General Provisions

Readoption with Amendments: N.J.A.C. 3:26

Proposed: April 16, 2001 at 33 N.J.R. 1157(a)

Adopted: June 8, 2001 by Karen L. Suter, Commissioner, Department of Banking and Insurance

Filed: June 18, 2001 as R.2001 d. 232,

without change.

Authority: N.J.S.A. 17:1-8.1, 17:1-15(e), 17:12B-48(21) and 17:12B-197

Effective Date: June 17, 2001, Readoption (see N.J.A.C. 1:30-6.7);

July 16, 2001, Amendments.

Expiration Date: June 17, 2006

Summary of Public Comment and Agency Response:

The Department of Banking and Insurance ("Department") received one written comment from Michael Horn, Esq., of the law firm of McCarter and English, LLP, on behalf of the New Jersey League-Community and Savings Bankers.

COMMENT: The commenter suggested that instead of readopting N.J.A.C. 3:26-4.1, the Department should withdraw that section or repeal it by non-adoption. This subchapter deals with parity. The commenter contended that it is inconsistent with L. 2000, c. 69, §10, known as the "Parity Act," amending N.J.S.A.17:12B-48(21).

RESPONSE: As noted in the proposal Summary, 33 N.J.R. 1157(a) (April 16, 2001), the Department is aware that subchapter 4 as proposed for readoption needs further amendment to be consistent with the Parity Act and the Commissioner’s over-arching regulatory responsibilities. Accordingly, the Department is preparing to publish a notice of proposal to amend N.J.A.C. 3:26-4.1 in the near future.

Federal Standards Statement

Pursuant to the parity provisions at N.J.A.C. 3:26-4.1, New Jersey savings and loan associations may become subject to Federal standards. While those Federal standards cannot be identified at this time, they shall in no event be exceeded by state standards.

The balance of the readopted rules and adopted amendments are not the subject of any standards or requirements imposed by Federal law.

Full text of the readoption can be found in the New Jersey Administrative Code at N.J.A.C. 3:26.

Full text of the adopted amendments follows: