New Jersey Administrative Code
Title 3 - BANKING
Chapter 7 - SAFE AND SOUND METHODS OF BANKING
Subchapter 3 - EXAMINATION OF BANKS AND SAVINGS BANKS UNDER DIRECTION OF BOARD OF DIRECTORS, BOARD OF MANAGERS OR BOARD OF TRUSTEES
Section 3:7-3.4 - Exclusions from confirmation program

1. School savings and club accounts;

2. Dormant or inactive savings accounts with balances under $ 1,000 provided such accounts are contained in a square control unit and held under dual control;

3. Demand accounts, sometimes referred to as "special checking accounts" or some other similar type limited activity accounts;

4. Installment contracts, such as insurance premiums; which by their nature are drawn for periods of one year or less and in amounts of $ 1,000 or less;

5. Serviced loans, provided that the servicer's outside accountant included in his or her scope a confirmation program which encompasses the serviced loans and the person responsible for this bank's confirmation program receives a copy of the results of the confirmations and is satisfied that the procedures and methods utilized are acceptable; or if the accountant for the servicer states that his or her examination of the servicer encompassed the requirements of the single audit program for mortgage bankers.