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Can you summarize 3 NJAC Chapter 36?
BANKING > BANKING DEVELOPMENT DISTRICTS
Short Summary
The provided legal document content pertains to the establishment of banking development districts in the state of New Jersey. It applies to municipalities that wish to establish a banking development district and banks that want to open a branch within such a district. The document defines various terms, including ‘bank’ which refers to State or Federally chartered banks, savings banks, savings and loan associations, or credit unions operating in the state. ‘Banking services’ are described as deposit taking, check cashing, sale of money orders, and origination of residential or commercial mortgages, consumer loans, and commercial loans. The ‘Commissioner’ mentioned in the document refers to the Commissioner of the New Jersey Department of Banking and Insurance. A ‘complete application’ is defined as an application that contains all necessary information required for the Department’s review and has been acknowledged in writing as ready for review. The document also clarifies that the ‘Department’ refers to the New Jersey Department of Banking and Insurance. Lastly, a ‘district’ is defined as a banking development district approved under the chapter. No specific exemptions or penalties are mentioned in the provided content.
Whom does it apply to?
Municipalities that wish to establish a banking development district and banks that want to open a branch within such a district
What does it govern?
Establishment of banking development districts in the state of New Jersey
What are exemptions?
No specific exemptions are mentioned in the provided content
What are the Penalties?
No specific penalties are mentioned in the provided content
Jurisdiction
New Jersey