This bill establishes the State Bank of New Jersey, which is specifically designed to provide financial services to marijuana-related businesses that comply with state law. The bank aims to alleviate the difficulties these businesses encounter in accessing traditional financial institutions due to the federal illegality of marijuana, which often leads to large cash accumulations that pose safety risks. The bill grants the bank the authority to accept deposits and make loans to these businesses while ensuring it operates under the same regulations as state-chartered banks.

Governance of the State Bank will be managed by a 13-member board of directors, including the State Treasurer and twelve public members appointed by various state leaders. The bill requires the appointment of a bank president to oversee operations and mandates regular audits by the Commissioner of Banking and Insurance and the State Auditor. It also includes provisions for transparency, such as public meetings and financial disclosures. The State Treasurer is tasked with submitting an annual report by December 1st and a monthly report on the bank's status, both of which will be publicly accessible to ensure ongoing transparency.