New Jersey Administrative Code
Title 3 - BANKING
Chapter 4 - DEPOSITORY INSTITUTIONS
Subchapter 4 - AGENTS OF FOREIGN BANKS
Section 3:4-4.4 - Permitted activities
Universal Citation: NJ Admin Code 3:4-4.4
Current through Register Vol. 56, No. 18, September 16, 2024
(a) For the purposes of 17:9A-316 a foreign bank shall not be deemed to transact business or maintain an office in this State by virtue of conducting business in this State through an agent.
(b) For the purposes of N.J.S.A. 17:9A-316E, and this subchapter "conducting business" means:
1. Closing loans in New Jersey provided that:
i. The agent is an attorney admitted to
practice in New Jersey, a New Jersey-licensed title insurance producer, or an
insured depository institution affiliate; and
ii. The interest rate charged does not exceed
the maximum permitted by
2C:21-19(a);
2. Performing appraisals on real
property in New Jersey in connection with a loan, provided that the agent or
other individual who performs the appraisal is properly licensed or certified
pursuant to
45:14F-1 et seq.;
3. Examining the progress of construction on
real property in New Jersey that is security for a loan;
4. Soliciting the purchase, negotiating the
purchase, or purchasing portfolios of loans or other instruments in the
secondary market; or
5. Using the
New Jersey court system to enforce the provisions of a loan, to the extent
permitted by law.
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