This bill establishes a community reinvestment law in New Jersey that mandates the Department of Banking and Insurance to evaluate and rate lending institutions based on their lending practices, investments, and services provided to low- and moderate-income consumers. The department will assess institutions' performance in serving these communities, focusing on retail lending, community development, and compliance with consumer protection laws. Institutions will be rated on a scale from "Outstanding" to "Substantial noncompliance," and public input will be solicited during evaluations. Additionally, institutions receiving low ratings will be required to submit improvement plans to enhance their community service efforts.

The legislation also requires the department to conduct disparity studies to identify underserved populations and areas, ensuring that the findings inform future examinations of financial institutions. Data on community development lending and investments must be collected and made publicly available to promote transparency. Furthermore, regulated financial institutions must publicly display a notice regarding their performance evaluations in their offices and on their websites. The bill repeals P.L.1991, c.294, and takes effect immediately upon passage, with the Commissioner of Banking and Insurance responsible for adopting necessary rules and regulations to implement the act.