NJ S2310

Establishes the State Bank of New Jersey as a State-owned financial institution to promote small businesses, educational lending, housing, infrastructure, and economic development through partnerships with other financial institutions and agencies.

Governed by a 13-member board of directors including the State Treasurer and 12 gubernatorial appointees with expertise in banking, credit unions, consumer advocacy, and public administration, serving staggered terms of 2-5 years.

Authorizes the bank to receive deposits from State funds and public sources, make loans to businesses and for transportation projects, purchase residential mortgage loans, and coordinate with the Higher Education Student Assistance Authority on postsecondary education financing.

All deposits are guaranteed by the State and exempt from State, county, and municipal taxes; the bank itself is exempt from all State fees and taxes.

Requires annual audits by independent accountants contracted through the State Auditor, examinations by the Commissioner of Banking and Insurance, and monthly and annual financial reports to the Governor and Legislature published on the Treasury website.