N.J. Admin. Code § 3:11-11.5

Current through Register Vol. 56, No. 17, September 3, 2024

Section 3:11-11.5 - Permissible activities

(a) A subsidiary company may engage in the following activities:

1. Originating, investing in, selling, purchasing (including purchasing participations in), servicing, or otherwise dealing in loans of any type which may be made by a bank;

2. Provide services primarily for other financial institutions (for example, accounting, auditing, clerical, consulting, data processing, investment advisory, managerial);

3. Acquiring improved or unimproved real property for the purpose of subdividing, developing, constructing improvements thereon, and reselling, leasing or operating such property for the production of income;

4. Providing real estate services (for example, brokerage, appraisal, inspection, property management, relocation services);

5. Providing equity and debt investments in corporations or projects designed primarily to promote community welfare, such as economic rehabilitation and development of low income areas by providing housing, services, or jobs for residents;

6. Providing travel agency and tax preparation services;

7. Providing insurance brokerage or agency services;

8. Providing securities services (for example, brokerage, investment advice);

9. Issuing letters of credit;

10. Issuing credit cards and engaging in credit card operations;

11. Acquiring personal property for the purpose of leasing such property;

12. Acting as underwriter for credit life insurance and credit accident and health insurance that is directly related to an extension of credit by the bank.

13. Acquiring capital stock of, or becoming a member of, any stock or mutual insurance company whose primary purpose is to provide or underwrite liability or casualty insurance for banks located in the United States of America.

N.J. Admin. Code § 3:11-11.5