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| New Jersey- Department of Banking and Insurance |
Mission
“The mission of the Department of Banking and Insurance is to regulate the banking, insurance and real estate industries in a professional and timely manner that protects and educates consumers and promotes the growth, financial stability and efficiency of those industries”.
Title 17, Chapter 9A-260 of the New Jersey statutes specifies that whenever and as often as the director of Banking deems it advisable, each State-chartered bank shall "be examined to determine whether the bank is conducting its business in conformity with the laws of this State...and with safety to its depositors, other creditors and the public." Similar requirements of State-chartered savings and loan associations appear at N.J.S.A. 17:12B-172. Other sections of title 17 and title 45 empower the Division to examine mortgage bankers, mortgage brokers, insurance premium finance companies, consumer loan companies, secondary mortgage companies, credit unions and pawnbrokers.
The Division consists of two new offices. The Office of Depositories conducts examinations of State-chartered banking and savings and loan institutions, as well as taking enforcement actions against anywhere violations of banking law or regulations occur. Corresponding responsibilities have been assigned to the Office of Consumer Finance for the other types of lenders listed above, including credit unions.
The Office of Depositories, in addition, processes and reviews applications by depository institutions for new charters, branches, relocations, plans of acquisition, mergers, bulk sales, stock conversions and auxiliary offices, while the Office of Consumer Finance investigates complaints filed by consumers against institutions which the Division regulates. These two offices, in cooperation with the Offices of the Commissioner, also serve as a source of new legislation and administrative regulations enacted from time to time in response to emerging needs of the consumer public or financial industry.
National banks are examined by the U.S. Comptroller of the Currency, with membership in the Federal Reserve System a requirement for national banks and optional for State-chartered banks. Federally chartered savings and loan associations are regulated by the Office of Thrift Supervision and federal credit unions by the National Credit Union Administration.
In the case of State-chartered commercial banks that are members of the Federal Reserve System, the Division conducts examinations on an alternating yearly basis with the Federal Reserve. State-chartered commercial banks are examined alternately by the Division and the Federal Deposit Insurance Corporation. All savings and loan associations, whether State or federally chartered, are examined by the Office of Thrift Supervisions. The Division shares information with the O.T.S. and makes its own examinations of State-chartered associations where deemed necessary.
Use the following link to access more current information on the New Jersey Department of Banking and Insurance.
http://www.state.nj.us/dobi/index.shtml
Contact and Location Information
Overnight/Courier/Delivery, etc 20 West State St. Trenton, NJ 08625
Mailing Addresses
NOTE: All Trenton, New Jersey 08625
AREA ADDRESS
Office of the Commissioner P.O. Box 325
Division of Banking P.O. Box 040
Division of Insurance P.O. Box 325
Consumer Protection Services (Insurance) P.O. Box 329
Insurance Claims Ombudsman P.O. Box 472
License Processing, Insurance P.O. Box 327
License Services, Banking P.O. Box 473
Real Estate Commission P.O. Box 328
Complaints
Use the following link to access information and instructions on how to file a complaint against one of the entities regulated by the Division of Banking and Insurance.
http://www.state.nj.us/dobi/bankinginfo.htm
Laws and Regulations
Copies of the New Jersey Statutes Annotated and the New Jersey Administrative Code can be purchased from:
West Publishing Corp.
620 Opperman Drive
Dept. 5 10
Eagan, Minnesota 55123
When ordering, you will need to specify that you want New Jersey Statutes Annotated, Title 17, Corporations and Institutions for Finance and Insurance. Annual update service is available.
With regard to the New Jersey Administrative Code, Banking regulations can be found in Title 3 and Insurance and Real Estate Regulations can be found in Title 11. Again, annual update service is available.
New Jersey Statutes can be found at ….
http://www.njleg.state.nj.us
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit-reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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