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.