New Jersey Statutes 17:9A-454. Approval for establishment of office of foreign bank, commercial lending company
Terms Used In New Jersey Statutes 17:9A-454
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
b. If the commissioner finds the following with respect to an application by a commercial lending company to establish a commercial lending company, the commissioner shall approve that application:
(1) That the commercial lending company, any controlling person of the commercial lending company, the directors and executive officers of the commercial lending company or of any controlling person of the commercial lending company, and the proposed management of the office are each of good character and sound financial standing;
(2) That the financial history and condition of the commercial lending company are satisfactory;
(3) That the management of the commercial lending company and the proposed management of the office are adequate;
(4) That it is reasonable to believe that, if licensed to establish the office, the commercial lending company will operate the office in a safe and sound manner and in compliance with all applicable laws, regulations, and orders; and
(5) That the commercial lending company’s establishment of the office will promote the public convenience and advantage.
If the commissioner finds otherwise, the commissioner shall deny the application. The commissioner may, in approving any application, condition the issuance of the license upon the compliance by the commercial lending company with any provisions of sections 61 through 71 or sections 79 through 85 of P.L.1996, c.17 (C. 17:9A-442 through C. 17:9A-452 or C. 17:9A-460 through C. 17:9A-466) applicable to branches and agencies.
L.1996,c.17,s.73.