5. a. Within six months of the effective date of this section, the Department of Education, in consultation with the Department of Banking and Insurance, shall designate a nonprofit corporation, organized under the “New Jersey Nonprofit Corporation Act,” N.J.S. 15A:1-1 et seq., and with a history and experience in promoting financial education and financial literacy and delivering financial education and financial literacy services, to serve as the recipient of the funds due from credit unions pursuant to subsection b. of this section. The designation by the department:

(1) shall include any requirements determined by the Department of Education to be necessary to insure proper oversight of the expenditure of the funds by the nonprofit corporation for financial education and financial literacy purposes; and

(2) may include a requirement that the nonprofit corporation provide funding for the high school pilot program in personal financial literacy established pursuant to section 1 of P.L.2009, c.153 (C. 18A:6-115) or any expansion of that program.

b. (1) The chief financial officer of a credit union that qualifies as a public depository pursuant to P.L.1970, c.236 (C. 17:9-41 et seq.) shall transmit to the Department of Banking and Insurance with each fourth quarter report required annually pursuant to section 3 of P.L.1970, c.326 (C. 17:9-43) a written certification that the credit union has forwarded to the nonprofit corporation designated pursuant to subsection a. of this section a sum equal to the average daily balance, if the average daily balance is in excess of $2 million, for the preceding year of the public funds on deposit at the credit union, multiplied by the appropriate factor, as determined in accordance with the following schedule:

(a) an average daily balance in excess of $2 million but less than $25 million: multiply by a factor of .0005.

(b) an average daily balance of $25 million or over but less than $50 million: multiply by a factor of .00075.

(c) an average daily balance of $50 million or over: multiply by a factor of .0010.

However, in no event, shall a credit union be required to forward a sum in excess of $100,000 in any one year.

(2) The certification shall comply with any requirements determined by the department to be necessary for the calculation and transmission of such funds.

c. The Department of Education may adopt, pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C. 52:14B-1 et seq.) any rules and regulations necessary to implement the provisions of subsection a. of this section. The Department of Banking and Insurance may adopt, pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C. 52:14B-1 et seq.) any rules and regulations necessary to implement the provisions of subsection b. of this section.

L.2011, c.108, s.5.