New Jersey § 17:9a-24

§ 17:9a-24.

The commissioner shall have power to make, amend and repeal regulations governing

the exercise of the powers conferred upon banks and savings banks by sections 2 and

3 of this act, 1 but, in exercising such power to make such regulations, the commissioner shall endeavor

to create and maintain to the extent feasible a substantial parity between banks and

savings banks on the one hand and national banks on the other hand, in their dealings

with and investments in bank service corporations and in their performing the services

of bank service corporations, and to create and maintain a similar parity between

bank service corporations as defined in this act and as defined in Federal law. To that end the commissioner shall have the power to (a) broaden the scope of the

definition of “bank services” as expressed in section 1 of the act 2 to include others than banking institutions as the recipients of services rendered

by bank service corporations; (b) increase by not more than 50% the percentages specified

in section 2 of this act; (c) prescribe the minimum number of banking institutions

which must be investors in any one bank service corporation; (d) require that banks

invest in or transact business with only those bank service corporations which submit

to periodic examinations and to regulation by the Department of Banking and Insurance

of New Jersey; (e) prescribe the extent to which bank service corporations may perform

services for others than banking institutions and the extent to which banks or savings

banks may perform for other banking institutions and others than banking institutions

any service or services which may be rendered by bank service corporations; and (f)

prevent banks and savings banks from investing in or maintaining their investments

in, and prevent banks and savings banks from transacting business with, any bank service

corporation which conducts its activities in such fashion as would tend to create

monopoly or foster unfair competition. 1

N.J.S.A. §§ 17:9A-24.2, 17:9A-24.3. 2

N.J.S.A. § 17:9A-24.1.