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Can you summarize 3 NJAC Chapter 1?
BANKING > GENERAL PROVISIONS
Short Summary
The provided legal document content covers various aspects of banking and financial activities in New Jersey. It includes regulations on maximum interest rates for loans, application processes for depository institutions, mortgage loans in disaster areas, fees and charges associated with examinations, changing the name for licensees, investigations and hearings, restrictions on real property transactions, loans involving affiliated persons, multiple party deposit accounts, insurance requirements for borrowers, revolving credit equity loans, availability of funds for banking institutions, definitions for mortgage loans, fees, and obligations, fees associated with mortgage loans, commitment process for mortgage loans, expiration of lock-in agreements and commitments, trust funds for lenders, rules and regulations for mortgage brokers, automated teller machines (ATMs), registration of service facilities for foreign banks, New Jersey Consumer Checking Accounts, and requests for disclosure of social security numbers. These documents apply to various entities involved in the banking and financial sector in New Jersey, including lenders, borrowers, financial institutions, depository institutions, brokers, individuals or entities involved in mortgage loan transactions, and customers. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Loans: lenders, borrowers, financial institutions, affiliated persons, depository institutions, brokers, individuals or entities involved in mortgage loan transactions; depository institutions: banks, savings banks, savings and loan associations; investigations and hearings: depository institutions other than national banks; real property transactions: institutions filing applications for branches, minibranches, limited facility branches, branch relocations, auxiliary or new charters, existing offices; multiple party deposit accounts: financial institutions, parties involved in multiple party deposit accounts; insurance requirements: lenders, borrowers; revolving credit equity loans: banks, savings banks, savings and loan associations, borrowers; availability of funds: banking institutions; definitions for mortgage loans, fees, and obligations: lenders, brokers, borrowers, borrower's agents, entities involved in mortgage loan transactions; fees associated with mortgage loans: lenders, borrowers; commitment process for mortgage loans: lenders, borrowers; expiration of lock-in agreements and commitments: lenders, borrowers; trust funds for lenders: lenders, parties depositing funds; rules and regulations for mortgage brokers: brokers; automated teller machines (ATMs): banks, savings banks, savings and loan associations; registration of service facilities for foreign banks: foreign financial institutions; New Jersey Consumer Checking Accounts: depository institutions, customers; requests for disclosure of social security numbers: individuals subject to licensing, permit, registration, reporting, or filing requirements by the Department of Banking and Insurance
What does it govern?
Maximum interest rates on loans in New Jersey, application process for depository institutions, mortgage loans in disaster areas, general provisions of banking in New Jersey, fees and charges associated with examinations, changing the name for licensees, investigations and hearings, restrictions on real property transactions, loans involving affiliated persons, multiple party deposit accounts, insurance requirements for borrowers, revolving credit equity loans, availability of funds for banking institutions, definitions for mortgage loans, fees, and obligations, fees associated with mortgage loans, commitment process for mortgage loans, expiration of lock-in agreements and commitments, trust funds for lenders, rules and regulations for mortgage brokers, automated teller machines (ATMs), registration of service facilities for foreign banks, New Jersey Consumer Checking Accounts, requests for disclosure of social security numbers
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New Jersey