This bill authorizes the Chief Administrator of the New Jersey Motor Vehicle Commission to create special license plates honoring the Phi Beta Sigma Fraternity, Inc. and the Zeta Phi Beta Sorority, Incorporated. The plates will feature a design selected in consultation with representatives from both organizations and will include a $50 application fee and a $10 annual renewal fee. The funds collected from these fees will be deposited into a special non-lapsing fund, known as the Phi Beta Sigma and Zeta Phi Beta License Plate Fund, which will be used to support the missions and programs of both organizations after covering administrative costs.

Additionally, the bill stipulates that no state or public funds will be used for the initial costs associated with the program, which include designing, producing, and publicizing the plates. Instead, the organizations or designated entities must contribute up to $25,000 to cover these costs. The commission will not begin the program until it receives the necessary funds and at least 500 completed applications for the plates. The bill will take effect only after these conditions are met and will expire if not fulfilled within a specified timeframe.