{"data":{"id":"us-nj/n.j.-stat.-17-9a-420","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:9A-420","heading":"Foreign bank offices; division into classes, ranking","body":"39. a.  For purposes of sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467), offices of foreign banks are divided into classes and ranked in ascending order, as follows:\n(1)\tRepresentative office.\n(2)\tCommercial lending company.\n(3)\tAgency.\n(4)\t Branch.\nb.\tFor purposes of sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467):\n(1)\tChanging a lower class office into a higher class office shall be treated as establishing the higher class office, but not as closing the lower class office.\n(2)\tChanging a higher class office into a lower class office shall be treated as closing the higher class office, but not as establishing the lower class office.\nc.\tIn the case of changing a higher class office into a lower class office, when the application for approval to close the higher class office has been approved and all conditions precedent to the closing have been fulfilled, the foreign bank may change the higher class office into the lower class office, and the commissioner shall issue a license authorizing the bank to establish the lower class office.\nL.1996,c.17,s.39.","path":["TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE \t\t\tAND INSURANCE"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"8b6070466eb8c06c927459d92722e2343a6907ee1c660eb91beb5d4219eed157","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-9a-419","next":"us-nj/n.j.-stat.-17-9a-421"},"notice":"GroundRules: Original legal text. Not legal advice."}