This bill establishes a community reinvestment law in New Jersey, mandating the Department of Banking and Insurance to evaluate and rate regulated financial institutions, such as banks and credit unions, on their lending practices and services provided to low- and moderate-income consumers. The evaluations will occur every three years and will assess institutions' efforts in retail lending, community development, and compliance with consumer protection laws. Institutions will be rated on a scale from "Outstanding" to "Substantial noncompliance," with those receiving low ratings required to submit improvement plans. Additionally, the bill requires the department to conduct a disparity study to identify underserved populations and areas, updating it every three years.

To promote transparency, the bill mandates that each regulated financial institution display a public notice in their offices and on their websites regarding their performance evaluations. The Commissioner of Banking and Insurance is authorized to adopt necessary rules and regulations for implementation, and the bill repeals a previous law (P.L.1991, c.294). The act is set to take effect immediately upon passage, aiming to enhance financial support and equitable access to services for low- and moderate-income individuals and communities.