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NJ S2293
Bill
Status
Introduced
1/9/2024
Primary Sponsor
Nicholas Scutari
Click for details
AI Summary
- Creates the State Bank of New Jersey to provide financial services including deposits and loans to marijuana-related businesses operating legally under state law
- Governed by a 13-member board of directors including the State Treasurer (ex officio) and 12 public members appointed by the Governor, Senate President, Assembly Speaker, and legislative minority leaders
- Board appoints a president to manage daily operations, with authority to employ staff, prepare annual budgets, and execute administrative functions
- All deposits guaranteed by the State and exempt from state, county, and municipal taxes; the bank itself is exempt from all state fees and taxes
- Subject to examination by the Commissioner of Banking and Insurance and annual independent audits, with monthly financial reports published on the Department of Treasury website
Legislative Description
Requires automobile insurance policies to provide uninsured and underinsured motorist coverage equal to policy liability limits of insured motorists.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
1/9/2024
Committee Referrals
Commerce1/9/2024
Full Bill Text
No bill text available