New Jersey Administrative Code
Title 3 - BANKING
Chapter 21 - CREDIT UNIONS
Subchapter 1 - LOW-INCOME CREDIT UNIONS
Section 3:21-1.1 - Definitions
Current through Register Vol. 56, No. 18, September 16, 2024
The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Applicant" means an applicant for designation as a low-income credit union.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Credit union" means a State-chartered credit union or an entity which has submitted an application for a State charter for a credit union.
"Low-income credit union" or "LICU" means a credit union which has been designated a low-income credit union pursuant to this subchapter.
"Low-income members" or "low-income residents" means those members or residents:
1. Whose annual income falls at or below the lower level standard of living classification as established by the Bureau of Labor Statistics and as updated by the Employment Training Administration of the U.S. Department of Labor;
2. Who are residents of a public housing project who qualify for such residency because of low income;
3. Who qualify as recipients in a community action program; or
4. Who are enrolled as full-time or part-time students in a college, university, high school, or vocational school.
"NCUA" means the National Credit Union Administration.
"Predominantly" means a majority.
"State" means the State of New Jersey.
