NJ S1144

Establishes the State Bank of New Jersey as a state-owned financial institution to promote small businesses, educational lending, housing, infrastructure, and economic development in partnership with other financial institutions

Creates a 13-member board of directors including the State Treasurer (or designee) as ex officio member and 12 gubernatorial appointees with experience in banking, credit unions, consumer advocacy, and public administration, serving staggered terms of 2-5 years

Authorizes the bank to receive deposits from public sources (guaranteed by the State), make loans at rates comparable to state-chartered banks, buy/sell federal funds, purchase residential mortgage loans, provide small business assistance, and coordinate with the Higher Education Student Assistance Authority

Exempts the bank from all state and local fees and taxes, with deposits also exempt from state, county, and municipal taxes; permits optional FDIC insurance for deposits

Requires annual examinations by the Commissioner of Banking and Insurance, annual independent audits contracted by the State Auditor, and monthly/annual reporting by the State Treasurer to the Governor and Legislature