New Jersey Administrative Code
Title 3 - BANKING
Chapter 5 - DEDICATED FUNDING ASSESSMENT
Subchapter 5 - MAXIMUM TOTAL OF ASSESSMENTS
Section 3:5-5.1 - Maximum assessment
Universal Citation: NJ Admin Code 3:5-5.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The total amount assessable to regulated entities in any fiscal year for the purposes of this subchapter shall not exceed the lesser of:
1. The total amount of expenses incurred by
the State in connection with the administration of the special functions of the
Division during the preceding fiscal year as ascertained by the Director of the
Division of Budget and Accounting in the Department of the Treasury, on or
before August 15 in each year, and certified to the Commissioner by category
pursuant to
3:5-3.1; or
2. .0001084 times the sum of:
i. The average total assets for
State-chartered banks, savings banks, and savings and loan associations for the
preceding five calendar years' data, excluding the two most recent calendar
years; plus
ii. The total average
loan volume for residential mortgage loans closed by licensed lenders pursuant
to the New Jersey Licensed Lenders Act,
P.L.
1996, c. 157
(17:11C-1 et seq.) and business
licensees under the New Jersey Residential Mortgage Lending Act,
17:11C-51 et seq., for the
preceding five calendar years' data, excluding the two most recent calendar
years.
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