Bill > S1429

This bill establishes the State Bank of New Jersey, a state-owned financial institution. The key provisions of the bill include: - The bank's mission is to promote small businesses, fair educational lending, housing, infrastructure improvements, community development, economic development, commerce, and industry in New Jersey. It will act as a funding resource in partnership with other financial institutions, economic development groups, and guaranty agencies. - The bank will be governed by a 13-member board of directors appointed by the Governor with the advice and consent of the Senate, including individuals with expertise in areas like mortgage lending, financial services, bank administration, public administration, and consumer financial advocacy. - The bank can make loans, buy and sell federal funds, lease or acquire property, receive deposits from public sources, and provide loans or other assistance to public or private entities for transportation projects, postsecondary education, mortgage purchases, and small businesses. - The bank's deposits will be guaranteed by the state and exempt from state, county, and municipal taxes. It will be examined by the Commissioner of Banking and Insurance and audited annually by an independent certified public accounting firm. - The State Treasurer will report annually to the Governor and Legislature on the bank's affairs and provide monthly reports on the state of the bank's funds.

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https://www.njleg.state.nj.us/bill-search/2022/S1429