New Jersey Administrative Code › Title 3 - BANKING › Chapter 4 - DEPOSITORY INSTITUTIONS › Subchapter 4 - AGENTS OF FOREIGN BANKS › Section 3:4-4.2 - 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.
"Agency Agreement" means a written agreement between a
				  foreign bank and another person acknowledging that the other person is an agent
				  of the foreign bank, and providing that the agent and the foreign bank shall be
				  subject to the jurisdiction of the Department and New Jersey courts regarding
				  the activities of the agent in the course of his or her agency activities in
				  this State. An agency agreement is necessary for the foreign bank to conduct
				  business in this State pursuant to N.J.S.A. 17:9A-316E.
"Agent" means a person:
1. Identified as an agent of the foreign bank in an agency
				  agreement;
2. Who is not an employee of the foreign bank; and
3. Shall include an insured depository institution affiliate
				  located in New Jersey which acts in New Jersey on behalf of a foreign bank.
"Affiliate" means entities that are related, directly or
				  indirectly, through a common ownership interest of 10 percent or more.
"Commissioner" means the Commissioner of the Department of
				  Banking and Insurance.
"Department" means the New Jersey Department of Banking and
				  Insurance.
"Foreign bank" means a company, other than a banking
				  institution, organized under the laws of the United States, another state or a
				  foreign government, which is authorized by the laws under which it is organized
				  to exercise some or all of the powers specified in
				  17:9A-24(4),
				  25(4), (5) and (13), and 28(3) through (9).
"Insured depository institution affiliate" means any banking
				  institution, as defined in
				  17:9A-1, or association, as
				  defined in
				  17:12B-5, the deposits of which
				  are insured by the Federal Deposit Insurance Corporation, that controls or is
				  controlled by, or is under common control with a foreign bank.
"Payday loan" means an agreement with respect to which an
				  agent, acting on behalf of the foreign bank, solicits, negotiates, facilitates
				  or agrees to defer the presentment of a negotiable item to the foreign bank, or
				  defer the deposit of an item for collection, or defer debiting the borrower's
				  account electronically or by any other means, in return for a consideration or
				  other thing of value where the rate, fee or other consideration charged for
				  such forbearance exceeds the limitation on usury set forth at
				  2C:21-19. "Payday loan" shall
				  include, but not be limited to, such loans made:
1. In person;
2. Through an agent;
3. By electronic means (including telephone, fax, computer,
				  internet or similar means); or
4. Through response to an advertisement or solicitation made
				  in this State.
"Primary regulator" means the regulator that issued the
				  charter to the foreign bank.
"Refund anticipation loan" means an agreement with respect to
				  which an agent, acting on behalf of the foreign bank, solicits, negotiates,
				  facilitates or loans a borrower funds, or extends any other consideration to a
				  borrower in return for an assignment of the borrower's tax refund or for any
				  other agreement by the borrower to repay the loan or other consideration from
				  the borrower's tax refund where the rate, fee or other consideration charged
				  for forbearance of the agent or foreign bank exceeds the limitations on usury
				  set forth at
				  2C:21-19. "Refund anticipation
				  loan" includes, but is not limited to, such loans made:
1. In person;
2. Through an agent;
3. By electronic means (including telephone, fax, computer,
				  internet or similar means); or
4. Through response to an advertisement or solicitation made
				  in this State.
"Retail seller" means any person selling goods or services in
				  New Jersey and includes a retail seller as defined in
				  17:16C-1(c).
"Title loan" means an agreement with respect to which an
				  agent, acting on behalf of the foreign bank, solicits, negotiates, facilitates
				  or agrees to make a loan, secured by a title to a motor vehicle, in return for
				  a consideration or other thing of value where the rate, fee or other
				  consideration of such forbearance exceeds the limitation on usury set forth at
				  2C:21-19. "Title loan" shall
				  include but not be limited to, such loans made:
1. In person;
2. Through an agent;
3. By electronic means (including telephone, fax, computer,
				  internet or similar means); or
4. Through response to an advertisement or solicitation made
				  in this State.