Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:9A-44. Taxability No tax shall be imposed upon or payable by a bank as trustee of a common trust fund, nor shall the assets of any common trust fund or any participation therein be subject to taxation, but each trust estate having a participation in a common trust fund shall b…

17:9A-440. Approval for closing representative office of foreign bank 59. a. (1) No foreign bank which is licensed to establish a representative office shall close its office unless the commissioner shall have first approved the closing. (2) Paragraph (1) of this subsection a. sh…

17:9A-441. Existing office granted license 60. Any office of a foreign bank existing in this State on the effective date of sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467) which had been previously approved by the commissioner shall be granted a license…

17:9A-442. Transaction of business limited to licensed agency, branch office 61. a. No foreign bank shall transact business in this State except at an agency or branch office which it is licensed to establish and at which it is permitted by sections 37 through 86 of P.L.1996, c.1…

17:9A-443. Approval, license required for establishment of agency, branch office of foreign bank 62. a. (1) No foreign bank shall establish an agency or branch office unless the commissioner shall have first approved the establishment of that office and issued a license authorizi…

17:9A-444. Approval for relocation of agency, branch office of foreign bank 63. a. No foreign bank which is licensed to establish an agency or branch office shall relocate that office unless the commissioner shall have first approved the relocation and issued a license authorizin…

17:9A-445. Transaction of business by foreign bank at agency or branch office 64. a. A foreign bank which is licensed to establish an agency or branch office may transact banking business at that office, subject to the following: (1) If the office is an agency, the bank shall not…

17:9A-446. Report of condition, income 65. a. Whenever the commissioner calls for a report of condition or income from commercial banks organized under the laws of this State, the commissioner shall call for a like report from each foreign bank which is licensed to transact busin…

17:9A-447. Notice of noninsurance of deposits 66. Each foreign bank which is licensed to establish an agency or branch office shall, in accordance with the regulations the commissioner may prescribe, give notice that deposits in that office are not insured by the Federal Deposit …

17:9A-448. Compliance with regulations by foreign bank 67. a. If a foreign bank is licensed to establish a depository agency or branch office and such office is not subject to the regulations of the Depository Institutions Deregulation Committee established pursuant to the "Depos…

17:9A-449. Assets kept separate, apart; priority of creditors 68. a. Each foreign bank which is licensed to transact business in this State shall keep the assets of that business separate and apart from the assets of its business outside this State. b. The creditors of the busine…

17:9A-45. Creditors' claims Whenever a claim is asserted against a fiduciary or beneficiary of a trust estate which has a participation in a common trust fund, which claim would be enforceable by legal or equitable process against the assets of the trust estate, such claim may be…

17:9A-450. Definitions of adjusted liabilities and eligible assets relative to foreign banks 69. a. In this section: (1) "Adjusted liabilities," when used with respect to a foreign bank, means the liabilities of the bank's business in this State, excluding: (a) accrued expenses; …

17:9A-451. Definitions of adjusted liabilities, eligible assets relative to agency or branch offices 70. a. In this section: (1) "Adjusted liabilities," when used with respect to a foreign bank which is licensed to establish an agency or a branch office this State, means the liab…

17:9A-452. Approval required for closing of office of foreign bank 71. a. (1) No foreign bank which is licensed to establish an agency or branch office shall close its office unless the commissioner shall have first approved the closing. (2) Paragraph (1) of this subsection a. sh…

17:9A-453. Transaction of business by commercial lending company 72. a. No commercial lending company shall transact business in this State except at an office it is licensed to establish and at which it is permitted by sections 72 through 78 of P.L.1996, c.17 (C.17:9A-453 throug…

17:9A-454. Approval for establishment of office of foreign bank, commercial lending company 73. a. No foreign bank and no commercial lending company shall establish an office of a commercial lending company in this State unless the commissioner shall have first approved the estab…

17:9A-455 Relocation of commercial lending company 74. a. No commercial lending company which is licensed to establish a commercial lending office shall relocate that office unless the commissioner shall have first approved that relocation and issued a license authorizing the com…

17:9A-456. Commercial lending company, functions permitted 75. A commercial lending company which is licensed to establish a commercial lending office may, subject to such regulations or orders as the commissioner may prescribe, engage in representational functions at the commerc…

17:9A-457. Approval for commercial lending company to close office 76. a. (1) No commercial lending company which is licensed to establish a commercial lending office shall close its office unless the commissioner shall have first approved the closing. (2) Paragraph (1) shall not…

17:9A-458 Powers of commercial lending company limited 77. The powers of a commercial lending company in this State shall be limited as provided in section 64 and elsewhere in sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467). L.1996,c.17,s.77.

17:9A-459 Granting of right to operate as commercial lending company 78. The commissioner shall have the power to grant to any organization which is organized under the laws of this State, including but not limited to a corporation, limited partnership, limited liability company,…

17:9A-46. Accounting Unless ordered by a court of competent jurisdiction, a bank maintaining a common trust fund shall not be required to render a court accounting with regard to such fund. A bank may, at such times, if any, as may be provided in the plan pursuant to which a comm…

17:9A-460. Voluntary surrender of license 79. a. Except as provided in subsection b. of this section, any foreign bank which holds a license to establish an office may voluntarily surrender that license by filing the license and a report with the commissioner. However, any foreig…

17:9A-461. Violations, penalties 80. If, after notice and a hearing, the commissioner finds that any person has violated any provision of sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467) or of any regulation or order issued thereunder, the commissioner m…

17:9A-462. Suspension, revocation of license of bank, commercial lending company 81. If, after notice and a hearing, the commissioner finds any of the following with respect to a foreign bank or commercial lending company which is licensed to establish an office, the commissioner…

17:9A-463. Issuance of order suspending, revoking license of bank, commercial lending company, hearing 82. a. If the commissioner finds that any of the factors set forth in section 81 of P.L.1996, c.17 (C.17:9A-462) is true with respect to any foreign bank or commercial lending c…

17:9A-464. Surrender of suspended, revoked license 83. Any foreign bank or commercial lending company whose license to establish an office is suspended or revoked shall immediately surrender its license to the commissioner. L.1996,c.17,s.83.

17:9A-465. Application to modify, rescind order 84. a. Any foreign bank or commercial lending company to which an order is issued under section 81 or 82 of P.L.1996, c.17 (C.17:9A-462 or C.17:9A-463), may apply to the commissioner to modify or rescind the order. The commissioner …

17:9A-466 Possession of property, business of bank by commissioner 85 .a. If the commissioner finds that any of the factors set forth in section 81 of P.L.1996, c.17 (C.17:9A-462) or in subsection b. of section 79 of P.L.1996, c.17 (C.17:9A-460) is true with respect to any foreig…

17:9A-467. Rules, regulations, orders 86. The commissioner shall, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), issue the rules, regulations and orders the commissioner deems necessary in order to perform the commissioner's duties and funct…

17:9A-47. Members of Federal Reserve System A bank which is a member of the Federal Reserve System shall maintain the reserve balances required by or pursuant to the Federal Reserve Act, as amended or supplemented from time to time, and shall be exempt from the following sections…

17:9A-48. Nonmembers of Federal Reserve System A. A bank which is not a member of the Federal Reserve System shall, subject to the provision of subsection B of this section, at all times have in available funds consisting of (1) lawful currency of the United States, or (2) balanc…

17:9A-49. Definitions For the purposes of this article. "Reserve depositary" includes (a) A Federal Reserve bank, (b) A member of a Federal Reserve bank organized in a Federal Reserve district which includes all or any part of this State, which shall be approved by the commission…

17:9A-5. Reserve for organization expense Every bank shall, on its organization, establish a fund at least equal to 5% of its capital stock as a reserve fund for organization expense. Organization expense shall mean all lawful expense incurred preliminary to commencement of busin…

17:9A-50. Ascertainment of net profits A. Every bank shall at the close of each period for which a dividend is declared, and in any event at least semi-annually, determine its net profits for such dividend or semi-annual period by deducting from its gross income for such period (…

17:9A-51. Transfers to surplus Whenever a bank's surplus at the close of any period for which it shall have determined its net profits pursuant to section 50 is not equal to fifty per centum of its capital stock, the bank shall promptly thereafter transfer to surplus not less tha…

17:9A-52. Dividends on capital stock 52. A. Dividends on the capital stock of a bank may be paid from time to time wholly in cash, or wholly in stock of the bank, or partly in cash and partly in stock of the bank as the board of directors may in its discretion determine, subject …

17:9A-53. Scope of article; definitions; interest A. In addition to such other loans which banks are authorized to make, a bank may make secured and unsecured installment loans upon the terms and conditions prescribed by this article, but this article shall not be construed as pr…

17:9A-53.10. Credit life and health insurance; authorization to provide When a person liable for the payment of an educational loan consents in writing thereto, the banking institution may obtain or provide either or both credit life insurance and credit health insurance on such …

17:9A-53.11. Loans or extension of credit not subject to act Nothing in this act shall be construed to apply to any loan or extension of credit which a banking institution may make pursuant to any other law of this State or any regulation promulgated pursuant to such law, nor sha…

17:9A-53.2. Definitions As used in this act: a. "Banking institution" includes State-chartered banks, Federally-chartered banks, and mutual savings banks; b. "Educational loan" means a loan which is represented by the borrower to the banking institution to be made for either or b…

17:9A-53.3. Educational loans, authorization In addition to such other loans which banking institutions are authorized by law to make, such institutions may make educational loans upon the terms and conditions prescribed by this act. L.1975, c. 287, s. 2, eff. Jan. 12, 1976.

17:9A-53.4. Interest Notwithstanding the provisions of R.S. 31:1-1 or any other law to the contrary, a banking institution may make educational loans and may charge and collect interest thereon at a rate or rates agreed to by the banking institution and the borrower. Interest sha…

17:9A-53.5. Limitations on amount of educational loan No banking institution shall make an educational loan or an advance on an educational loan for the payment of which any person shall be liable to the banking institution in any capacity, if the amount of such loan or advance, …

17:9A-53.6. Limitation on duration of loan No banking institution shall make an educational loan, or an advance on an educational loan which is disbursed in more than one advance, which is repayable in more than 7 years. For the purposes of this section an educational loan shall …