reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 3 - BANKING › Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING › Subchapter 4 - ADDITIONAL REQUIREMENTS FOR HIGH-COST HOME LOAN CREDIT COUNSELING › Section 3:25-4.4 - Certification of alternate high-cost home loan credit counseling

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A high-cost
				home loan credit counselor may provide alternate counseling as set forth in
				this section and, thereafter, issue a certificate confirming its having done
				so. If the borrower, at the time of counseling, has an application pending for
				a high-cost home loan on which the borrower has not previously received
				high-cost home loan credit counseling, alternate counseling may only be given
				in addition to the counseling on the actual pending loan transaction required
				by 3:25-4.3.
(b) The alternate counseling shall be based
				upon three hypothetical loans as set forth in (c) below.
(c) Prior to providing a certification of
				alternate counseling, an individual providing high-cost home loan credit
				counseling shall discuss with the consumer the following:
1. A comparison of the following three types
				of hypothetical loans:
i. A high-cost home
				loan;
ii. A home loan other than a
				high-cost home loan; and
iii. A
				home loan;
New Jersey Administrative Code › Title 3 - BANKING › Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING › Subchapter 4 - ADDITIONAL REQUIREMENTS FOR HIGH-COST HOME LOAN CREDIT COUNSELING › Section 3:25-4.5 - Books and records

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All agencies
				registered as high-cost home loan credit counselors shall maintain a current
				and continuing list of all individuals employed by them to provide high-cost
				home loan credit counseling.
(b) As
				part of its annual report to the Department, and at any time the Department
				requests, a high-cost home loan credit counselor shall submit to the Department
				a certified list of all individuals employed by it who provided such counseling
				and attest that those individuals are in compliance with the minimum
				requirements of
				3:25-4.2.
(c) The high-cost home loan credit counselor
				shall maintain the following business records:
1. Copies of all certifications issued by it
				in the preceding three years;
2.
				The names of all consumers who applied to the agency for high-cost home loan
				credit counseling, which application did not result in the issuance of a
				certification, with an indication of the reason(s) for the non-issuance of the
				certification; and
3. The fees
				received for each certification issued by the counselor and the identity of the
				payor of the fee.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING › Subchapter 4 - ADDITIONAL REQUIREMENTS FOR HIGH-COST HOME LOAN CREDIT COUNSELING › Section 3:25-4.6 - Continuing requirements for high-cost home loan credit counseling registrants

Current through Register Vol. 56, No. 14, July 15, 2024
(a) By April 1st of
				each year, agencies registered as high-cost home loan credit counselors shall
				submit an annual report which shall contain:
1. A copy of their annual report most
				recently filed with the New Jersey Division of Revenue pursuant to
				15A:4-5 or an equivalent report
				for non-New Jersey state nonprofit corporations with documentation attesting to
				their continuing status as a nonprofit corporation;
2. A certified list of the individuals who
				provide high cost home loan counseling on behalf of the agency attesting that
				those individuals are in compliance with the minimum requirements of
				3:25-4.2;
3. A report, on a form approved by the
				Department, containing:
i. The numbers of
				loan-specific and alternate counseling certifications issued during the year
				being reported on;
ii. The lenders
				to whom those certifications were provided;
iii. The number of high-cost home loans
				reviewed; and
iv. The number of
				high-cost home loans reviewed on which certifications were not issued;
				and
4. A certified
				statement affirming their current status as a HUD-approved Housing Counseling
				Agency.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 26 - GENERAL PROVISIONS FOR STATE SAVINGS AND LOAN ASSOCIATIONS › Subchapter 2 - CHARGES FOR SUBSTITUTION OF INSURANCE POLICIES › Section 3:26-2.1 - Maximum charge

Current through Register Vol. 56, No. 14, July 15, 2024
No lender or other legal entity servicing mortgages shall
				  make any charge in excess of $ 5.00 for substitution in midterm by the
				  mortgagor of an insurance policy or policies.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 26 - GENERAL PROVISIONS FOR STATE SAVINGS AND LOAN ASSOCIATIONS › Subchapter 5 - COMMUNICATIONS FROM THE DEPARTMENT › Section 3:26-5.1 - Official e-mail address

Current through Register Vol. 56, No. 14, July 15, 2024
Each State association as defined in
				  17:12B-5 shall provide its
				  official e-mail address to the Department as part of its annually filed report
				  to the Commissioner required by
				  17:12B-171. Within 10 days
				  following any change in the official e-mail address previously provided to the
				  Department, the State association shall notify the Department in writing, on
				  letterhead signed by an officer, of the change and include the full name of the
				  entity, its old e-mail address, its new e-mail address and the effective date
				  of the change. The notice shall be sent to: New Jersey Department of Banking
				  and Insurance, Division of Banking, Attention: Depositories, 20 West State
				  Street, P.O. Box 040, Trenton, New Jersey 08625-0040.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 27 - MONEY TRANSMITTERS › Subchapter 1 - GENERAL PROVISIONS › Section 3:27-1.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This chapter
				implements the New Jersey Money Transmitters Act,
				17:15C-1 et seq., which combines
				under one license two activities that previously required separate licenses as
				well as two additional activities not previously subject to licensure and
				regulation.
(b) This chapter shall
				apply to all licensed money transmitters and to all persons whose activities
				require that they be licensed under the Act.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 27 - MONEY TRANSMITTERS › Subchapter 2 - LICENSING › Section 3:27-2.1 - Requirement to be licensed

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No person shall
				act as a money transmitter or as a foreign money transmitter without holding,
				in good standing, a license under the Act, unless that person is exempt from
				licensure pursuant to section 3 of the Act.
(b) The license shall be renewable for
				subsequent licensing periods commencing on July 1, 2007.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 27 - MONEY TRANSMITTERS › Subchapter 2 - LICENSING › Section 3:27-2.2 - Application for an initial license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All persons
				applying for an initial license pursuant to the Act shall submit the following:
1. A completed application form as prescribed
				by the Commissioner which shall comply in all respects with the requirements of
				17:15C-7;
2. An original, executed bond or an
				irrevocable letter of credit which meets the requirements of
				3:27-4.1;
3. An audited financial statement prepared by
				a certified public accountant or a public accountant, in good standing,
				demonstrating proof of net worth as specified in
				3:27-5.1; and
4. The application fee specified in
				3:27-3.2 and
				3:23-2.1.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 27 - MONEY TRANSMITTERS › Subchapter 3 - FEES › Section 3:27-3.1 - Fees-general

Current through Register Vol. 56, No. 14, July 15, 2024
Except as specified elsewhere in this chapter, all fees
				  shall be paid by a check made payable to "Treasurer--State of New
				  Jersey."
New Jersey Administrative Code › Title 3 - BANKING › Chapter 27 - MONEY TRANSMITTERS › Subchapter 3 - FEES › Section 3:27-3.2 - Application fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A person who is
				applying for an initial license under this Act shall pay an application fee to
				the Department in accordance with
				3:23-2.1.
(b) Application fees are
				nonrefundable.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 27 - MONEY TRANSMITTERS › Subchapter 3 - FEES › Section 3:27-3.3 - Annual report

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each money
				transmitter, including foreign money transmitters, shall file an annual report
				on or before April 1, on a form supplied by the Commissioner. The form shall
				include information indicating the adequacy of net worth, confirmation of
				compliance with the bonding requirements, summary of activity, the names of all
				banks with which the money transmitter does business and a list of all money
				transmissions as outlined below.
(b) Each money transmitter shall list all
				money transmissions for the calendar year immediately preceding the report as
				follows:
1. The total number and amounts of
				all transmissions (100 percent of all activity including all outstanding
				transmissions), whether initiated through the money transmitter directly or
				through any of its authorized delegates, listed by country including the United
				States;
2. The number and amounts
				of all transmissions initiated through the money transmitter directly, listed
				by country including the United States; and
3. A separate list for each authorized
				delegate, listing the number and amounts of all transmissions for that
				delegate, listed by country including the United States.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 27 - MONEY TRANSMITTERS › Subchapter 5 - NET WORTH › Section 3:27-5.1 - Net worth requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each applicant
				for an initial license as a money transmitter, except those described in (b)
				below, shall demonstrate a net worth of not less than $ 100,000, calculated in
				accordance with generally accepted accounting principles, plus an additional
				net worth of $ 25,000 per location or agent to be located in this State, as
				applicable, up to a maximum of $ 1,000,000.
(b) Each applicant for an initial license
				only as a foreign money transmitter shall demonstrate a net worth of not less
				than $ 50,000, calculated in accordance with generally accepted accounting
				principles, plus an additional net worth of $ 10,000 per location or agent to
				be located in this State, as applicable, up to a maximum of $
				400,000.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 27 - MONEY TRANSMITTERS › Subchapter 6 - MAINTENANCE OF BOOKS, RECORDS AND ACCOUNTS › Section 3:27-6.1 - Maintenance of books, records, and accounts

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each
				licensee shall make, keep, and preserve in English the following books,
				accounts, and other records for a period of three years:
1. A record of each payment instrument sold
				and a record of each money transmission sent or accepted, including the name
				and address of each recipient;
2. A
				general ledger containing all assets, liabilities, capital, income and expense
				accounts (which general ledger shall be posted at least monthly and all books
				closed quarterly);
3. Settlement
				sheets received from authorized delegates containing the date, name of
				delegate, name of customer, the amount of the transmission, the country to
				which it was transmitted and the fee charged for the transmission;
4. All bank statements and bank
				reconciliation records relating to the business of money
				transmission;
5. Records of
				outstanding payment instruments;
6.
				Records of each payment instrument paid within the three-year period;
7. Records of completed money
				transmissions;
8. Records of
				outstanding money transmission orders;
9. A list of names and addresses of all of
				the licensee's authorized delegates;
10. A list of all countries to which money is
				transmitted or from which money is received for transmission;
11. A list of the names and addresses of all
				clearing banks through which the licensee's money transmission business is
				conducted;
12. Records of all
				numbers including voids, for numbered money transmission forms and records of
				all characters or other information including voids, which identify
				non-numbered money transmission forms;
13. All records required to be maintained
				pursuant to 31 CFR Part 1022.400 to
				1022.420; and
14. Records of all events reported to the
				OFAC in compliance with all reporting requirements of OFAC.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 27 - MONEY TRANSMITTERS › Subchapter 7 - CHANGE OF CONTROL OR KEY PERSONNEL › Section 3:27-7.1 - Applications for change of control or key personnel

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A person shall
				not directly or indirectly acquire control of a licensee without the prior
				written approval of the Commissioner. The application for change of control
				shall be in writing filed by the existing licensee, in a form prescribed by the
				Commissioner, and shall be accompanied by the information required by
				3:27-2.2 for an initial license
				application, and an amended version of the last submitted annual report updated
				through the date of the application, as well as all documents related to the
				change in control, (that is, a stock purchase agreement). The Commissioner may
				request copies or access to any or all of the books and records maintained in
				accordance with
				3:27-6.1 prior to granting
				approval.
(b) Any change of key
				shareholders, executive officers, owners, partners, or managers responsible for
				the licensed business shall require the submission of the information required
				by 3:27-2.2(b).
New Jersey Administrative Code › Title 3 - BANKING › Chapter 27 - MONEY TRANSMITTERS › Subchapter 8 - PENALTIES › Section 3:27-8.1 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A violation of
				the Act or these rules shall be subject to the penalties contained in
				17:15C-1 et seq.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 27 - MONEY TRANSMITTERS › Appendix A

Current through Register Vol. 56, No. 14, July 15, 2024
Annual Volume of Business Security Device Amount for Those
				Engaged as Foreign Money Transmitters Only
Up to and including $ 500,000
$ 25,000
Over $ 500,000 and up to and including $
						1,000,000
$ 30,000
Over $ 1,000,000 and up to and including $
						2,000,000
$ 35,000
Over $ 2,000,000 and up to and including $
						3,000,000
$ 40,000
Over $ 3,000,000 and up to and including $
						4,000,000
$ 45,000
Over $ 4,000,000 and up to and including $
						5,000,000
$ 50,000
Over $ 5,000,000 and up to and including $
						6,000,000
$ 55,000
Over $ 6,000,000 and up to and including $
						7,000,000
$ 60,000
Over $ 7,000,000 and up to and including $
						8,000,000
$ 65,000
Over $ 8,000,000 and up to and including $
						9,000,000
$ 70,000
Over $ 9,000,000 and up to and including $
						10,000,000
$ 75,000
Over $ 10,000,000 and up to and including $
						11,000,000
$ 80,000
Over $ 11,000,000 and up to and including $
						12,000,000
$ 85,000
Over $ 12,000,000 and up to and including $
						13,000,000
$ 90,000
Over $ 13,000,000 and up to and including $
						14,000,000
$ 95,000
Over $ 14,000,000 and up to and including $
						15,000,000
$ 100,000
Over $ 15,000,000 and up to and including $
						25,000,000
$ 150,000
Over $ 25,000,000 and up to and including $
						30,000,000
$ 200,000
Over $ 30,000,000 and up to and including $
						70,000,000
$ 750,000
Over $ 70,000,000
$ 1,000,000
Annual Volume of Business Security Device Amount for
						Money Transmitters Other Than Foreign Money Transmitters Only
Up to and including $ 15,000,000
$ 100,000
Over $ 15,000,000 and up to and including $
						25,000,000
$ 150,000
Over $ 25,000,000 and up to and including $
						30,000,000
$ 200,000
Over $ 30,000,000 and up to and including $
						70,000,000
$ 750,000
Over $ 70,000,000
$ 1,000,000
New Jersey Administrative Code › Title 3 - BANKING › Chapter 29 - AUDIT REQUIREMENTS OF STATE ASSOCIATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:29-1.1 - Qualifications of auditor

Current through Register Vol. 56, No. 14, July 15, 2024
An audit of an association shall be performed by a competent
				  accountant who is not an officer, director or employee of the association. For
				  purposes of this section, a competent accountant is a certified public
				  accountant, or an accounting firm licensed and/or registered in New Jersey or
				  approved by the Commissioner. Choice of a competent auditor is the
				  responsibility of the board of directors. If the board fails to provide for the
				  making of a proper audit or if the required audit is not properly made,
				  prepared or filed, the Commissioner is charged with the duty of making such
				  audit or causing the same to be made.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 29 - AUDIT REQUIREMENTS OF STATE ASSOCIATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:29-1.2 - Scope of audit

Current through Register Vol. 56, No. 14, July 15, 2024
The auditor shall set forth the scope of his work in the
				  audit report. In general, audit procedure will be acceptable if based on the
				  audit program prepared for audit of savings and loan associations by the
				  American Institute of Certified Public Accountants. A copy of this program can
				  be obtained from the American Institute of Certified Public Accountants, Inc.,
				  1211 Avenue of the Americas, New York, New York 10036. The Institute's web site
				  address is
www.AICPA.org
.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 29 - AUDIT REQUIREMENTS OF STATE ASSOCIATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:29-1.3 - Statements in audit report

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following
				statements are required to be part of the audit report provided by all State
				chartered associations including associations which are wholly owned
				subsidiaries:
1. Comparative statements of
				condition;
2. Comparative
				statements of operations;
3.
				Reconciliation of retained earnings;
4. Reconciliation of equity capital;
				and
5. Statements of cash
				flows.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 29 - AUDIT REQUIREMENTS OF STATE ASSOCIATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:29-1.4 - Minimum verification; mail communications

Current through Register Vol. 56, No. 14, July 15, 2024
Audits of insured associations shall include verifications
				  to the extent required of banks and savings banks pursuant to
				  3:7-3.3 through 3.6.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 29 - AUDIT REQUIREMENTS OF STATE ASSOCIATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:29-1.5 - Continuous audits; verification notices

Current through Register Vol. 56, No. 14, July 15, 2024
Where continuous audits are made, verification notices may
				  be mailed periodically; provided, however, that the members' subsidiary ledgers
				  are proved with the general ledger control at time of each mailing.
				  Furthermore, the total of verifications in each year shall not be less than the
				  minimum requirement set forth in
				  3:29-1.4.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 29 - AUDIT REQUIREMENTS OF STATE ASSOCIATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:29-1.6 - Comments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The auditor
				shall comment on pertinent matters affecting the association, either in a
				separate report or as part of the report upon review of the association's
				internal accounting control. As a guide, the following are suggested as
				appropriate subjects for comment:
1.
				Investment on which no income is received;
2. Summary of changes in other real estate;
				and
3. Insufficient surety bond
				coverage and other insurance.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 29 - AUDIT REQUIREMENTS OF STATE ASSOCIATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:29-1.7 - Time of audit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At least one
				such audit shall be made in each calendar year, and it is not necessary that
				the audit coincide with a fiscal year. The audit may be made on a "surprise"
				basis so that preliminary or interim work, such as branch audits, may be
				accomplished at any time. The auditor shall cover the period from the previous
				audit to the date the present audit is started.
(b) The examination shall be commenced within
				the time period specified in
				17:12B-176(1).
				Prior to commencing the examination, the person scheduled to conduct the
				examination shall notify the Department so as to avoid a conflict with an
				examination conducted pursuant to
				17:12B-172. In the transmittal or
				report to the association, the person conducting the examination shall specify
				the date of completion of the examination.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 29 - AUDIT REQUIREMENTS OF STATE ASSOCIATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:29-1.8 - Audit report must be certified and filed

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The audit
				report must be certified to or sworn to by the person making such audit. Such
				certification shall include:
1. A statement
				that the audit was made in accordance with the provisions of the
				17:12B-176 and the rules of the
				Commissioner of Banking and Insurance of this State of New Jersey;
				and
2. A statement that the
				financial statements contained in the audit report present fairly the financial
				position of the association at the audit date and its operations for the
				periods reported upon.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 29 - AUDIT REQUIREMENTS OF STATE ASSOCIATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:29-1.9 - Qualified certificate

Current through Register Vol. 56, No. 14, July 15, 2024
If any of the parts of the certification set forth in
				  3:29-1.8 cannot be made, the
				  certification should be qualified to show any exceptions.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 30 - PREDATORY LENDING › Subchapter 1 - GENERAL PROVISIONS › Section 3:30-1.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
The purpose of this chapter is to implement the New Jersey
				  Home Ownership Security Act of 2002,
				  46:10B-22 et seq.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 30 - PREDATORY LENDING › Subchapter 5 - HOME LOANS › Section 3:30-5.1 - Posting payments received

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When a creditor
				that is a depository institution receives a home loan payment, the creditor
				shall treat the payment as posted on the banking day that the payment is
				received. For purposes of the posting requirements in this section, payments
				received by a servicer or agent of a depository institution shall be treated as
				received by the depository institution.
(b) A payment received by a creditor that is
				not a depository institution shall, if received before the end of business
				hours, be posted on the business day that it is received or, if received after
				the end of business hours, on the next business day. For purposes of the
				posting requirements in this section, payments received by a servicer or agent
				of a non-depository entity shall be treated as received by the non-depository
				entity.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 30 - PREDATORY LENDING › Subchapter 8 - AFFIRMATIVE CLAIMS AND DEFENSES › Section 3:30-8.1 - Loans in which sellers, including sellers of manufactured homes and home improvements, are involved

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If a home loan
				was made, arranged or assigned by a seller of manufactured homes or of home
				improvements to the dwelling of a borrower, or was made by or through a
				creditor to whom the borrower was referred by such a seller, the borrower may
				assert against the original creditor and any person who purchases or is
				otherwise assigned the loan all affirmative claims and any defenses that the
				borrower may have against such a seller of manufactured homes or home
				improvements, including any claims and defenses available under
				46:10B-22 et seq. against a home
				improvement contractor retained by the seller of home improvements to make home
				improvements on the borrower's dwelling. The amounts of any such affirmative
				claims and defenses shall be limited to amounts required to reduce or
				extinguish the borrower's liability under the home loan, plus the total amount
				paid by the borrower in connection with the transaction, plus amounts required
				to recover costs, including reasonable attorney's fees against the creditor,
				any assignee or holder, in any capacity.
(b) If a loan covered by (a) was made by the
				seller or assigned to a creditor by the seller, all payments made to the seller
				including down payments, deposits, periodic payments, late fees and other
				payments are considered paid in connection with the transaction.
(c) If a loan covered by (a) was made by a
				creditor by way of a referral or arrangement through the seller, down payments,
				deposits, periodic payments, late fees and other payments made to the seller
				are not considered paid in connection with the transaction.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 30 - PREDATORY LENDING › Subchapter 8 - AFFIRMATIVE CLAIMS AND DEFENSES › Section 3:30-8.2 - Purchaser and assignee liability under N.J.S.A. 46:10B-27

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Pursuant to
				N.J.S.A. 46:10B-27b, any person who purchases or is otherwise assigned a
				high-cost home loan shall be subject to all affirmative claims and any defenses
				with respect to the loan that the borrower may assert against the original
				creditor or broker of the loan; except that the liability thereunder shall not
				arise if the purchaser or assignee demonstrates, by a preponderance of the
				evidence, that a reasonable person exercising reasonable due diligence could
				not determine that the loan was a high-cost home loan.
1. In any administrative action commenced
				under 46:10B-22 et seq. or this chapter,
				it shall be presumed by the Department that a purchaser or assignee of a high
				cost home loan has exercised such due diligence if the purchaser or assignee
				demonstrates by a preponderance of the evidence that it:
i. Has in place, at the time of the purchase
				or assignment of the loan, policies that expressly prohibit its purchase or
				acceptance of assignment of any high-cost loan;
ii. Requires by contract that all sellers or
				assignors of home loans represent and warrant to the purchaser or assignee that
				either:
(1) It will not sell or assign any
				high-cost home loan to the purchaser or assignee; or
(2) That the seller or assignor is a
				beneficiary of a representation and warranty from a previous seller or assignor
				to that effect; and
iii.
				Exercises reasonable due diligence at the time of the purchase or assignment of
				home loans or within a reasonable period of time thereafter, which due
				diligence is intended by the purchaser or assignee to prevent it from
				purchasing or taking assignment of any high-cost loan.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 30 - PREDATORY LENDING › Subchapter 9 - ENFORCEMENT › Section 3:30-9.1 - Rights, remedies, prohibitions declared additional, cumulative

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Pursuant to
				46:10B-30, the rights, remedies,
				and prohibitions accorded by the provisions of this chapter are hereby declared
				to be in addition to and cumulative of any other right, remedy, or prohibition
				accorded by the common law or statutes of the United States or of this State,
				and nothing herein shall be construed to deny, abrogate, or impair any such
				common law or statutory right, remedy, or prohibition. Without limiting the
				foregoing, the rights, remedies and prohibitions accorded by this chapter are
				hereby further declared to create no presumption that any home loan or any term
				in a home loan is not unconscionable, whether or not the home loan or loan
				term, alone or in conjunction with other terms of the loan, violates the
				provisions of this chapter.
(b) In
				accordance with
				46:10B-23.d, the amendments in
				P.L.
				2004, c. 84 to the New
				Jersey Home Ownership Security Act of 2002,
				46:10B-22 et seq., deleting the
				covered home loan category from
				46:10B-25 and the prohibition on
				flipping a home loan, shall create no presumption that any home loan that has
				been refinanced is not unconscionable. The deletions of the covered home loan
				category and of the prohibition on flipping from
				46:10B-25 shall also create no
				presumption that any home loan that is refinanced does not constitute an
				unlawful practice under the Consumer Fraud Act,
				56:8-1 et seq.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 1 - CONVERSION OF A MUTUAL ASSOCIATION TO A CAPITAL STOCK ASSOCIATION › Section 3:32-1.1 - Authorization for conversion

Current through Register Vol. 56, No. 14, July 15, 2024
An insured mutual association may convert to a capital stock
				  association subject to the limitations and provisions at N.J.S.A. 17:12B-1 et
				  seq., and this chapter. The association shall also be subject to the
				  requirements at 12 CFR Part 303 , Subpart I and
				  12 CFR
				  333.4, relating to conversions from mutual to
				  stock form.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 1 - CONVERSION OF A MUTUAL ASSOCIATION TO A CAPITAL STOCK ASSOCIATION › Section 3:32-1.2 - Application

Current through Register Vol. 56, No. 14, July 15, 2024
Applications and other forms provided by the Office of the
				  Comptroller of the Currency shall be considered as acceptable material by the
				  Commissioner for compliance with the provisions of this chapter and
17:12B-1
et seq. Copies
				  of all forms required to be filed with the Office of the Comptroller of the
				  Currency should be forwarded to the Commissioner as part of the application for
				  preliminary approval.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 1 - CONVERSION OF A MUTUAL ASSOCIATION TO A CAPITAL STOCK ASSOCIATION › Section 3:32-1.3 - Conversion; general

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A State
				chartered association making such conversion shall comply with the following
				conditions and procedures:
1. Any plan for
				conversion shall be approved by two-thirds of the board of such association,
				and a resolution shall be adopted to that effect;
2. A preliminary application for approval of
				conversion with a proxy statement and a proxy form shall be submitted to the
				commissioner who shall determine that:
i. The
				plan of conversion has been adopted and approved by the board of
				directors;
ii. The plan of
				conversion is fair and equitable to all members;
iii. Sufficient provision has been made to
				protect the interest of the depositors of the prospective capital stock
				association;
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 1 - CONVERSION OF A MUTUAL ASSOCIATION TO A CAPITAL STOCK ASSOCIATION › Section 3:32-1.4 - Meeting of members

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Savings and/or borrowing members, as
				defined by the mutual association's bylaws, who are 16 years of age, or over,
				shall be entitled to vote at the special meeting to consider conversion to a
				capital stock association.
(b) The
				record date for determining those members eligible to vote at the special
				meeting called to consider the plan of conversion shall not be less than 90
				days prior to the date of approval of such plan by the board of
				directors.
(c) A special meeting of
				the members shall be called by the board of directors, not later than 180 days
				following preliminary approval of the plan of conversion by both the
				Commissioner and the Office of the Comptroller of the Currency. The members
				shall consider and vote upon, either in person or by proxy, the following
				business:
1. The adoption of the plan of
				conversion of the mutual association into a capital stock
				association;
2. The election of
				directors to hold office from the effective date of conversion until the next
				annual meeting; and
3. The adoption
				of bylaws for the capital stock association.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 1 - CONVERSION OF A MUTUAL ASSOCIATION TO A CAPITAL STOCK ASSOCIATION › Section 3:32-1.5 - Voting in person or by proxy

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Every proxy
				shall be executed and dated by the member or his agent and filed with the
				secretary of the association not later than the commencement of the scheduled
				meeting.
(b) A proxy shall be
				revocable at will; however the presence of the member at the meeting of the
				members shall not revoke such proxy unless the member files a written notice of
				such revocation with the secretary of the meeting prior to the voting of such
				proxy.
(c) A proxy shall not be
				revoked by the death or incapacity of the member but such proxy shall continue
				in force until revoked by the legally constituted or appointed representative
				or guardian of the member.
(d) The
				proxies shall be valid only for the meeting at which a conversion plan will be
				voted upon.
(e) Requirements as to
				proxy forms:
1. Shall indicate in boldface
				type whether proxy is solicited on behalf of management;
2. Shall provide specifically designated
				blank spaces for dating and signing the proxy;
3. Shall clearly identify each matter or
				group of related matters to be voted upon;
4. Shall be clearly labeled "revocable proxy"
				in boldface type;
5. Shall contain
				an acknowledgement by the person giving the proxy that he has received a proxy
				statement prior to signing the proxy form;
6. Shall contain the date, time and place of
				meeting;
7. Shall provide by a box,
				or otherwise, a means whereby a person solicited can indicate his choice
				between approval or disapproval of each matter to be acted upon;
8. Shall indicate in boldface type how the
				proxy shall be voted on each matter where no choice is specified;
9. Shall clearly show the procedure for
				revocation of proxy set forth in subsection (b) of this section.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 1 - CONVERSION OF A MUTUAL ASSOCIATION TO A CAPITAL STOCK ASSOCIATION › Section 3:32-1.6 - Stock purchase rights

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Eligible
				account holders shall be entitled to subscription rights to purchase capital
				stock pro rata to the value of their holdings. Eligible account holders under
				18 years of age shall be entitled to purchase stock under a custodian
				agreement.
(b) The exercise of the
				subscription rights of the eligible account holders shall be in accordance with
				12 CFR 563 b.
(c) An "eligible
				account holder" means any person holding a savings account in a converting
				association on the eligibility record date established by the Commissioner
				which shall be not less than one year prior to the approval of the plan of
				conversion of the board of directors.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 1 - CONVERSION OF A MUTUAL ASSOCIATION TO A CAPITAL STOCK ASSOCIATION › Section 3:32-1.7 - Purchase price of stock

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The application
				for final approval shall fix a subscription price per share not less than $
				5.00 and not more than $ 50.00, except that the subscription price may exceed $
				50.00 per share upon a showing of special circumstances.
(b) Prices are to be established by persons
				independent of the converting association who are experienced and expert in
				corporate appraisal. The independence of the persons shall not be deemed to
				have been compromised merely because they participated in selling the stock or
				received from the association a fee for price appraisal services. The persons
				shall be acceptable to the Commissioner and the corporation.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 1 - CONVERSION OF A MUTUAL ASSOCIATION TO A CAPITAL STOCK ASSOCIATION › Section 3:32-1.8 - Capital stock; no par value

Current through Register Vol. 56, No. 14, July 15, 2024
The stated capital for stock issued without par value shall
				  be not less than $ 2.00 per share.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 1 - CONVERSION OF A MUTUAL ASSOCIATION TO A CAPITAL STOCK ASSOCIATION › Section 3:32-1.9 - Liquidation account

Current through Register Vol. 56, No. 14, July 15, 2024
Appropriate subaccount records shall be maintained for each
				  eligible account holder with respect to each savings account. Such subaccount
				  will represent a related inchoate interest in a portion of the liquidation
				  account balance. Such initial interest shall be adjusted for withdrawals in the
				  savings account subsequent to the eligibility record date in accordance with 12
				  CFR 563 b.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 2 - CONVERSION OF AN ASSOCIATION TO A SAVINGS BANK › Section 3:32-2.1 - 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.
"Capital stock association" shall have the meaning ascribed
				  to it in 17:12B-244.
"Capital stock savings bank" shall have the meaning ascribed
				  to it in 17:9A-8.1.
"Mutual savings bank" means any savings bank organized
				  pursuant to
				  17:9A-1 et seq. without capital
				  stock.
"Savings bank" shall have the meaning ascribed to it in
				  17:9A-1.
"State association" and "mutual association" shall have the
				  meanings ascribed to those terms in
				  17:12B-5.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 2 - CONVERSION OF AN ASSOCIATION TO A SAVINGS BANK › Section 3:32-2.2 - Authorization for conversion

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any mutual
				association may apply to the Commissioner to convert itself to a mutual savings
				bank by organizing and transferring its assets and liabilities to a
				newly-chartered mutual savings bank, and any capital stock association may
				apply to the Commissioner to convert itself to a capital stock savings bank by
				organizing and transferring its assets and liabilities to a newly-chartered
				capital stock savings bank.
(b)
				Before applying to the Commissioner for a conversion pursuant to (a) above, the
				association shall obtain a resolution of the association's board of directors
				indicating that the conversion is advisable and in the best interests of the
				members or shareholders.
(c) After
				the board of directors has adopted a resolution, a meeting of the members or
				stockholders shall be held upon not less than 10 days' written notice. The
				notice shall contain a statement of the time, place and purpose for which such
				meeting is called. At this meeting, the members or shareholders shall vote on
				whether the association shall convert to a savings bank. An affirmative vote of
				at least two-thirds of the members present, or shares eligible to be voted
				which are represented at the meeting, either in person or by proxy, may approve
				the conversion.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 2 - CONVERSION OF AN ASSOCIATION TO A SAVINGS BANK › Section 3:32-2.3 - Application for conversion

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An application
				for a conversion from an association to a savings bank shall contain the
				following:
1. A certified copy of the
				resolution of the board of directors authorizing the conversion;
2. A certified copy of the resolution adopted
				by the stockholders or members relating to the plan of conversion, containing
				the following information:
i. The total number
				of votes eligible to be cast;
ii.
				The total number of votes represented in person or by proxy at the special
				meeting;
iii. The total number of
				votes cast in favor and against each matter; and
iv. The percentage of votes cast in favor and
				against each matter.
3.
				A certificate of incorporation for the new savings bank; and
4. Copies of all applications for Federal
				regulatory approval and all approvals required in connection with the
				conversion, or, if no application or approval is required, a statement or
				opinion of counsel to that effect.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 3 - MUTUAL STATE ASSOCIATION HOLDING COMPANIES › Section 3:32-3.1 - 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:
"Capital stock state association" means any association
				  chartered pursuant to the provisions of
				  17:12B-244 et seq.
"Commissioner" means the Commissioner of the Department of
				  Banking and Insurance.
"Department" means the New Jersey Department of Banking and
				  Insurance.
"Mutual state association" means a mutual association which
				  has its principal place of business in this State.
"Mutual state association holding company" means a mutual
				  state association holding company which has its principal office of business in
				  this State and which has been formed by a mutual state association pursuant to
				  17:12B-298 through
				  17:12B-318.
"Organizing mutual state association" means a mutual state
				  association which has its principal office or business in this State, the board
				  of directors of which propose to form a mutual state association holding
				  company pursuant to the provisions of this subchapter.
"State association" means any savings and loan association or
				  any corporation, however named, now or hereafter chartered pursuant to
				  17:12B-1 et seq.
"Subsidiary capital stock state association" means a capital
				  stock state association which has been incorporated by the directors of a
				  mutual state association holding company, a majority of the stock of which
				  subsidiary capital stock state association is held by a mutual state
				  association holding company.
"Subsidiary holding company" means a mid-tier stock holding
				  company, controlled by a mutual stock association holding company, that owns
				  the stock of a savings association whose depositors have membership rights in
				  the parent mutual holding company.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 32 - CONVERSIONS OF ASSOCIATIONS › Subchapter 3 - MUTUAL STATE ASSOCIATION HOLDING COMPANIES › Section 3:32-3.2 - Formation of mutual State association holding company

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The board of
				directors of an organizing mutual State association may apply to the
				Commissioner to form a mutual State association holding company in any of the
				following ways:
1. Plan 1: The board of
				directors may apply to incorporate a mutual state association holding company,
				transfer a portion of the organizing mutual state association's assets to the
				mutual state association holding company, and then convert the organizing
				mutual state association to a capital stock state association;
2. Plan 2: The board of directors may apply
				to incorporate a mutual state association holding company, form a subsidiary
				capital stock state association, and either merge the organizing mutual state
				association into the capital stock state association or sell or transfer the
				assets and liabilities of the organizing mutual state association to the
				capital stock state association and liquidate the organizing mutual state
				association;
3. Plan 3: The board
				of directors may apply to form a mutual State association holding company by
				incorporating a subsidiary capital stock State association, and by transferring
				a substantial part of the assets and liabilities of the organizing mutual State
				association to the newly formed capital stock State association in return for a
				majority of its capital stock;
4.
				Plan 4: The board of directors may apply to incorporate a mutual State
				association holding company that will hold a controlling interest (51 percent
				or more) in a newly formed subsidiary holding company, which in turn will hold
				100 percent of the outstanding stock of the capital stock State association
				that has been formed by one of the methods set forth in Plans 1 through 3;
				or
5. Any other method of
				reorganization approved by the Commissioner.