N.J. Admin. Code § 3:7-3.4

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

Section 3:7-3.4 - Exclusions from confirmation program

(a) Unless the board of directors or the persons conducting the examination deem it necessary or advisable, the following are not required to be confirmed under this subchapter:

1. School savings and club accounts;

2. Dormant or inactive savings accounts with balances under $ 1,000 provided such accounts are contained in a square control unit and held under dual control;

3. Demand accounts, sometimes referred to as "special checking accounts" or some other similar type limited activity accounts;

4. Installment contracts, such as insurance premiums; which by their nature are drawn for periods of one year or less and in amounts of $ 1,000 or less;

5. Serviced loans, provided that the servicer's outside accountant included in his or her scope a confirmation program which encompasses the serviced loans and the person responsible for this bank's confirmation program receives a copy of the results of the confirmations and is satisfied that the procedures and methods utilized are acceptable; or if the accountant for the servicer states that his or her examination of the servicer encompassed the requirements of the single audit program for mortgage bankers.

N.J. Admin. Code § 3:7-3.4

Amended by R.2000 d.481, effective 12/4/2000.
See: 32 New Jersey Register 3385(a), 32 New Jersey Register 4253(a).