N.J. Admin. Code § 3:11-7.9

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

Section 3:11-7.9 - Loans to financial institutions with the approval of the Commissioner

(a) Loans or extensions of credit to any financial institution or to any receiver, conservator, superintendent of banks, or other agent in charge of the business and property of such financial institutions, when such loans or extensions of credit are approved by the Commissioner, shall not be subject to any limitation based on capital funds.

(b) For purposes of this section, "financial institution" means a commercial bank, savings bank, trust company, savings and loan association, or credit union.

(c) This exception is intended to apply only in emergency situations where a bank is called upon to provide assistance to another financial institution.

N.J. Admin. Code § 3:11-7.9

New Rule, R.1983 d.133, effective 5/2/1983.
See: 15 New Jersey Register 192(a), 15 New Jersey Register 688(a).