New Jersey Administrative Code
Title 3 - BANKING
Chapter 33 - PROPOSED INTERSTATE ACQUISITION
Subchapter 1 - DETERMINATION OF ELIGIBILITY
Section 3:33-1.3 - Determination of eligibility
Universal Citation: NJ Admin Code 3:33-1.3
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Within 30 days after receipt of a completed application for determination of compliance with the requirements of 17:12B-279 and this subchapter, the Commissioner shall issue a determination:
1. Whether the out-of-State insured savings association or out-of-State savings and loan holding company is an eligible insured savings association or eligible savings and loan holding company;
2. Whether the out-of-State insured savings association or out-of-State savings and loan holding company has more than 50 percent of the total aggregate deposits of its insured savings association subsidiaries in insured savings association subsidiaries located in an eligible state or states, each of which has reciprocal legislation in effect; and
3. Whether any limitations or restrictions on acquisition or ownership shall be applicable with respect to the proposed transaction, and a description of those limitations or restrictions, if any.
(b) If the Commissioner disapproves the application, the applicant may, within 10 days of receipt of a notice of disapproval, ask the Commissioner in writing to hold a hearing on the proposed acquisition. The hearing shall be held in accordance with the provisions of the Administrative Procedure Act, 52:14B-1 et seq., and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1.
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