N.J. Admin. Code § 3:1-18.1

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

Section 3:1-18.1 - Definitions

The following words and terms shall have the following meanings when used in this subchapter, unless the context clearly indicates otherwise:

"Back office operation" shall mean the following activities:

1. Data processing;

2. Recordkeeping;

3. Accounting;

4. Check and deposit sorting and posting;

5. Computation and posting of interest;

6. Clerical, computer, and statistical activities which are similar to the activities in paragraphs 1 through 5 above;

7. Producing and mailing correspondence and other documents;

8. Maintaining credit balances; and

9. Such other similar activities that the Commissioner approves.

"Back office operation" shall not mean:

1. Making loans;

2. Making underwriting decisions; and

3. Accepting deposits.

"Department" shall mean the New Jersey Department of Banking and Insurance.

"Foreign association" shall mean an association chartered by the Federal government or another state which has no principal or branch offices in this State.

"Foreign bank" shall have the meaning which that term has in N.J.S.A. 17:9A-1.

"Foreign financial institution" shall include a foreign bank and a foreign association.

N.J. Admin. Code § 3:1-18.1

Amended by R.1996 d.483, effective 10/7/1996.
See: 28 New Jersey Register 2661(a), 28 New Jersey Register 4417(b).
Amended by R.2001 d.112, effective 4/2/2001.
See: 32 New Jersey Register 213(a), 33 New Jersey Register 1087(a).
Amended "Back office operation"; added "Department".