The following words and terms shall have the following
meanings when used in this chapter, unless the context clearly indicates
otherwise:
"Affiliate" means an entity related by common control or
substantial ownership to a bank holding company, a banking subsidiary of a bank
holding company, a bank, a savings bank, a bank service corporation of a bank
holding company, bank, or savings bank, or any other non-banking subsidiary of
a bank holding company, bank or savings bank.
"Appropriate Federal banking agency" means the Board of
Governors of the Federal Reserve System, the local Federal Reserve Bank having
jurisdiction, the Federal Deposit Insurance Corporation, or the Office of the
Comptroller of the Currency.
"Bank" shall have the meaning of that term in
N.J.S.A. 17:9A-1(1).
"Bank services" means:
1. Services such as check and deposit sorting
and posting, computation and posting of interest and other credits and charges,
preparation and mailing of checks, statements, notices, and similar items, or
any other clerical, bookkeeping, accounting, statistical, or similar
functions;
2. Any service, other
than deposit taking, that the Board of Governors of the Federal Reserve System
determines by regulation to be permissible for a
bank holding company pursuant
to Section 4(c)(8) of the
Bank Holding Company Act (
12 U.S.C.A. §
1843(c)(8)), performed at any geographical location, subject to applicable
Federal or state branching laws regulating the geographic location of banks to
the extent that those laws are applicable to any activity authorized by this
paragraph 2;
3. Any service, other
than deposit taking, approved for such bank service corporation, or for bank
service corporations in general, by the Board of Governors of the Federal
Reserve System, or by the appropriate local Federal Reserve Bank;
4. Any service, other than deposit taking,
which a
bank holding company is authorized to provide to its affiliates
pursuant to
12
C.F.R. §
225.21(a)(1),
§
225.22(a)(1),
or §
225.22(a)(2),
provided however that services constituting permitted
bank services under this
paragraph 4 and which would not constitute permitted
bank services under
paragraphs 1, 2, or 3 above are provided only to an
affiliate of the
bank
service corporation; and
5. Any
service, other than deposit taking, not described in paragraphs 1, 2, 3 or 4
above, and which has been fully described in an application to the
Commissioner, which application the Commissioner has approved, or the period
during which the Commissioner could disapprove the application as set forth in
N.J.A.C.
3:14-1.3(a) has
expired.
"Bank service corporation" means:
1. A corporation which is organized under
Title 14 or Title 14A of the statutes of this State, or which is organized
under a general incorporation statute of another state of the United States and
which has a Certificate of Authority from the New Jersey Secretary of State or
the New Jersey Department of Treasury, Division of Revenue to transact business
in this State, to perform bank services, and all of whose capital stock is
owned by one or more banking institutions; or
2. A
limited liability company as defined in
this chapter.
"Banking institution" means a bank organized under the laws
of this State or the laws of another state of the United States, a savings bank
organized under the laws of this State or under the laws of another state of
the United States, and a national bank organized under the laws of the United
States.
"Invest" means an advance of funds to a bank service
corporation, whether by the subscription to or purchase of stock, the making of
a loan, or otherwise, except a payment for rent earned, goods sold and
delivered, or services rendered prior to the making of such payment.
"Limited liability company" means any non-corporate company,
partnership, trust, or similar business entity organized under the law of a
state (as defined in section 3 of the Federal Deposit Insurance Act) that
provides that a member or manager of such company is not personally liable for
a debt, obligation, or liability of the company solely by reason of being, or
acting as a member or manager of such company and all of whose ownership
interest is held by banking institution.
"Person" means natural persons, sole proprietors, limited
liability companies, partnerships, corporations, and all other business
entities, no matter how designated.
"Savings bank" shall have the meaning of that term in
N.J.S.A. 17:9A-1(13).
Notes
N.J. Admin.
Code §
3:14-1.1
Amended by R.2004 d.309,
effective 8/16/2004.
See: 36 N.J.R. 1262(a), 36 N.J.R. 3875(a).
Codified
"Bank service corporation" as 1 and 2 and rewrote 2; added "Limited liability
Company"; in "Person", substituted "natural persons, sole proprietors, limited
liability companies" for "individuals" preceding ", partnerships".
Amended by R.2010 d.036, effective 2/16/2010.
See: 41 N.J.R. 2849(a),
42 N.J.R. 587(b).
In paragraph 1 of definition "Bank service
corporation", inserted "or the New Jersey Department of Treasury, Division of
Revenue".
