Bill
Bill > S2770
summary
Introduced
08/03/2020
08/03/2020
In Committee
02/22/2021
02/22/2021
Crossed Over
02/19/2021
02/19/2021
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill establishes the position of Minority Depository Institution Coordinator (coordinator) within the New Jersey Economic Development Authority (EDA). The bill requires the EDA board to collaborate with the Chief Diversity Officer in the Division of Purchase and Property in the State Department of the Treasury, to create an application process and then select an individual for the position. The bill requires the coordinator to collaborate with the Chief Diversity Officer and the board to identify and reduce any administrative barriers that limit participation by minority depository institutions in EDA loan and bonding programs. The bill requires the authority to submit a report to the Legislature 120 days after enactment outlining the steps taken by the Minority Depository Institution Coordinator to identify and reduce any administrative barriers to minority depository institution participation in EDA loan and bonding programs.
AI Summary
This bill establishes the position of Minority Depository Institution Coordinator within the New Jersey Economic Development Authority (EDA). The Coordinator will collaborate with the Chief Diversity Officer to identify and reduce administrative barriers that limit participation by minority depository institutions in EDA loan and bonding programs. The EDA is required to submit a report to the Legislature within 120 days outlining the steps taken by the Coordinator to achieve these goals. Minority is defined in the bill to include Black, Hispanic, Asian-American, and American Indian or Alaskan native individuals, and a minority depository institution is one where 51% or more of the voting stock is owned by minority individuals or the majority of the board of directors is minority and the community served is predominantly minority.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (5)
Last Action
Received in the Assembly, Referred to Assembly Appropriations Committee (on 02/22/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/S3000/2770_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S3000/2770_I1.PDF |
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