New Jersey Administrative Code
Title 3 - BANKING
Chapter 7 - SAFE AND SOUND METHODS OF BANKING
Subchapter 1 - FIDELITY BONDS
Section 3:7-1.1 - Required fidelity coverage of counsel
Current through Register Vol. 56, No. 6, March 18, 2024
(a) When a bank, savings bank or State association permits counsel to handle funds, either for distribution at the time of settlement of a mortgage loan or for any other reason, the bank, savings bank or State association shall procure an endorsement rider to its fidelity bond, procured pursuant to 17:9A-115 or 17:12B-73, which will cover counsel and all employees of his or her office concerned with such transactions.
(b) In lieu of procuring a rider to its fidelity bond, a bank, savings bank or State association may supply a letter obtained from its insurance company, certifying that attorneys and their employees who perform the services described in (a) above are covered by insurance as employees of the bank, savings bank or State associations.
