N.J. Admin. Code § 3:1-3.2

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:1-3.2 - Duties of Commissioner

(a) When any area of this State has been proclaimed to be a disaster area, the Commissioner shall investigate and review conditions in the disaster area to determine the extent of destruction and damage to real property and to determine whether or not real property which has been destroyed, damaged or materially affected by the disaster is subject to mortgage liens securing mortgage loans by any financial institution.

(b) If the Commissioner determines that real property within the disaster area, constituting the security of mortgage loans held by financial institutions has been destroyed, damaged or materially affected by the disaster, he may authorize financial institutions to exercise emergency mortgage powers as enumerated in 3:1-3.3 Emergency mortgage powers exercisable by financial institutions.

(c) The Commissioner shall authorize the exercise of such emergency mortgage powers by declaring this subchapter to be immediately operative and effective and said declaration shall be announced publicly and circulated in newspapers and financial publications throughout the State.

(d) When any financial institution shall exercise or use any emergency mortgage powers, as enumerated in this subchapter, the Commissioner shall ascertain and determine in connection with and as part of the usual examinations and audits conducted by the Department concerning the affairs, conditions and status of such financial institutions, whether such financial institution has complied with the requirements enumerated in 3:1-3.3.

N.J. Admin. Code § 3:1-3.2

Amended by R.1991 d.48, effective 2/4/1991.
See: 22 New Jersey Register 3425(a), 23 New Jersey Register 294(b).
Internal cites corrected.
Amended by R.2001 d.112, effective 4/2/2001.
See: 33 New Jersey Register 213(a), 33 New Jersey Register 1087(a).