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NJ S1477
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Joseph Cryan
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AI Summary
- State-chartered financial institutions in New Jersey must maintain reserve balances equal to at least five times the total value of thefts, cyber thefts, fraud, and robberies reported in the previous year, plus related damages
- The additional reserve requirement is on top of any existing reserve or minimum capital requirements already mandated by law or regulation
- Financial institutions must conduct annual audits of losses from theft, cyber theft, fraud, and robbery and report findings to the Commissioner of Banking and Insurance
- Covered institutions include banks, savings banks, savings and loan associations, building and loan associations, and credit unions organized under New Jersey law
- The law takes effect one year after enactment
Legislative Description
Requires State-chartered financial institutions to increase minimum reserve balances by five times amount of previous year's losses relating to fraud and theft.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
1/13/2026
Committee Referrals
Commerce1/13/2026
Full Bill Text
No bill text available