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 deducting 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 Phi Beta Sigma and Zeta Phi Beta organizations or designated entities must contribute up to $25,000 to cover these costs. The commission will not begin the program until it receives at least 500 completed applications and the necessary funds. The bill also includes provisions for the chief administrator to certify the average cost of the plates annually, with the possibility of discontinuing the program if costs exceed the application fee for two consecutive years. The bill will take effect only after the specified conditions are met and will expire if not fulfilled within a year of enactment.