2017 New Jersey Revised Statutes
TITLE 17 - CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Section 17:9A-414 - Approval of acquisition
17:9A-414. Approval of acquisition
33. a. The commissioner shall decide whether to approve an acquisition under sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417) within 60 days after receipt of a completed application, provided, that if the commissioner requests additional information from the applicant following receipt of a completed application, the time limit for decision by the commissioner shall be the later of:
(1) the date set forth above in this subsection, or
(2) 30 days after the commissioner's receipt of the requested additional information.
b. The commissioner may in the commissioner's discretion hold a public hearing in connection with an application.
c. If the commissioner holds a public hearing in connection with an application, the time limits specified in subsection a. of this section shall be extended to 30 days after the conclusion of the public hearing.
d. An application shall be deemed approved if the commissioner takes no action on the application within the time limits specified in this section.
L.1996,c.17,s.33.
