New Jersey § 17:9a-454

§ 17:9a-454.

a. No foreign bank and no commercial lending company shall establish an office of

a commercial lending company in this State unless the commissioner shall have first

approved the establishment of that office and issued a license authorizing the commercial

lending company to maintain the office. b. If the commissioner finds the following with respect to an application by a commercial

lending company to establish a commercial lending company, the commissioner shall

approve that application: (1) That the commercial lending company, any controlling person of the commercial

lending company, the directors and executive officers of the commercial lending company

or of any controlling person of the commercial lending company, and the proposed management

of the office are each of good character and sound financial standing; (2) That the financial history and condition of the commercial lending company are

satisfactory; (3) That the management of the commercial lending company and the proposed management

of the office are adequate; (4) That it is reasonable to believe that, if licensed to establish the office, the

commercial lending company will operate the office in a safe and sound manner and

in compliance with all applicable laws, regulations, and orders; and (5) That the commercial lending company's establishment of the office will promote

the public convenience and advantage. If the commissioner finds otherwise, the commissioner shall deny the application. The commissioner may, in approving any application, condition the issuance of the

license upon the compliance by the commercial lending company with any provisions

of sections 61 through 71 or sections 79 through 85 of P.L.1996, c. 17 ( C. 17:9A-442 through 17:9A-452 or C. 17:9A-460 through C. 17:9A-466 ) applicable to branches and agencies.