N.J. Admin. Code § 3:4-4.4

Current through Register Vol. 56, No. 9, May 6, 2024

Section 3:4-4.4 - Permitted activities

(a) For the purposes of 17:9A-316 a foreign bank shall not be deemed to transact business or maintain an office in this State by virtue of conducting business in this State through an agent.

(b) For the purposes of N.J.S.A. 17:9A-316E, and this subchapter "conducting business" means:

1. Closing loans in New Jersey provided that:

i. The agent is an attorney admitted to practice in New Jersey, a New Jersey-licensed title insurance producer, or an insured depository institution affiliate; and

ii. The interest rate charged does not exceed the maximum permitted by 2C:21-19(a);

2. Performing appraisals on real property in New Jersey in connection with a loan, provided that the agent or other individual who performs the appraisal is properly licensed or certified pursuant to 45:14F-1 et seq.;

3. Examining the progress of construction on real property in New Jersey that is security for a loan;

4. Soliciting the purchase, negotiating the purchase, or purchasing portfolios of loans or other instruments in the secondary market; or

5. Using the New Jersey court system to enforce the provisions of a loan, to the extent permitted by law.

N.J. Admin. Code § 3:4-4.4