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Bill > A840

NJ A840

NJ A840
Establishes position of Minority Depository Institution Coordinator in EDA.

summary

Introduced
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead
01/12/2026

Introduced Session

2024-2025 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 (coordinator) within the New Jersey Economic Development Authority (EDA). The coordinator will collaborate with the Chief Diversity Officer and the EDA board to identify and reduce administrative barriers that limit participation by minority depository institutions (institutions 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) 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.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)
(1 Companion Bills)

bill text

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/A840
BillText https://pub.njleg.gov/Bills/2024/A1000/840_I1.HTM
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