N.J. Admin. Code § 3:1-2.1
The following words and terms, when used in the subchapter, shall have the following meanings unless the context clearly indicates otherwise.
"Accepted" means that an application has been received by the Department and it contains all necessary information required or needed by the Department for its review, whether for expedited or regular processing, and the Department has acknowledged in writing that the application is ready for review.
"Adequately managed" means, unless otherwise determined in writing by the Commissioner:
"Bank" means a New Jersey chartered bank as defined in 17:9A-1 and shall include a limited purpose trust company.
"Banking institution" means a depository, or a similar institution chartered by the Federal government or another state.
"Branch application" means an application by a banking institution to establish a full branch or a minibranch office, or to relocate a principal office, full branch office or mini-branch office, or to interchange a principal office and full branch office.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Company" means any corporation, partnership, business trust, association or any other person except an individual.
"Controlling interest" means ownership or control of a majority of the issued and outstanding capital stock or securities of a corporation, having voting rights.
"Department" means the New Jersey Department of Banking and Insurance.
"Depository" means bank, savings bank or savings and loan association.
"Foreign bank" means a banking institution which has no branch offices in this State.
"Fully funded reserve" means the allowance for loan and lease losses as that term is defined in 12 C.F.R. § 325.2(a) or its successor section.
"Individual" means a natural person.
"Newly-chartered institution" means an institution which has been open to the public for business fewer than three years.
"Out-of-State association" means a savings and loan association or building and loan association insured by the Federal Deposit Insurance Corporation and chartered under the laws of a state other than New Jersey, but not as a bank as defined in 12 U.S.C. § 1813(a)(2).
"Out-of-State bank" means a state bank, as defined in the Federal Deposit Insurance Act, 12 U.S.C. § 1813(a)(2), which is chartered under the laws of a state other than New Jersey.
"Savings and loan association" means a New Jersey chartered savings and loan association, and shall include a capital stock association, and a mutual association.
"Savings bank" means a New Jersey chartered savings bank, and shall include a capital stock savings bank and a mutual savings bank.
"Sufficient compliance" means that the depository has received a currently applicable Community Reinvestment Act, 12 U.S.C. §§ 2901 et seq., (CRA) rating of "satisfactory or better" by the applicable Federal regulatory agency. A depository which has a currently applicable CRA rating by the applicable Federal regulatory agency of "needs to improve" shall be considered to be in sufficient compliance if it has entered into an agreement with the Federal agency which is intended to improve its CRA rating, and the Department has verified that the institution has taken reasonable steps to comply with the agreement.
"Trade area" means the assessment area of insured institutions as designated for purposes of compliance with the Community Reinvestment Act, 12 U.S.C. §§ 2901 et seq. For uninsured institutions, such as limited purpose trust companies, it means the area within five miles of the institution's proposed office.
"Well capitalized" means a depository that exceeds the required minimum level for each relevant capital measure, as that term is defined in 12 U.S.C. § 1831 or its successor section.
N.J. Admin. Code § 3:1-2.1
See: 22 New Jersey Register 3425(a), 23 New Jersey Register 294(b).
Deleted "executed indicia of title" as an acceptable document.
Repeal and New Rule, R.1992 d.483, effective 12/7/1992.
See: 24 New Jersey Register 3034(a), 24 New Jersey Register 4341(a).
Section was "Applications; acceptance".
Amended by R.1996 d.483, effective 10/7/1996.
See: 28 New Jersey Register 2661(a), 28 New Jersey Register 4417(b).
Amended by R.2001 d.112, effective 4/2/2001.
See: 33 New Jersey Register 213(a), 33 New Jersey Register 1087(a).
Added "Accepted", "Adequately managed", "Newly-chartered institution" and "Well capitalized"; in "Sufficient compliance", inserted the U.S.C. reference; substituted "means" for "shall mean" throughout.
Amended by R.2002 d.38, effective 2/4/2002.
See: 33 New Jersey Register 3598(a), 34 New Jersey Register 731(a).
Inserted "Fully funded reserve".
Amended by R.2004 d.50, effective 2/2/2004.
See: 35 New Jersey Register 4350(a), 36 New Jersey Register 647(a).
In "Accepted", inserted ", whether for expedited or regular processing, " following "for its review"; added "Trade area".