N.J. Admin. Code § 3:4-4.5

Current through Register Vol. 56, No. 11, June 3, 2024

Section 3:4-4.5 - Sellers of retail goods

(a) Subject to (b) below, in connection with the sale of retail goods or services by its own business, a retail seller in this State may:

1. Offer or distribute information from a foreign bank to a customer;

2. Offer or distribute an application to a customer;

3. Receive, accept for transmittal to a foreign bank, or transmit to a foreign bank a customer's application or application information; and

4. Receive fees from a customer in connection with a sale.

(b) A retail seller may engage in the activities set forth in (a) above provided that the conditions set forth below are fulfilled.

1. The foreign bank, with regard to the retail seller's activities:

i. Makes the underwriting decision out of State;

ii. Does not have an office in this State;

iii. Does not display signage in this State;

iv. Does not advertise in New Jersey-based media; and

v. Does not receive retail deposits from the customer through the seller; and

2. The retail seller, and relevant employees of the retail seller, are licensed in good standing to engage in the activity if a person who is not an employee of a banking institution as defined in 17:9A-1, or an entity that is not such a banking institution would be required to be licensed by this State to engage in the same activity.

N.J. Admin. Code § 3:4-4.5