N.J. Admin. Code § 3:11-9.3

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

Section 3:11-9.3 - Authority to issue standby letters of credit

(a) A bank may issue a standby letter of credit on behalf of its customers in the normal course of business:

1. Provided that the bank's undertaking contains a specified expiration date or be for a definite term; and

2. The bank's liability is limited to a stated amount.

N.J. Admin. Code § 3:11-9.3