N.J. Admin. Code § 3:21-3.7

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

Section 3:21-3.7 - Revocation or denial of authority to operate a branch

(a) The Commissioner may deny an application to establish a branch or relocate a previously approved existing branch if all of the applicable conditions set forth in 3:21-3.4 and 3.5 are not met to the satisfaction of the Commissioner. In the event of a denial, the credit union may, within 10 days of the date of the decision, request a hearing. Such hearing shall be conducted in accordance with the Administrative Procedure Act, 52:14B-1 et seq., and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1.

(b) The Commissioner may, upon notice and a hearing, revoke the approval of a State chartered credit union to maintain a branch if the Commissioner determines that:

1. The credit union no longer meets the requirements of 3:21-3.5 or 3.6;

2. The credit union has violated the laws of this State, or the laws of its home state, or Federal laws, or orders issued by the Commissioner, its home state regulator or its insurer;

3. The credit union has engaged in unsafe or unsound credit union practices; or

4. Continued operation by the credit union may have a substantial adverse impact on the financial, economic or other interest of residents of this State.

(c) A hearing pursuant to (b) above shall be conducted in accordance with the Administrative Procedure Act, 52:14B-1 et seq. and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1.

N.J. Admin. Code § 3:21-3.7