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

17:16V-11 Applicability when debtor resides in State. 11. This act shall apply to all credit transactions entered into in this State or if the debtor resides in this State, provided, however, that if the debtor resides in another state, compliance with that state's requirements r…

17:16V-12 Transactions to which act applies. 12. This act shall apply to all credit transactions whether entered into prior or subsequent to the effective date of this act but shall apply only to collateral protection insurance purchased after the effective date of this act. L.19…

17:16V-2 Definitions relative to collateral protection insurance. 2. As used in this act: "Collateral" means all personal property used to secure payment or performance pursuant to a credit transaction. "Collateral protection insurance" means insurance purchased by a creditor in …

17:16V-3 Collateral protection insurance, purchase by creditor. 3. a. If the terms of the credit agreement require the debtor to obtain and continue to maintain insurance which designates the creditor as loss payee or beneficiary protecting against loss or damage to the collatera…

17:16V-4 Collateral protection insurance; effective date, face amount, term. 4. a. The effective date of the collateral protection insurance policy purchased by the creditor shall not be sooner than the earlier of the date the debtor's insurance lapsed or the date that the debtor…

17:16V-5 Termination, cancellation conditions. 5. a. Collateral protection insurance shall terminate on the earliest of the following dates: (1) the date other acceptable insurance coverage becomes effective, subject to the debtor providing evidence of the other insurance to the …

17:16V-6 Obtaining insurance. 6. Collateral protection insurance may be obtained from an insurance carrier chosen by the creditor which is licensed or otherwise authorized to provide such insurance in this State, and shall be set forth in an individual policy or certificate of in…

17:16V-7 Cause of action not created to debtor or third party; remedy; notification; exempt transactions. 7. a. (1) A creditor that places, or a person that receives commissions or fees arising out of, collateral protection insurance shall not be liable to any debtor, guarantor o…

17:16V-8 Fiduciary relationship not imposed. 8. Neither this act nor the purchase of collateral protection insurance nor receipt of commission or other consideration by the creditor shall impose a fiduciary relationship between the creditor and debtor. Placement of collateral pro…

17:16V-9 Remedies, rights, options unimpaired. 9. This act shall not impair any other remedies, rights or options available to a creditor pursuant to law, regulation, ruling or contract. L.1999,c.44,s.9.

17:16W-1. Declaration regarding records retention 1. The Legislature declares that it is in the public interest to require State chartered financial institutions to retain certain records for specified periods of time. Creating record retention requirements will assist financial …

17:16W-10. Claims where records not required to be retained, statutes of limitations not affected; requirements 10. a. In the event of any claim against a financial institution where the claimant relies in any way on records of the financial institution, which records are not req…

17:16W-11. Applicability 11. The provisions of this act shall apply to all financial institutions chartered by this State and to the records of out-of-State banks, savings banks and savings and loan associations which relate to accounts, loans or other transactions which are made…

17:16W-2. Definitions regarding records retention 2. As used in this act: "Commissioner" means the Commissioner of Banking and Insurance. "Date of the passbook" means the date of the last entry by the financial institution of a transaction with respect to the passbook account, or…

17:16W-3. Statement accounts, certificates of deposit, passbook accounts; records 3. A financial institution shall retain records of its accounts as follows: a. Statement accounts: (1) Records of transactions in a statement account sufficient to reconstruct the account and to tra…

17:16W-4. Passbook payment with no financial institution records 4. The following rules shall apply if a passbook is presented to a financial institution for payment and the financial institution has no record of the account and there is no record of payment of the account to the…

17:16W-5. Loan, collateralized loans; records 5. A financial institution shall retain records relating to the making, collection and administration of loans as follows: a. For all loans: (1) Records of dispositive or final judgments in bankruptcies or other litigation involving a…

17:16W-6. Records of checks, drafts, etc., six year retention 6. A financial institution shall retain records of checks, drafts, money orders and cashier's checks issued by it for not less than six years after the date of issue. Records of certified checks and electronic transfer…

17:16W-7. Other records, records retention 7. A financial institution shall maintain records relating to safe deposit boxes, which records include access records, access agreements, lease agreements, signature cards, records of payment for the rental or use of the box, power of a…

17:16W-8. Retention time period 8. If any records are subject to the provisions of more than one of the time periods for the retention of records specified in sections 3 through 7 of this act, the longest time period for which those records are required to be retained shall be ap…

17:16W-9. Retention period for records not covered by this act 9. For any records not specifically covered by this act and for which there is no applicable state or federal retention period prescribed, the Commissioner of Banking and Insurance may, by regulation, establish minimu…

17:16X-1. Definitions regarding subsidiary mergers 1. For purposes of this act: "Commissioner" means the Commissioner of Banking and Insurance. "Financial institution" means a bank, savings bank or savings and loan association. "Subsidiary" means a corporation, limited liability …

17:16X-2. Conditions of merger 2. A financial institution may merge with any one or more of its subsidiaries, so long as the financial institution is the entity that survives the merger as the continuing entity, subject to the terms and conditions set forth in this act. L.2000,c.…

17:16X-3. Merger's legal compliance 3. Mergers of a financial institution and a subsidiary of a financial institution pursuant to this act shall comply with and require the commissioner's approval pursuant to the provisions of law applicable to a merger of the surviving financial…

17:16X-4. Merger plan contents 4. The governing board of the financial institution shall adopt a plan of merger for a merger pursuant to this act between the financial institution and a subsidiary other than a financial institution setting forth: a. The name of the financial inst…

17:16X-5. Adoption of merger plan 5. The governing board of a subsidiary shall adopt a plan of merger pursuant to the provisions of the law under which the subsidiary was created. L.2000,c.70,s.5.

17:16X-6. Application for commissioner's approval 6. A financial institution shall apply for the commissioner's approval to merge with a subsidiary other than a financial institution, and shall provide the information as required by this act and by rules and regulations adopted b…

17:16X-7. Merger deemed effective from filing of certification 7. A merger between a financial institution and a subsidiary other than a financial institution shall be effective from the filing with the commissioner of a certification of the president or a vice president of the f…

17:16X-8. Dissention from the merger 8. Any holder of an interest in a subsidiary to be merged, including a shareholder, partner or member, shall have the right to dissent from the merger as set forth in this section. a. A holder of an interest may not dissent as to less than all…

17:16Y-1 Use of trade name, trademark of depository institution. 1. No person shall use or reference the trade name or trademark of a depository institution, its affiliate or subsidiary or a trade name or trademark similar to that of a depository institution, its affiliate or sub…

17:16Y-2 Use of consumer's loan information. 2. No person shall use or reference a consumer's loan number, loan amount or other specific loan information, whether publicly available or not, in any solicitation for services or products without the consent of the depository institu…

17:16Y-3 Use of depository institution trade name, trademark to deceive consumer. 3. No person shall use the trade name or trademark of a depository institution, its affiliate or subsidiary or a trade name or trademark similar to that of a depository institution, its affiliate or…

17:16Y-4 Violations, penalties. 4. a. A person who violates the provisions of this act shall be liable to a penalty of $1,000 for each violation. The penalty shall be collected by the Commissioner of Banking and Insurance in accordance with the "Penalty Enforcement Law of 1999," …

17:16Y-5 Regulations. 5. The Commissioner of Banking and Insurance shall promulgate regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) as necessary to effectuate the purposes of this act. L.2007, c.51, s.5.

17:16Z-1 Short title. 1. This act shall be known and may be cited as the "Banking Development District Act." L.2011, c.24, s.1.

17:16Z-2 Definitions relative to banking development districts. 2. As used in this act: "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 cashin…

17:16Z-3 Banking Development District Program. 3. There is established in the department, the Banking Development District Program. The commissioner shall administer and monitor the program to encourage the establishment of bank branches in geographic locations in this State wher…

17:16Z-4 Rules, regulations setting forth criteria for establishment of banking development districts. 4. The department shall promulgate rules and regulations which set forth the criteria for the establishment of banking development districts. The criteria shall include, but not…

17:16Z-5 Application for designation of banking development district. 5. a. A municipality, in conjunction with a bank, may submit an application to the commissioner for the designation of a banking development district within a specified geographic area. b. The commissioner shal…

17:16Z-6 Selection of bank as depository for public moneys, funds. 6. a. Notwithstanding the provisions of section 1 of P.L.1956, c.174 (C.52:18-16.1) or any other law to the contrary, the State Treasurer may select a bank in a district as a depository for public moneys or funds …

17:16Z-7 Selection of bank as depository of funds of municipality. 7. a. The governing body of a municipality in which a banking development district has been designated by the commissioner may, by resolution, select a bank in the district as a depository for funds of the municip…

17:16Z-8 Rules, regulations. 8. The Department of Banking and Insurance shall adopt rules and regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to effectuate the purposes of this act. L.2011, c.24, s.8.

17:16ZZ-1 Definitions relative to regulation of student loan servicers. 1. As used in this act: "Commissioner" means the Commissioner of Banking and Insurance. "National Mortgage Licensing System and Registry" means the licensing system owned and operated by the State Regulatory …

17:16ZZ-10 Additional authority of the commissioner. 10. a. In addition to any authority provided under Title 17 of the Revised Statutes, the commissioner shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, licens…

17:16ZZ-11 Suspension, revocation, refusal to renew license; violations, penalties. 11. a. The commissioner may suspend, revoke or refuse to renew any license issued under the provisions of subsection c. of section 4 of this act, or take any other action, if the commissioner find…

17:16ZZ-12 Actions, counterclaims by borrower. 12. A student loan borrower who suffers any ascertainable loss of moneys as a result of the use or employment by a student loan servicer of any method, act, or practice declared unlawful under this act may bring an action or assert a…