New Jersey § 17:9a-448

§ 17:9a-448.

a. If a foreign bank is licensed to establish a depository agency or branch office

and such office is not subject to the regulations of the Depository Institutions Deregulation

Committee established pursuant to the “Depository Institutions Deregulation Act of

1980,” 12 U.S.C. § 3501 et seq., Regulation Q of the Federal Reserve, 12 CFR § 217 et seq. , or Part 329 of the regulations of the Federal Deposit Insurance Corporation, 12 CFR § 329 et seq. , the bank shall, with respect to deposits accepted at the office, comply with the

regulations regarding maximum interest rates on deposits, prepayment of time deposits,

and related matters the commissioner may prescribe as being necessary and appropriate

to establish competitive equality between foreign banks and banks organized under

the laws of this State which are subject to the regulations of the Depository Institutions

Deregulation Committee, Regulation Q of the Federal Reserve, or Part 329 of the regulations

of the Federal Deposit Insurance Corporation. b. Whenever the commissioner adopts a regulation or order of repeal of a regulation

under subsection a. of this section, the commissioner may, without describing specific

facts showing the need for immediate action, make the regulation or order of repeal

effective immediately.