17:9A-442. Transaction of business limited to licensed agency, branch office
222 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-442A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
61. a. No foreign bank shall transact business in this State except at an agency or branch office which it is licensed to establish and at which it is permitted by sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467) to transact that business.
b. Subsection a. of this section shall not be deemed to prohibit:
(1)Any foreign bank which establishes a federal agency or federal branch in this State from transacting at that federal agency or federal branch such business as it may be authorized to transact under applicable federal laws and regulations;
(2)Any foreign bank from carrying on the activities described in paragraph
(2)of N.J.S. 14A:13-3;
(3)Any foreign bank which does not establish an agency or branch office from making, in this State, loans secured by liens on real or personal property located in this State or enforcing those loans in this State; or
(4)Any foreign bank which does not establish an agency or branch office from transacting trust business in this State if the trust business is not conducted from an office or location in this State and that trust business is limited to trust business permitted by, and conducted pursuant to a certificate of authority issued by the commissioner in accordance with subsection B. of section 316 of P.L.1948, c.67 (C.17:9A-316).
L.1996,c.17,s.61.