N.J. Admin. Code § 9A:2-1.6

Current through Register Vol. 56, No. 17, September 3, 2024

Section 9A:2-1.6 - Risk mitigation plan

(a) During the course of a review pursuant to this chapter, the Secretary may find that an institution that is not at risk of imminent closure has demonstrated significant potential financial weakness and may request the institution to submit a risk mitigation plan, which shall, at a minimum:

1. Notify the Secretary of any known liabilities, risks, or financial issues at the institution;

2. Provide the institutional plan, both short-term and long-term, to sustain operations and to improve the financial stability of the institution; and

3. Provide any additional information required by the Secretary.

(b) OSHE may conduct additional assessments of an institution in order to monitor the institution's progress in the implementation of a risk mitigation plan.

N.J. Admin. Code § 9A:2-1.6

Adopted by 54 N.J.R. 491(d), effective 3/21/2022