N.J. Admin. Code § 3:1-10.3

Current through Register Vol. 56, No. 24, December 18, 2024

Section 3:1-10.3 - Approval of denial of real estate applications

(a) The real estate application concerning a transaction with an affiliated person will be denied unless the applicant shall establish to the Commission's satisfaction that:

1. The terms and conditions of the proposed transaction are in the best interests of the institution; and

2. The applicant provides a written attestation of an independent appraiser that the terms and conditions of the proposed transaction are equal to or better than those which the institution would have obtained had the premises been purchased or leased in an arm's length transaction with a non-affiliated third party.

N.J. Admin. Code § 3:1-10.3

Amended by R.2001 d.112, effective 4/2/2001.
See: 33 N.J.R. 213(a), 33 N.J.R. 1087(a).
In (a)2, inserted "applicant provides a written attestation of an independent appraiser that the" preceding "terms".