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NJ S2310
Bill
Status
Passed
11/18/2024
Primary Sponsor
Paul Moriarty
Click for details
AI Summary
- Establishes the State Bank of New Jersey as a state-owned financial institution to promote small businesses, educational lending, housing, infrastructure, and economic development
- Creates a 13-member board of directors including the State Treasurer (ex officio) and 12 gubernatorial appointees with expertise in banking, credit unions, consumer advocacy, and public administration
- Authorizes the bank to receive deposits from public sources (state funds, political subdivisions, state agencies), with all deposits guaranteed by the State and exempt from state, county, and municipal taxes
- Permits the bank to make loans to small businesses, purchase residential mortgage loans, finance transportation projects, and coordinate with the Higher Education Student Assistance Authority on student financial aid
- Requires annual audits by an independent accounting firm, examinations by the Commissioner of Banking and Insurance, and annual reports to the Governor and Legislature by December 1st each year
Legislative Description
Requires transparency concerning compensation with promotional opportunities and in employment listings.
Bills and Joint Resolutions Signed by the Governor
Last Action
Approved P.L.2024, c.91.
11/18/2024
Committee Referrals
Budget and Appropriations5/6/2024
Labor1/25/2024
Full Bill Text
No bill text available