
				unrestricted net assets;
6. Proof
				of liability insurance for directors and officers in an amount set forth in
				3:35-1.3(c);
7. Evidence that the applicant has adequate
				vault or other safekeeping facilities for safeguarding stocks and other
				securities held for their trust accounts at its own offices or has made
				adequate arrangements for the safekeeping of all the securities;
8. The name and address of its legal counsel
				for trust matters;
9. Proof of
				compliance with all standards set forth in
				3:35-1.3(c);
				and
10. An application fee of $
				250.00.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 35 - QUALIFIED EDUCATIONAL INSTITUTIONS › Subchapter 1 - QUALIFIED EDUCATIONAL INSTITUTIONS › Section 3:35-1.5 - Filing of annual report

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Within 60 days
				of receipt of the audited financial statement referred to in (a)2 below, each
				qualified institution shall file an annual report on a form approved by the
				Commissioner containing the following:
1. The
				name of the educational institution and the address of the principal office of
				the educational institution located in this State;
2. An audited financial statement with an
				unqualified opinion as of the end of its most recent fiscal year prepared by a
				certified public accountant or a public accountant disclosing the institution's
				assets and liabilities and its unrestricted net assets;
3. Proof of liability insurance for directors
				and officers in an amount set forth in
				3:35-1.3(c);
4. A statement whether any of the information
				contained in the initial application for registration has changed and the
				updated information; and
5. A
				filing fee of $ 100.00.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 35 - QUALIFIED EDUCATIONAL INSTITUTIONS › Subchapter 1 - QUALIFIED EDUCATIONAL INSTITUTIONS › Section 3:35-1.6 - Examination by Commissioner

Current through Register Vol. 56, No. 14, July 15, 2024
The Commissioner may at any time, by a person or persons
				  duly designated by him or her, examine the financial records of a qualified
				  educational institution. The costs of such examination shall be borne by the
				  qualified educational institution so examined in accordance with the fees
				  established at
				  3:1-6.6(a).
New Jersey Administrative Code › Title 3 - BANKING › Chapter 35 - QUALIFIED EDUCATIONAL INSTITUTIONS › Subchapter 1 - QUALIFIED EDUCATIONAL INSTITUTIONS › Section 3:35-1.7 - Records of registration

Current through Register Vol. 56, No. 14, July 15, 2024
The Commissioner shall provide public access to the names and
				  addresses of all qualified educational institutions registered pursuant to this
				  subchapter.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 35 - QUALIFIED EDUCATIONAL INSTITUTIONS › Subchapter 1 - QUALIFIED EDUCATIONAL INSTITUTIONS › Section 3:35-1.8 - Revocation or suspension of registration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner may revoke or suspend the registration of any qualified
				educational institution if, after notice and hearing pursuant to the
				Administrative Procedure Act,
				52:14B-1 et seq., and the Uniform
				Administrative Procedure Rules, N.J.A.C. 1:1, the Commissioner determines that
				the licensee:
1. Has violated any provision of
				17:9A-213 or any order or rule
				issued pursuant thereto, or has violated any other banking law of this State in
				connection with the exercise of its trust powers;
2. Has failed to pay any fee imposed by the
				Commissioner;
3. Has withheld
				information from the Department, or has made a material misstatement in its
				registration with the Department or any other submission to the
				Department;
4. Has failed to meet
				the minimum standards set forth in
				3:35-1.3;
5. Has demonstrated unworthiness,
				incompetence, bad faith or dishonesty in the exercise of its trust powers;
				or
6. Has engaged in any other
				conduct determined by the Commissioner to be grounds to revoke or suspend a
				registration.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 36 - BANKING DEVELOPMENT DISTRICTS › Subchapter 1 - GENERAL PROVISIONS › Section 3:36-1.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This chapter
				implements
				17:16Z-1 et seq. regarding the
				establishment of banking development districts.
(b) This chapter shall apply to all
				municipalities that seek to establish a banking development district and to
				banks that seek to locate a branch in a banking development district.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 36 - BANKING DEVELOPMENT DISTRICTS › Subchapter 1 - GENERAL PROVISIONS › Section 3:36-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise.
"Bank" means a State or Federally chartered bank, savings
				  bank, savings and loan association, or credit union doing business in the
				  State.
"Banking services" means deposit taking, check cashing, sale
				  of money orders, and origination of residential or commercial mortgages,
				  consumer loans, and commercial loans.
"Commissioner" means the Commissioner of the New Jersey
				  Department of Banking and Insurance.
"Complete application" means an application that has been
				  received by the Department and contains all necessary information required for
				  the Department to complete its review of the application, and which the
				  Department has acknowledged, in writing, is ready for review.
"Department" means the New Jersey Department of Banking and
				  Insurance.
"District" means a banking development district approved
				  under this chapter.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 36 - BANKING DEVELOPMENT DISTRICTS › Subchapter 2 - APPLICATION TO ESTABLISH A DISTRICT › Section 3:36-2.1 - Application by a municipality in conjunction with a bank to establish a district

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An application
				by a municipality in conjunction with a bank to establish a banking development
				district shall contain the following items in order to be considered a complete
				application by the Department:
1. A completed
				current application form, including the name of the municipality, the county in
				which it is located, and the location of the proposed bank branch by street
				address and tax lot and block number;
2. A certified copy of the municipal
				resolution authorizing the application to the Department;
3. A certification from a duly authorized
				official of the municipality confirming that a copy of the application has been
				provided to the New Jersey Department of Community Affairs, Division of Local
				Government Services, and that any depository agreement reached with the
				co-applicant or with any other bank that will operate in the proposed district
				will not be reasonably expected to create a structural deficit in the
				municipality's budget over the term of the agreement;
4. The name of the bank and its primary
				regulator;
5. A map indicating the
				borders of the proposed district containing street names or other boundaries,
				if applicable;
6. The rationale for
				the proposed district in accordance with the criteria set forth in
				3:36-3.1(b)  and
				the applicants' plan for community outreach; and
7. Any other documentation required of a
				specific applicant by the Commissioner or which the applicant wishes the
				Department to consider.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 36 - BANKING DEVELOPMENT DISTRICTS › Subchapter 2 - APPLICATION TO ESTABLISH A DISTRICT › Section 3:36-2.2 - Application solely by a municipality to establish a district

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An application
				solely by a municipality to establish a banking development district shall
				contain the following items before it will be considered complete by the
				Department:
1. A completed current
				application form, including the name of the municipality and the county in
				which it is located;
2. A certified
				copy of the municipal resolution authorizing the application to the
				Department;
3. A certification from
				a duly authorized official of the municipality confirming that a copy of the
				application has been provided to the New Jersey Department of Community
				Affairs, Division of Local Government Services and that any depository
				agreement reached with any bank that will operate in the proposed district will
				not be reasonably expected to create a structural deficit in the municipality's
				budget over the term of the agreement;
4. A map indicating the borders of the
				proposed district containing street names or other boundaries, if
				applicable;
5. The rationale for
				the proposed district in accordance with the criteria set forth in
				3:36-3.1(b)  and
				the applicant's plan for community outreach; and
6. Any other documentation required of a
				specific applicant by the Commissioner or which the applicant wishes the
				Department to consider.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 36 - BANKING DEVELOPMENT DISTRICTS › Subchapter 3 - APPROVAL OF DISTRICTS › Section 3:36-3.1 - Approval of a district by the Commissioner

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner may approve a complete application if he or she determines that
				there is a demonstrated need for banking services within the geographic area
				specified in the application as the proposed district.
(b) The criteria to be considered by the
				Commissioner to determine a demonstrated need for banking services shall be:
1. The location, number, and proximity of
				existing locations where banking services are currently available within the
				proposed district;
2. The
				identification of consumer needs for banking services within the proposed
				district;
3. The economic viability
				and local credit needs of the community within the proposed district;
4. The existing commercial development within
				the proposed district; and
5. The
				impact additional banking services would have on potential economic development
				in the proposed district.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 36 - BANKING DEVELOPMENT DISTRICTS › Subchapter 3 - APPROVAL OF DISTRICTS › Section 3:36-3.2 - Time of decision

Current through Register Vol. 56, No. 14, July 15, 2024
The Commissioner shall issue a written determination on an
				  application for designation as a district within 60 days of receipt of a
				  complete application. All approved districts shall be posted on the
				  Department's web site.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 36 - BANKING DEVELOPMENT DISTRICTS › Subchapter 4 - REPORTING › Section 3:36-4.1 - Reports to the Department

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A municipality
				that receives approval for a district based upon an application submitted in
				accordance with
				3:36-2.2 shall notify the
				Department in writing within 20 days of a bank establishing a branch in a
				district in the municipality and shall specify the name of the bank and the
				address of such a branch.
(b) The
				notifications set forth in (a) above shall be submitted to: New Jersey
				Department of Banking and Insurance, Division of Banking, Office of
				Depositories, P.O. Box 040, Trenton, New Jersey 08625-0040.
(c) A municipality that is required to file
				any certifications with the New Jersey Department of Community Affairs,
				Division of Local Government Services regarding a banking development district
				shall simultaneously provide a copy of same to the Department.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 37 - SAVINGS ACCOUNT PROMOTIONS › Section 3:37-1.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This
			 subchapter implements
			 P.L.
			 2015, c. 236, which
			 permits financial institutions to conduct savings account promotions.
(b) This subchapter shall apply to all
			 financial institutions that opt to conduct savings account
			 promotions.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 37 - SAVINGS ACCOUNT PROMOTIONS › Section 3:37-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter,
				shall have the following meanings, unless the context clearly indicates
				otherwise.
"Commissioner" means the Commissioner of the New Jersey
				Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and
				Insurance.
"Eligible individual" means a natural person who:
1. Is at least 18 years of age; and
2. Is an account holder who holds a qualified account with the
				financial institution conducting the savings account promotion.
"Financial institution" means a New Jersey chartered bank,
				savings bank, savings and loan association, or credit union as defined in
				N.J.S.A.
				17:13-80.c.
"Qualified account" means a savings account, time deposit,
				share account, share certificate, or other savings program held at a financial
				institution and bearing interest at a rate comparable to the rate on other such
				accounts at the financial institution. "Qualified account" includes an account
				in which the eligible individual has an interest individually or jointly with
				another natural person. "Qualified account" does not include a tax deferred
				account, trust account, or any account where the named account holder is not a
				natural person.
"Savings account promotion" means a raffle conducted by a
				financial institution in compliance with this chapter.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 37 - SAVINGS ACCOUNT PROMOTIONS › Section 3:37-1.3 - Required disclosures and minimum standards

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A financial institution may conduct a
			 savings account promotion provided that the sole consideration required for a
			 chance to win a designated prize is the deposit of a minimum specified amount
			 of money in a qualified account.
(b) A financial institution shall provide
			 that each entry must have an equal chance of being drawn.
(c) A financial institution may limit the
			 number of entries that may be submitted by an eligible individual.
(d) A financial institution may not conduct a
			 savings account promotion in a way that jeopardizes the financial institution's
			 financial condition, unfairly discriminates, or misleads an eligible individual
			 or the public.
(e) A financial
			 institution conducting a savings account promotion shall:
1. Post the terms and conditions of the
			 savings account promotion in any location where entries may be submitted and
			 shall include such terms and conditions in any printed materials or electronic
			 media advertising the savings promotion; and
2. Include the following terms and conditions
			 for a savings account promotion in all raffle information:
i. No other action, purchase, or other
			 consideration is necessary to enter the savings account promotion;
ii. Each entry has the same chance of winning
			 the savings account promotion;
iii.
			 The chance of winning the savings account promotion will be determined based on
			 the number of entries received;
iv.
			 Any limitations on the number of entries that an eligible individual may
			 submit;
v. Any specific requirement
			 on the length of time that the money must remain on deposit in a qualified
			 account in order to participate in a savings promotion; and
vi. The winner is solely responsible for all
			 applicable Federal and State taxes.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 37 - SAVINGS ACCOUNT PROMOTIONS › Section 3:37-1.4 - Maintenance of books and records

Current through Register Vol. 56, No. 14, July 15, 2024
A financial institution that conducts a savings account
				promotion under this subchapter shall maintain books and records, including,
				but not limited to, copies of all advertisements relating to the conduct of the
				savings account promotion sufficient to facilitate an independent audit or an
				examination by the Department of the savings account
				promotion.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 42 - PINELANDS DEVELOPMENT CREDIT BANK › Subchapter 1 - GENERAL PROVISIONS › Section 3:42-1.1 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
Unless otherwise provided by rule or statute, this chapter
				  shall constitute the rules of the Pinelands Development Credit Bank governing
				  the procedures and standards for carrying out the duties and responsibilities
				  of the Bank pursuant to "The Pinelands Development Credit Bank Act",
				  13:18A-30 et seq.