Bill > S1458

Introduced Session

This bill requires the New Jersey Economic Development Authority (EDA), in consultation with the Board of Public Utilities (BPU), to offer loans to broadband telecommunications service providers providing broadband telecommunications service to rural areas under an existing small business loan program administered by the EDA. The bill defines a "broadband telecommunications service provider" as a person, business, for-profit or nonprofit corporation, unincorporated association, or partnership, including, but not limited to, a rural electric cooperative, which is certified by the BPU to offer broadband telecommunications service within a rural area of this State. The bill also defines the terms "broadband telecommunications service" and "rural area." The bill requires that an EDA-approved loan under the program is to be made pursuant to a loan agreement, bear interest at rates and terms deemed appropriate by the EDA, and contain other terms and conditions considered appropriate by the EDA that are consistent with the purposes of the bill and with regulations adopted by the EDA to implement the bill. The bill requires the EDA, in consultation with the BPU, to adopt rules and regulations as are necessary to effectuate the purposes of the bill. The bill repeals a duplicative provision added by section 3 of P.L.2019, c.240.

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Steven Oroho (R)*,  Mike Testa (R)*, 

Received in the Assembly, Referred to Assembly Commerce and Economic Development Committee (on 07/30/2020)

Official Document