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Can you summarize 3 NJAC Chapter 21?
BANKING > CREDIT UNIONS
Short Summary
The provided legal document content covers various aspects related to credit unions in New Jersey. The first document defines terms and outlines the process for credit unions to apply for designation as low-income credit unions. It specifies the criteria for approval and the role of the Commissioner and NCUA in the process. The second document grants credit unions in New Jersey the authority to exercise the same powers, rights, benefits, and privileges as federally chartered credit unions, subject to compliance with certain conditions and exclusions. The third document governs the establishment and relocation of branch offices by New Jersey State chartered credit unions and out-of-state state chartered credit unions. It outlines the application process, required documentation, and conditions for maintaining a branch. The Commissioner has the authority to deny or revoke branch establishment or relocation based on non-compliance. The fourth document sets the standards for approving a certificate and plan of merger for credit unions. The Commissioner is responsible for making determinations related to the safety and soundness of the continuing credit union post-merger and compliance with charter requirements. The document also allows for the acceptance of new members and additional fields of membership following a merger. The final document requires credit unions in New Jersey to provide their official e-mail address to the Department of Banking and Insurance as part of their annual report. Any changes to the official e-mail address must be notified to the Department in writing. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Credit unions in New Jersey, Commissioner of Banking and Insurance, Regional Director of the NCUA
What does it govern?
Low-income credit unions, exercise of powers by credit unions, establishment of branch offices, credit union mergers, provision of official e-mail address
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