New Jersey banking laws are in place to provide regulatory overview of the financial industry, including banks, credit unions and savings & loans. Banking laws in New Jersey are designed to offer the maximum protection to the people whose money is held in the financial institute and to keep the financial industry solvent.

Recognize that banking laws are determined by the Federal Deposit Insurance Corporation and Federal Reserve Board and the Office of Thrift Supervision. The New Jersey banking laws that have been put into place in addition to the federal gudelines never contradict federal laws, they just provide another layer of protection.

1. Educate yourself on banking laws in New Jersey.

2. Protect your business with New Jersey banking law lawyers.

3. Know the lingo of New Jersey banking laws and the banking industry.

Action Steps
The best contacts and resources to help you get it done

Understand the implications banking laws in New Jersey have on your business

Sit down with your professional banker to find out if the banking laws in New Jersey impact your business practices. Discuss any changes you need to make to stay within the laws and receive the full protection provided by those laws.

I recommend: The New Jersey Legislature provides information about New Jersey banking laws. Look for the search bar at the bottom of the page to search for banking laws in New Jersey. LawGuru.com is an online law library where you can research New Jersey banking law practices and how those practices affect your business.

Hire a knowledgeable New Jersey banking law firm

Take advantage of the expertise offered by a New Jersey banking attorney. Use their specialized knowledge to protect your business from unethical banking practices. Interview several firms before making a decision so you're comfortable with the representation you choose to protect your interests.

I recommend: Use Findlaw.com to help you locate New Jersey banking lawyers in the city you reside in. HG.org allows you to search for New Jersey banking law firms in each city to help you find representation in your local area.

Learn New Jersey banking law language

Teach yourself banking terminology to help you better understand the banking industry. From jargon to technical terms, the more you understand, the better choices you can make. You can better comprehend loan documents, tax ramifications and the differences between accounts with this information firmly in hand.

I recommend: The State of New Jersey that explains the terminology used in the banking industry. MoneyMattersNJ.com has compiled a list of common financial terms and their definitions to help you become familiar with New Jersey banking jargon.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Consult with qualified accountants to help you ensure your business practices are not violating any banking laws in the state of New Jersey. Set up policies to govern accounts receivable, accounts payable and the handling of all finances to protect you and your staff members.