New Jersey Statutes 17:9A-459. Granting of right to operate as commercial lending company
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Terms Used In New Jersey Statutes 17:9A-459
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
78. The commissioner shall have the power to grant to any organization which is organized under the laws of this State, including but not limited to a corporation, limited partnership, limited liability company, joint venture or partnership, the right to operate as a commercial lending company if the commercial lending company: will be licensed under sections 72 through 77 of P.L.1996, c.17 (C. 17:9A-453 through C. 17:9A-458); is a subsidiary of a foreign bank; and agrees in its certificate of incorporation or organization or similar document to limit its activities to those permitted to a commercial lending company under sections 37 through 86 of P.L.1996, c.17 (C. 17:9A-418 through C. 17:9A-467) and Regulation K promulgated by the Federal Reserve, 12 C.F.R. § part 211 et seq. Any such grant shall be issued in connection with and as part of a license for a commercial lending office hereunder.
L.1996,c.17,s.78.