NJ S2293

Creates the State Bank of New Jersey to provide banking services specifically to marijuana-related businesses operating legally under state law, addressing the problem that federal marijuana prohibition limits their access to traditional financial institutions

Establishes a 13-member board of directors including the State Treasurer (or designee) as ex officio member, with 6 members appointed by the Governor and 6 appointed by legislative leaders, all serving 4-year terms

Authorizes the bank to accept deposits from and make loans to marijuana-related businesses at the same rates and terms as State-chartered banks, with all deposits guaranteed by the State

Exempts the bank from all state and local fees and taxes, and requires annual audits by an independent accounting firm plus examinations by the Commissioner of Banking and Insurance

Imposes 2-year post-employment restrictions preventing board members and employees from working for entities that obtained loans from or did substantial business with the bank