New Jersey Administrative Code
Title 3 - BANKING
Chapter 4 - DEPOSITORY INSTITUTIONS
Subchapter 4 - AGENTS OF FOREIGN BANKS
Section 3:4-4.6 - Non-depository affiliates
Universal Citation: NJ Admin Code 3:4-4.6
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Subject to (b) below, an entity or an employee of an entity located in this State, that is not an insured depository institution affiliated with a foreign bank, may:
1. Offer or distribute information from the
foreign bank to a customer;
2.
Offer or distribute an application for banking products or services to a
customer;
3. Transmit, or receive,
or accept for transmittal to the foreign bank a customer's application or
application information; and
4.
Receive fees from a customer in connection with banking products or
services.
(b) An entity, or an employee of an entity as described in (a) above may engage in the activities enumerated in (a) above provided that the conditions set forth below are fulfilled.
1. The foreign bank, with
regard to the entity's or employee'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 employee or entity. This restriction shall not, however,
prohibit the receipt by a foreign bank from such an entity or an employee of
such an entity of a transmittal of funds held or controlled by the affiliate in
a brokerage account, mutual fund, money market or other non-depository account
to a depository account in the foreign bank; and
2. The entity and employee(s) as described in
(a) above 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.
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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