Establishes a State bank to provide financial services to marijuana-related businesses in New Jersey.
The bill creates the State Bank of New Jersey to offer financial services to businesses involved in marijuana activities, in accordance with state law. The bank can make loans and accept deposits from these businesses, subject to certain limitations and rules. It is exempt from state fees and taxes, and its deposits are also exempt from taxes. The bank is governed by a 13-member board of directors, including the State Treasurer and public members appointed by the Governor. The bank is subject to annual audits and examinations by the State Auditor and the Commissioner of Banking and Insurance.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.