N.J. Admin. Code § 3:1-2.5

Current through Register Vol. 56, No. 21, November 4, 2024

Section 3:1-2.5 - Charter applications; notice and publication

(a) When a charter application is filed with the Department, the Department shall so advise, in writing, the New Jersey Bankers Association, or its successor organization, if any. Notice of receipt of the application shall also be posted on the Department's website at www.state.nj.us/dobi.

(b) When the Department finds that a charter application is complete, the Department shall send notice to the applicant setting forth a hearing date. The Department shall also post notice of the hearing on the Department's website at www.state.nj.us/dobi within one week of sending the notice. In addition, the Department shall advise through a notice, electronically or in writing, the New Jersey Bankers Association, or its successor organization, if any, of the hearing date. The notice shall also contain a statement that an objection, if any, shall be filed with the Department no later than 10 business days prior to the scheduled hearing date and list the requirements for an objection to be considered by the Department as set forth at 3:1-2.7(b).

(c) Within 10 calendar days after notification of the formal hearing date for any charter application, the applicant shall publish notice of the application once a week for four successive weeks in a newspaper designated by the Commissioner, which is published and circulated in the municipality in which said charter is proposed to be established, or if there be no such newspaper, then in a newspaper of general circulation in the municipality.

(d) The notice shall contain the following:

1. The names of the incorporators;

2. The name and mailing address of the applicant;

3. The proposed location of the principal office;

4. The amount of capital stock and surplus, or the amount of capital deposits, whichever is applicable;

5. The hearing date; and

6. A listing of the requirements for an objection to be considered by the Department as set forth at 3:1-2.7(b) and a statement indicating that any objections to the application must be filed with the Department no later than 10 business days prior to the scheduled hearing date.

(e) The incorporators shall cause a copy of the notice in the form prescribed in (d) above to be forwarded to the chief executive officer of every banking institution having an office within five miles of the proposed location, and to such other offices as the Commissioner shall designate, not more than 10 calendar days after formal notification of the formal hearing date and at least three weeks before the scheduled hearing. Regarding applications of savings and loan associations, the incorporators shall also cause a copy of the notice in the form prescribed by (d) above to be forwarded to the chief executive officer of every savings and loan association having an office within the county where the principal office of the State association is to be located, if not within five miles.

N.J. Admin. Code § 3:1-2.5

Amended by 47 N.J.R. 709(a), effective 4/6/2015.