N.J. Admin. Code § 3:21-1.1

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

Section 3:21-1.1 - Definitions

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

"Applicant" means an applicant for designation as a low-income credit union.

"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.

"Credit union" means a State-chartered credit union or an entity which has submitted an application for a State charter for a credit union.

"Low-income credit union" or "LICU" means a credit union which has been designated a low-income credit union pursuant to this subchapter.

"Low-income members" or "low-income residents" means those members or residents:

1. Whose annual income falls at or below the lower level standard of living classification as established by the Bureau of Labor Statistics and as updated by the Employment Training Administration of the U.S. Department of Labor;

2. Who are residents of a public housing project who qualify for such residency because of low income;

3. Who qualify as recipients in a community action program; or

4. Who are enrolled as full-time or part-time students in a college, university, high school, or vocational school.

"NCUA" means the National Credit Union Administration.

"Predominantly" means a majority.

"State" means the State of New Jersey.

N.J. Admin. Code § 3:21-1.1

Amended by R.1997 d.83, effective 2/18/1997.
See: 28 New Jersey Register 5123(a), 29 New Jersey Register 548(a).
Amended "Commissioner".