New Jersey Administrative Code
Title 3 - BANKING
Chapter 4 - DEPOSITORY INSTITUTIONS
Subchapter 4 - AGENTS OF FOREIGN BANKS
Section 3:4-4.5 - Sellers of retail goods
Universal Citation: NJ Admin Code 3:4-4.5
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Subject to (b) below, in connection with the sale of retail goods or services by its own business, a retail seller in this State may:
1. Offer or distribute information from a
foreign bank to a customer;
2.
Offer or distribute an application to a customer;
3. Receive, accept for transmittal to a
foreign bank, or transmit to a foreign bank a customer's application or
application information; and
4.
Receive fees from a customer in connection with a sale.
(b) A retail seller may engage in the activities set forth in (a) above provided that the conditions set forth below are fulfilled.
1. The foreign bank, with
regard to the retail seller's activities:
i.
Makes the underwriting decision out of State;
ii. Does not have an office in this
State;
iii. Does not display
signage in this State;
iv. Does not
advertise in New Jersey-based media; and
v. Does not receive retail deposits from the
customer through the seller; and
2. The retail seller, and relevant employees
of the retail seller, are licensed in good standing to engage in the activity
if a person who is not an employee of a banking institution as defined in
17:9A-1, or an entity that is not
such a banking institution would be required to be licensed by this State to
engage in the same activity.
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