NJ S1126

Creates the State Bank of New Jersey to provide financial services, including loans and deposit accounts, to marijuana-related businesses that cannot access traditional banking due to federal prohibition of marijuana

Establishes a 13-member board of directors consisting of the State Treasurer (or designee) and 12 public members appointed by the Governor and legislative leaders, with required expertise in banking, financial services, and public administration

Exempts the State bank from all state and local taxes and fees, with all deposits guaranteed by the State and also exempt from taxation

Requires annual audits by an independent certified public accounting firm contracted through the State Auditor, plus regular examinations by the Commissioner of Banking and Insurance at the bank's expense

Imposes two-year post-employment restrictions on board members and non-clerical employees, prohibiting work with any entity that obtained loans or did substantial business with the bank