Bill Text: NJ A4516 | 2020-2021 | Regular Session | Introduced


Bill Title: Establishes position of Minority Depository Institution Coordinator in EDA.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2020-12-14 - Reported and Referred to Assembly Appropriations Committee [A4516 Detail]

Download: New_Jersey-2020-A4516-Introduced.html

ASSEMBLY, No. 4516

STATE OF NEW JERSEY

219th LEGISLATURE

 

INTRODUCED AUGUST 13, 2020

 


 

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

     As introduced.

 


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.  

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