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

17:16I-14. Effect of transfer by right of survivorship Any transfers resulting from the application of section 5 are effective by reason of the account contracts involved and this act, and are not to be considered as testamentary. The right of any surviving party to a joint accou…

17:16I-15. Trusts created in fraud of creditors or laws governing transfer inheritance or estate taxes Nothing in this act shall validate any trust created in fraud of creditors of the fiduciary nor affect any law of this State governing transfer inheritance or estate taxes, nor …

17:16I-16. Deposit contracts; form and content The Commissioner of Banking shall prescribe by rule or regulation the form and content of deposit contracts applicable to deposits of funds which may be subject to this act for the object of assuring to the extent possible that each …

17:16I-17. Application of act This act shall apply only to accounts opened after its effective date and accounts opened prior thereto shall be governed by the law in effect when such accounts were opened. L.1979, c. 491, s. 17.

17:16I-2. Definitions As used in this act unless the context otherwise requires: a. "Account" means a contract of deposit of funds between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, share account and other li…

17:16I-3. Ownership as between parties and others; protection of financial institutions The provisions of sections 4 to 6 concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, are relevant only to …

17:16I-4. Ownership during lifetime Unless a contrary intent is manifested by the terms of the contract, or the deposit agreement, or there is other clear and convincing evidence of a different intent at the time the account is created: a. A joint account belongs, during the life…

17:16I-5. Right of survivorship a. Sums remaining on deposit at the death of a party to a joint account belong to the surviving party or parties as against the estate of the decedent unless there is clear and convincing evidence of a different intention at the time the account is…

17:16I-6. Determination of rights at death of party; alteration of form of account; notice or order to financial institution The provisions of section 5 as to rights of survivorship are determined by the form of the account at the death of a party. This form may be altered by wri…

17:16I-7. Rights of creditors No multiple-party account will be effective against an estate of a deceased party to transfer to a survivor sums needed to pay debts, taxes, and expenses of administration, if other assets of the estate are insufficient. A surviving party, P.O.D. pay…

17:16I-8. Multiple-party accounts; payments; notice 8. Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. The following payments from a multiple-party account by the financial institution, including pay…

17:16I-9. Financial institution protection; payment after death or disability; joint account Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is demanded; but payment m…

17:16J-1. Definitions For the purposes of this act: a. "Acquired depository" is a depository which is acquired as a result of a supervisory acquisition as provided in this act; b. "Acquiring company" is a company which acquires one or more depositories as a result of a supervisor…

17:16J-10. Executed merger agreement or plan of acquisition Each depository which is a party to a supervisory merger or a supervisory acquisition shall submit to the commissioner: a. an executed merger agreement or plan of acquisition approved by resolution of the board of direct…

17:16J-11. Shareholders; approval of agreement or plan; rights If the commissioner approves the merger agreement or plan of acquisition, it shall be submitted to the stockholders of each merging party or each party to an acquisition which is a bank, a capital stock savings bank, …

17:16J-12. Effective date; merger The merger shall become effective upon the last to occur of the following: a. In the case of a mutual depository, on the date the approved merger agreement or plan of acquisition is filed with the department as provided in section 10 of this act;…

17:16J-13. Effect; merger Upon the merger of one depository institution into another, and after the merger agreement is approved, endorsed and filed: a. The corporate existence of the merging depository shall be merged into that of the receiving depository, and all its rights, pr…

17:16J-14. Foreign depositories; acquisition Any state chartered depository may purchase or otherwise acquire one or more foreign depositories to the same extent and in the same manner that a federally chartered depository having its principal office in this State may purchase or…

17:16J-15. Federally chartered depository; supervisory merger In the case of a supervisory merger, the commissioner may authorize a state chartered depository to merge into, consolidate with, or sell its assets and transfer its liabilities to a federally chartered depository whic…

17:16J-16. Protection of depositors; stockholder voting To protect the interest of the depositors of any depository in a supervisory merger or acquisition, the commissioner may waive the provisions of this or any other law or regulation if he deems it necessary to effectuate the …

17:16J-17. Foreign depository; limitations on acquisition or merger Nothing in this act is intended to authorize the merger by or the acquisition of stock or the assets of a depository by a foreign depository, or a company other than as defined in subsection i. of section 1 of th…

17:16J-18. Commissioner; depository; powers Nothing in this act shall be deemed to limit any power otherwise granted to the commissioner or to any depository by law. L.1982, c. 8, s. 18, eff. March 4, 1982.

17:16J-19. Commissioner; civil liability or penalty The commissioner shall not be subject to any civil liability or penalty nor to any criminal prosecution for any error in judgment or discretion in any action taken or omitted by him in good faith under the provisions of this act…

17:16J-2. Authorization; supervisory acquisition or merger The commissioner may, if he deems it to be in the public interest, authorize a supervisory acquisition by a company or a supervisory acquisition or supervisory merger between two or more depositories under the terms and c…

17:16J-20. Rules and regulations The commissioner may promulgate rules and regulations necessary to effectuate the purposes of this act. L.1982, c. 8, s. 20, eff. March 4, 1982.

17:16J-21. Annual report The commissioner shall provide a written annual report to the chairmen of the Assembly Banking and Insurance Committee and the Senate Labor, Industry and Professions Committee, or their successors, setting forth the nature and general terms and conditions…

17:16J-3. Directing of acquisition or merger; authority of commissioner The commissioner shall have the authority to direct a depository to merge into or be acquired by another depository or a company only if the depository to be merged or acquired meets one of the following test…

17:16J-4. Priority; supervisory acquisition or merger a. The commissioner shall give priority to a proposal for supervisory acquisition of a depository over a proposal for supervisory merger, if the acquisition would be deemed by him to be feasible and to result in the successful…

17:16J-5. Plan; supervisory acquisition; authorization of execution; contents If a supervisory acquisition is to take place, two-thirds of the members of the board of directors or managers of each company or depository which seeks to acquire another depository pursuant to this ac…

17:16J-6. Agreement; supervisory merger; authorization of execution; contents If a supervisory merger pursuant to section 2 or 3 of this act is to take place, two-thirds of the members of the board of directors of a bank, association, or a capital stock association, or two-thirds…

17:16J-7. Mutual depository as party; supervisory merger agreement or plan of acquisition; contents If a mutual depository is a party to a supervisory merger or a supervisory acquisition, the merger agreement or plan of acquisition shall also contain: a. A provision that each dep…

17:16J-8. Liquidated account; merger of mutual depositories In the event of a merger of two mutual depositories or the conversion of a mutual depository to a capital stock depository which is related to a supervisory merger or supervisory acquisition, the merger agreement or plan…

17:16J-9. Methods; supervisory merger A merger agreement shall provide for supervisory mergers by any one, or by any combination of, or by all of the following methods: a. The exchange of shares of capital stock of each merging depository for shares of capital stock of the receiv…

17:16K-1. Short title This act shall be known and may be cited as the "Electronic Fund Transfer Privacy Act." L.1983, c. 466, s. 1, eff. Jan. 12, 1984.

17:16K-10. Minimum lighting requirements 4. Each operator and any person or entity controlling an access area or defined parking area in operation after the effective date of this act shall provide: a. A minimum of 10 candlefoot power at the face of an unenclosed automated teller…

17:16K-11. Basic safety precaution information to customers 5. a. Each customer receiving an access device shall be furnished by the respective issuer thereof with written notice of basic safety precautions to be employed while using an automated teller machine. This information …

17:16K-12. Provisions; enforcement, penalty for violation 6. a. The Department of Banking shall enforce the provisions of this act. b. Any party responsible hereunder found to be in violation of any provision of this act shall correct the violation within five business days after…

17:16K-13. Other laws applicable 7. Nothing contained in this act shall be construed to exempt or relieve any operator, owner or other person responsible hereunder from complying with all relevant provisions of the State Uniform Construction Code, P.L.1975, c.217 (C.52:27D-119 et…

17:16K-14. Nonapplicability to certain ATM's 8. The provisions of this act shall not apply to any automated teller machine or automated teller machine facility located in any building, structure or space the primary purposes or function of which is: unrelated to the provision of …

17:16K-15. Supersedure, preemption of local rules, regulations, etc. 9. This act supersedes and preempts all rules, regulations, codes, or ordinances of any county or municipality with regard to customer safety at automated teller machines or automated teller machine facilities. …

17:16K-16 Definitions relative to automated teller machines. 1. As used in this act: "Automated teller machine" means any electronic information processing device located in the State of New Jersey which accepts or dispenses cash in connection with a credit or deposit account. "O…

17:16K-17 Required display on automated teller machine. 2. Every automated teller machine located in this State shall have displayed on it, in a conspicuous place, a permanent, affixed label or notice that appears on the automated teller machine screen that clearly indicates the …

17:16K-18 Enforcement; violations, penalties. 3. a. The Department of Banking and Insurance shall enforce the provisions of this act. b. Any party found to be in violation of this act shall be subject to a civil penalty of not more than $1,000 per day for each day that the party …

17:16K-2. Definitions As used in this act: a. "Access device" means a card, code, or other means of access to a consumer's account, or any combination thereof, that may be used by the consumer for the purpose of initiating electronic fund transfers. b. "Account" means a demand, t…

17:16K-3. Disclosure of information by financial institution to third party A financial institution may disclose information relative to an electronic fund transfer or account to a third party when: a. The disclosure is necessary for the completion of an electronic fund transfer;…

17:16K-4. Government agencies; obtaining information; necessity of search warrant or subpena No government agency, except as provided for in subsections e. and f. of section 3 of this act, may obtain information from an electronic fund transfer account without first obtaining a s…