[10] The division's duties, specifically the Office of Depositories, include overseeing the financial solvency of state-chartered banks and savings & loan institutions while also enforcing actions against those in violation of the department's regulations.
The division also processes and reviews applications by depository institutions for new charters, branches, relocations, plans of acquisition, mergers, bulk sales, stock conversions and auxiliary offices.
[11] The Office of Consumer Finance conducts similar financial solvency examinations on credit unions and also regulates and responds to complaints relating to a number of different types of licensed lenders, which include: The Real Estate Commission, which is located within the Division of Banking, ensures that members of the real estate industry comply with existing laws and regulations.
[14] Among its tasks, the division oversees the solvency of the various companies and ensures consumer protections while periodically examining the licensed entities within the industry for compliance issues.
Additionally, NJ Protect is the state's federally subsidized health insurance option for those residents with pre-existing medical conditions.
Due to the large number of multi-state insurers, the department utilizes a national state-based system of regulation in order to help meet this core mission.