{"data":{"id":"us-nj/n.j.-stat.-17-9a-437","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:9A-437","heading":"Approval for foreign bank to establish representative office","body":"56. a.  (1)  No foreign bank shall establish a representative office unless the commissioner shall have first approved the establishment of that office and issued a license authorizing the foreign bank to establish the office.\n(2)\tParagraph (1) of this subsection a. shall not prohibit a foreign bank which establishes a federal agency or federal branch in this State from establishing one or more representative offices in this State.\nb.\tIf the commissioner finds the following with respect to an application by a foreign bank to establish a representative office, the commissioner shall approve the application:\n(1)\tThat the bank, any controlling person of the bank, the directors and executive officers of the bank or of any controlling person of the bank, and the proposed management of the office are each of good character and sound financial standing;\n(2)\tThat the financial history and condition of the bank are satisfactory;\n(3)\tThat the management of the bank and the proposed management of the office are adequate;\n(4)\tThat it is reasonable to believe that, if licensed to establish the office, the bank will operate the office in compliance with all applicable laws, regulations, and orders;\n(5)\tThat the bank's establishment of the office will promote the public convenience and advantage; and\n(6)\tSuch other standards as the commissioner may by regulation require.\nIf the commissioner finds otherwise, the commissioner shall deny the application.\nc.\tWhenever an application by a foreign bank to establish a representative office has been approved and all conditions precedent to the issuance of a license authorizing the foreign bank to establish the representative office have been fulfilled,  the commissioner shall issue the license.\nL.1996,c.17,s.56.","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":"9fef39b7a92ad302edd1c5b322b6474558834c8facbd0577da6602083928ed44","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-9a-436","next":"us-nj/n.j.-stat.-17-9a-438"},"notice":"GroundRules: Original legal text. Not legal advice."}