SENATE STATE MANAGEMENT, INVESTMENT AND FINANCIAL INSTITUTIONS COMMITTEE

STATEMENT TO

SENATE, No. 674

STATE OF NEW JERSEY

DATED: MARCH 14, 1996

      The Senate State Management, Investment and Financial Institutions Committee reports favorably Senate, No. 674.

      This bill would provide the Commissioner of Banking authority to permit, by rule or order, an entity other than a banking institution to use certain terms in its name. In addition, it would permit a Real Estate Investment Trust to use the term, "trust," in its name without first obtaining the permission of the commissioner. Currently only banking institutions or bank holding companies may use the words “bank,” “banker,” “banking,” “trust,” or “savings” as part of its name.