New Jersey Administrative Code
Title 3 - BANKING
Chapter 1 - GENERAL PROVISIONS
Subchapter 10 - RESTRICTIONS ON REAL PROPERTY TRANSACTIONS
Section 3:1-10.3 - Approval of denial of real estate applications
Universal Citation: NJ Admin Code 3:1-10.3
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The real estate application concerning a transaction with an affiliated person will be denied unless the applicant shall establish to the Commission's satisfaction that:
1. The terms and conditions of the proposed
transaction are in the best interests of the institution; and
2. The applicant provides a written
attestation of an independent appraiser that the terms and conditions of the
proposed transaction are equal to or better than those which the institution
would have obtained had the premises been purchased or leased in an arm's
length transaction with a non-affiliated third party.
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