This bill authorizes the Chief Administrator of the New Jersey Motor Vehicle Commission to issue special license plates for the Lambda Theta Phi Latin Fraternity, Inc. The plates will feature a design that includes appropriate words or a slogan and an emblem honoring the fraternity, with the design and color scheme selected in consultation with the fraternity's North Atlantic Regional Vice President. An application fee of $50 and an annual renewal fee of $10 will be required, with the additional fees deposited into a special non-lapsing fund known as the Lambda Theta Phi Latin Fraternity, Inc. License Plate Fund. This fund will be used to support the fraternity's mission and programs after deducting administrative costs.

The bill stipulates that no state or public funds will be used for the initial costs associated with the license plate program. Instead, the North Atlantic Regional Vice President or a designated entity must contribute up to $25,000 in non-public funds to cover these costs. The commission will not begin the program until it receives these funds and at least 500 completed applications for the plates. The bill also includes provisions for the chief administrator to certify the average cost of producing 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 immediately but will remain inoperative until the specified conditions are met, and it will expire if those conditions are not satisfied within a year.