17:1-27 - Prohibited actions - New Jersey Statutes

17:1-27  Prohibited actions.

3.No bank, savings bank, State association, or any officer, director, employee, or major shareholder thereof, shall:

a.Fail to comply with an order or other written instruction of the commissioner or any other financial regulatory agency;

b.Violate a State or federal law;

c.Take any action, or fail to take an action, with the result that a material interest of the covered institution is adversely affected;

d.Be convicted of a crime that would permit adverse action by a governmental agency pursuant to P.L.1968, c.282 (C. 2A:168A-1 et seq.);

e.Provide incorrect, misleading, incomplete or untrue material information about the covered institution to the commissioner or any federal financial regulatory agency;

f.Withhold material information from the commissioner or any federal financial regulatory authority about the covered institution; or

g.Take an action, or fail to take an action, the result of which poses a substantial risk to the safety and soundness of the covered institution or may cause substantial damage to its reputation.

L.2005,c.195,s.3.