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Can you summarize 3 NJAC Chapter 34, Subchapter 1?
GOVERNMENTAL UNIT DEPOSIT PROTECTION > GOVERNMENTAL UNIT DEPOSIT PROTECTION
Short Summary
The provided legal document content covers various aspects related to the Governmental Unit Deposit Protection Act (GUDPA) and its provisions in New Jersey. It governs collateral requirements for depositories that accept the deposits of local New Jersey governmental unit funds. The document specifies eligible collateral for public deposits and provides definitions for different types of financial institutions. It also outlines the reporting requirements for public depositories, including the filing of a quarterly report with the Department. Failure to file complete and timely reports may result in the depository being removed from the approved list. The document further details the collateral obligations for public depositories with uninsured public funds on deposit, based on their capitalization levels. It also provides options for measuring the amount of eligible collateral required. The relationship between custodial depositories and the Commissioner is governed by a written agreement, which includes restrictions and requirements for holding securities as collateral for public funds. The document also outlines the requirements for first-time public depositories, including the application process, approval criteria, and the amount of eligible collateral to be maintained. Credit unions that qualify as public depositories in New Jersey have additional requirements, such as transmitting a written certification and making payments to a designated nonprofit corporation. The documents do not mention any specific exemptions or penalties for non-compliance or violation of the Act’s provisions.
Whom does it apply to?
Depositories that accept the deposits of local New Jersey governmental unit funds, public depositories, custodial depositories, credit unions
What does it govern?
Governmental Unit Deposit Protection Act (GUDPA) and its provisions, collateral requirements for depositories that accept the deposits of local New Jersey governmental unit funds, reporting requirements for public depositories, collateral obligations for public depositories with uninsured public funds on deposit, relationship between custodial depositories and the Commissioner, requirements for first-time public depositories, credit unions that qualify as public depositories in New Jersey
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties for non-compliance or violation of the Act's provisions are mentioned in these documents.
Jurisdiction
New Jersey