N.J. Admin. Code § 3:1-9.16

Current through Register Vol. 56, No. 21, November 4, 2024

Section 3:1-9.16 - Continued violation of Act; penalty

(a) A depository institution which continues to violate the provisions of the Act or 3:1-9.7 after being ordered by the Commissioner to cease such practices shall be liable to a penalty of $5,000 for each offense. Such penalty shall be in addition to and not in lieu of any other provisions of law applicable upon a depository institution's failure to comply with an order of the Commissioner.

(b) If the Commissioner determines that a depository institution is continuing to violate the provisions of the Act or 3:1-9.7 after being ordered to cease such practices, he or she shall issue and serve such depository institution by certified mail, return receipt requested, an order to pay the applicable penalties assessed against the depository institution.

As amended, R.1979 d.415, eff. 10/18/1979.
See: 11 New Jersey Register 426(b), 11 New Jersey Register 534(b).
As amended, R.1983 d.85, eff. 3/21/1983.
See: 15 New Jersey Register 4(a), 15 New Jersey Register 439(b).
Recodified from N.J.A.C. 3:1-9.16.
Amended by R.1991 d.48, effective 2/4/1991.
See: 22 New Jersey Register 3425(a), 23 New Jersey Register 294(b).
Cite corrected and non-sexist language added.