N.J. Admin. Code § 3:5-9.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:5-9.1 - Penalty for improper reporting

(a) A depository institution that submits figures on assets, deposits or any other factor used by the Department to compute the depository institution's assessment that are substantially or materially in error shall be liable for an administrative penalty not to exceed $ 10,000 for each submission that contains substantially or materially incorrect information.

(b) A licensee that submits figures on loan volume, number of branches, or any other factor used by the Department to compute the licensee's assessment that are substantially or materially in error shall be liable for an administrative penalty not to exceed $ 10,000 for each submission that contains substantially or materially incorrect information.

(c) In addition to any monetary penalty that may be imposed against a licensee pursuant to (b) above, the Commissioner may take action to revoke, suspend or refuse to renew the license of a licensee that submits substantially or materially erroneous figures. The suspension, revocation or refusal to renew a license shall be in addition to any monetary penalty imposed pursuant to (b) above.

(d) The administrative penalty authorized pursuant to this subsection may be recovered in a summary proceeding in accordance with the Penalty Enforcement Law of 1999, P.L. 1999, c. 274 (2A:58-10 et seq.). Pursuant to N.J.S.A. 17:1C-48d, a willful violation of this section shall be considered a crime of the third degree.

N.J. Admin. Code § 3:5-9.1