Bill
Bill > A1671
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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 a new position within the New Jersey Economic Development Authority (EDA), called the Minority Depository Institution Coordinator, to help minority-owned banks participate more fully in the EDA's loan and bonding programs. The EDA board, in conjunction with the Chief Diversity Officer from the State Department of the Treasury, will create an application process to select an individual for this role. The coordinator will then work with the board and the Chief Diversity Officer to identify and remove any administrative hurdles that might prevent minority depository institutions, which are banks where at least 51% of the voting stock is owned by minorities or where a minority-led board serves a predominantly minority community, from accessing these EDA programs. Within 120 days of the bill becoming law, the EDA must report to the Legislature on the steps the new coordinator has taken to achieve these goals.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced, Referred to Assembly Commerce and Economic Development Committee (on 01/13/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/A1671 |
| BillText | https://pub.njleg.gov/Bills/2026/A2000/1671_I1.HTM |
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