NJ S4672

Establishes the New Jersey Bullion Depository as a division within the Department of the Treasury, operated by private contractors under state oversight, to provide secure storage for gold, silver, and other precious metals

Requires all facilities to meet Class 3 vault security standards with 24-hour armed security, biometric access controls, dual-person authorization for vault access, and comprehensive surveillance systems

Mandates 100% physical backing of all accounts by prohibiting fractional reserve practices, precious metals leasing, derivatives trading, and any leveraging activities

Requires private operators to maintain minimum $100 million in insurance coverage, with customer assets held in bankruptcy-remote structures protected from operator creditor claims

Eligible depositors include fiduciaries, political subdivisions, businesses, nonprofits, educational institutions, and financial institutions, with delivery of precious metals required within five business days of request