N.J. Admin. Code § 3:4-4.7

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

Section 3:4-4.7 - Emergency cases

(a) The Commissioner may, in emergent cases, permit agents of a foreign bank to conduct activities in this State that would otherwise be prohibited by 3:4-4.3, subject to the following conditions:

1. The primary regulator of the foreign bank shall verify to the Department that the bank presents no safety and soundness or consumer protection concerns, and shall agree to notify the Department promptly if such concerns develop during the time the agent is engaging in activities in New Jersey;

2. The primary regulator of the foreign bank shall agree to remain the primary regulator of the foreign bank;

3. The agent activities of the foreign bank in this State are conducted pursuant to the regulatory law of the primary regulator, including powers provisions, except that such activities shall be subject to the general law of New Jersey, including, but not limited to theft, fraud, and criminal law;

4. The approval granted by the Commissioner shall be limited to a specified period, not to exceed 180 days. If concluding agent activities within the specified period would constitute a substantial hardship, the foreign bank may apply to the Commissioner for one or more extensions not to exceed 180 days each;

5. The foreign bank shall agree that the Commissioner may withdraw the approval for cause, provided that the primary regulator has been given notice of such cause and has not taken effective action to correct it or otherwise address it satisfactorily; and

6. The foreign bank shall agree that the Commissioner shall have access to the institution and documents for purposes of determining its compliance with the conditions for admission to the State and whether there have been violations of general state law, provided that the Commissioner has requested documents or information from the primary regulator and has not received the same in a timely manner.

(b) Statements satisfying the conditions in (a) above shall be submitted in writing to the Commissioner as a basis for approval.

N.J. Admin. Code § 3:4-4.7