N.J. Admin. Code § 5:30-14.42
Current through Register Vol. 56, No. 11, June 3, 2024
A banking institution serving as a depository for a local unit's controlled program funds or offering a length of service award plan to local units shall be a New Jersey State-chartered bank, savings bank, or savings and loan or Federally-chartered bank, savings bank, or savings and loan located in New Jersey; hereinafter referred to as "banking institution." Such banking institution shall be in compliance with capital requirements for state-chartered banking institutions as set forth in N.J.A.C. 3:4, or capital requirements for Federally-chartered banking institutions as set forth in 12 CFR Part 325. Further, the bank must participate in the New Jersey Governmental Unit Depository Protection Act.
N.J. Admin. Code § 5:30-14.42