New Jersey Administrative Code
Title 3 - BANKING
Chapter 1 - GENERAL PROVISIONS
Subchapter 2 - PROCEDURAL RULES
Section 3:1-2.8 - Branch applications; objections and oral presentations

Universal Citation: NJ Admin Code 3:1-2.8

Current through Register Vol. 56, No. 18, September 16, 2024

(a) An objection to a branch application must be filed with the Department within 10 days of the publication of the notice prescribed by 3:1-2.6(a) on the Department's website, or 30 days after that day if an extension is requested in writing within the 10-day period. An objection to a mini-branch application must be filed within 20 days after publication. An objection to an application to branch accepted as expedited as provided in 3:1-2.3(g) shall be filed not later than 10 days after publication of the notice as set forth above.

(b) An objection shall be in writing and contain:

1. A summary of the reasons for protest;

2. Facts supporting the protest, including relevant economic or financial data;

3. Any adverse effects on the objector which may result from approval of the application;

4. An indication as to whether the objector requests to have a branch hearing. A fee of $ 750.00 shall accompany an application for a branch hearing, except that a non-profit public interest objector shall instead include a $ 100.00 fee. If it is later determined that an oral presentation will not be held, the fee will be returned to each of the objectors requesting an oral presentation; and

5. Proof that the objection and a request for a copy of the application were mailed to the applicant.

(c) Upon receiving notice from the objector that an objection has been filed, an applicant shall within seven calendar days forward and deliver to the objector copies of the application and all supportive data submitted relative to the application. The applicant shall file with the Department proof of delivery to and receipt by the objector of this data. Within 14 calendar days after receiving data from the applicant, the objector may file additional comments with the Commissioner regarding matters contained in the application, and shall send copies of all comments to the applicant.

(d) Within 10 days after receiving final comments from an objector, the Commissioner shall notify the objector and the applicant as to whether the objection is substantial and will therefore be considered. An objection is substantial only if:

1. It is in writing and filed on time;

2. It contains a summary of the reasons for protest, a statement of the specific matters in the application to which the protestant objects and the reason for the objection, facts supporting the protest including relevant economic or financial data, and a summary of any adverse effects on the objector which may result from the approval of the application; and

3. It pertains to at least one of the criteria for approval.

(e) The applying depository may file an answer to any substantial objection within 15 days after receipt of written notice from the Commissioner that such protest is considered substantial by furnishing four copies of the answer to the Commissioner.

(f) The Department may grant a request for oral presentation on branch applications only if:

1. The objector requesting the oral presentation has filed and perfected an objection and oral presentation request in accordance with this section; and

2. The Commissioner finds that the objector requesting the oral presentation has presented sufficient reasons indicating that it is necessary and warranted and that the matter cannot be resolved on the papers.

(g) Notwithstanding (f) above, the Department may schedule a hearing or oral presentation on any application if deemed necessary or warranted under the circumstances.

(h) There shall ordinarily be no oral presentations on minibranch, auxiliary or limited facility branch office applications.

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