ASSEMBLY FINANCIAL INSTITUTIONS COMMITTEE

 

STATEMENT TO

 

SENATE, No. 674

 

with committee amendments

 

STATE OF NEW JERSEY

 

DATED: OCTOBER 7,1996

 

      The Assembly Financial Institutions Committee reports favorably and with committee amendments Senate Bill No. 674.

      This bill would permit a Real Estate Investment Trust to use the term, "trust," in its name without first obtaining the permission of the commissioner.

      The committee amended the bill to delete the provision permitting the Commission of Banking and Insurance to permit, by rule or order, an entity other than a banking institution to use certain terms in its name.