Current through Register Vol. 56, No. 18, September 16, 2024
(a) A foreign bank
seeking to obtain or to renew a certificate of authority to transact trust
business in this State pursuant to
17:9A-316 and 318 shall submit the
following:
1. A Consolidated Report of
Condition, as required by the Federal or State regulator of the bank,
indicating the bank's financial condition as of the close of business on the
December 31st immediately prior to the application. This condition shall be
deemed satisfied if the report is filed by the bank with its Federal or State
regulator and adequate provision is made for the New Jersey Department of
Banking and Insurance to have access to that filing;
2. The fee required by
3:6-14.2(a)2 for
filing a statement of financial condition. This fee may be waived if the
Department obtains the financial statement from another regulator via the
internet;
3. The biennial fee
required by
3:6-14.1; and
4. Proof of current insurance coverage
consisting of a copy of the insurance policy covering the trust activities
conducted or to be conducted by the foreign bank in New Jersey;
(b) A foreign bank seeking its
initial certificate of authority shall also submit the following:
1. A copy of its certificate of incorporation
or articles of association and all amendments thereto, certified by its
president or a vice president and attested under its corporate seal by its
secretary, an assistant secretary, its cashier or an assistant
cashier;
2. A certificate executed
by its president or a vice president and attested under its corporate seal by
its secretary, an assistant secretary, its cashier or an assistant cashier,
affirming that so long as it shall have a New Jersey certificate of authority
it will:
i. Comply with all the requirements
of the laws of this State applicable to the transaction of its trust business
in this State; and
ii. Promptly
following adoption, submit to the Commissioner a copy of each amendment or
other change in its certificate of incorporation or articles of association,
certified and attested as provided in (b)1 above;
3. A power of attorney, executed by its
president or vice president and attested under its corporate seal by its
secretary, an assistant secretary, its cashier or an assistant cashier,
authorizing the Commissioner and his or her successors in office to accept
service of process upon the foreign bank in any action or proceeding against it
affecting or relating to any estate or trust administered under the laws of
this State. Such power of attorney shall provide that any such service of
process upon the Commissioner shall have the same force and validity as if
served directly upon the foreign bank, and that the authority therein granted
shall be irrevocable and shall continue in force indefinitely, notwithstanding
the expiration, revocation or surrender of the certificate of authority or the
non-renewal thereof; and
4. A
letter written by its home state regulator or an attorney opinion letter,
confirming that a qualified bank, as defined in
17:9A-1(12), is
permitted to transact trust business in the jurisdiction in which the foreign
bank has its principal office without conditions or restrictions that are
significantly more burdensome than those imposed upon foreign banks seeking to
transact trust business in New Jersey.
(c) The holder of a certificate of authority
shall notify the Department within 30 days of a change of name of the
institution or of the decision of the institution to cease trust operations in
New Jersey.
(d) A foreign bank that
holds a valid certificate of authority from the Department shall be authorized
to have a certificate of standing issued by the Department when such a document
is requested by a third party. A qualified bank, as defined in
17:9A-1(12),
shall obtain its certificate of standing or other authorization to conduct
trust business in another jurisdiction from the home state regulator of the
qualified bank.
