Establishes position of Minority Depository Institution Coordinator in EDA.

A1671

ASSEMBLY, No. 1671

STATE OF NEW JERSEY

222nd LEGISLATURE

�

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Assemblywoman VERLINA REYNOLDS-JACKSON

District 15 (Hunterdon and Mercer)

SYNOPSIS

���� Establishes position of Minority Depository
Institution Coordinator in EDA.

CURRENT VERSION OF TEXT

���� Introduced Pending Technical Review by Legislative
Counsel.

��

An Act
establishing the position of Minority Depository
Institution Coordinator within the New Jersey Economic Development Authority,
and supplementing P.L.1974, c.80 (C.34:1B-1 et seq.).�

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1.��� As used in P.L.���
,c.��� (C.������ ) (pending before the Legislature as this bill):

���� �Authority� means the New
Jersey Economic Development Authority established pursuant to section 4 of
P.L.1974, c.80 (C.34:1B-4).

���� �Board� means the board of the
New Jersey Economic Development Authority established pursuant to section 4 of
P.L.1974, c.80 (C.34:1B-4).

���� �Chief Diversity Officer�
means the position in the Division of Purchase and Property in the State
Department of the Treasury established pursuant to P.L.2017, c.95
(C.52:32-18.1).

���� �Minority� means a person who
is:

���� (1)�� Black, which is a person
having origins in any of the black racial groups in Africa; or

���� (2)�� Hispanic, which is a
person of Spanish or Portuguese culture, with origins in Mexico, South or
Central America, or the Caribbean islands, regardless of race; or

���� (3)�� Asian-American, which is
a person having origins in any of the original peoples of the Far East,
Southeast Asia, and Indian subcontinent, Hawaii, or the Pacific Islands; or

���� (4)�� American Indian or
Alaskan native, which is a person having origins in any of the original peoples
of North America.

���� �Minority depository
institution� means a depository institution where either: (1) 51 percent or
more of the voting stock is owned by minority individuals; or (2) a majority of
the board of directors of the depository institution is minority and the community
that the institution serves is predominantly minority.

����

���� 2.��� a.���� There is
established in the authority the position of Minority Depository Institution
Coordinator.� The board shall collaborate with the Chief Diversity Officer to
select a Minority Depository Institution Coordinator through an application
process agreed upon by the board and the Chief Diversity Officer.�

���� b.��� The Minority Depository
Institution Coordinator shall collaborate with the board and Chief Diversity
Officer to identify and reduce any administrative barriers to participation by
minority depository institutions in New Jersey Economic Development Authority
loan programs, including, but not limited to, the direct loan programs and the
Small Business Bonding Readiness Assistance Program, established pursuant to
section 2 of P.L.2016, c.84 (C.34:1B-253).�

���� 3.��� The authority shall
submit a report to the Legislature not later than 120 days after enactment of
P.L.��� ,c.��� (C.������� ) (pending before the Legislature as this bill) in
accordance with section 2 of P.L.1991, c.164 (C.52:14-19.1) outlining the steps
undertaken by the Minority Depository Institution Coordinator to accomplish the
goals set forth in subsection b. of section 2 of P.L. ,c.��
�(C.������� ) (pending before the Legislature as this bill).�

���� 4.��� This act shall take
effect immediately.

STATEMENT

���� 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.�