New Jersey Administrative Code
Title 3 - BANKING
Chapter 21 - CREDIT UNIONS
Subchapter 3 - BRANCHING BY A STATE CHARTERED CREDIT UNION
Section 3:21-3.2 - Definitions

Universal Citation: NJ Admin Code 3:21-3.2
Current through Register Vol. 56, No. 18, September 16, 2024

The following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise.

"Commissioner" means the Commissioner of the Department of Banking and Insurance.

"Department" means the New Jersey Department of Banking and Insurance.

"Establish a branch" means to begin operations of a branch, whether by acquisition of an existing credit union or its branch, or de novo.

"Home state" means the state or territory of the United States in which the credit union is chartered.

"Host state" means a state, other than the home state of the credit union, in which the credit union maintains, or seeks to establish and maintain, a branch.

"New Jersey State chartered credit union" means a credit union chartered by the State of New Jersey under 17:13-79 et seq.

"Out-of-State state chartered credit union" means a credit union chartered under the laws of a state or territory of the United States other than New Jersey.

"Solvent" means that the present cash value of a credit union's assets, after providing for liabilities, exceeds the total amount of its shares.

"State chartered credit union" means a credit union chartered by the State of New Jersey or any other state or territory of the United States, but not a Federally chartered institution.

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