Establishes "Minority and Women-Owned Businesses State Contractor Remedies Act."

This bill establishes the "Minority and Women-Owned Businesses State Contractor Remedies Act" to address ongoing disparities in state contracting. It requires New Jersey state agencies and prime contractors to make a "good faith effort" to increase participation by minority and women-owned businesses, specifically Black, Asian, and Hispanic American-owned businesses and women-owned businesses, based on a 2024 state disparity study showing persistent statistical gaps in contract awards. The law defines key terms like "Black American-owned business" and "Asian American-owned business" with specific ownership criteria (51% ownership by the group) and directs the Department of the Treasury's Chief Diversity Officer to oversee implementation. It does not set fixed percentage goals but mandates evidence of good-faith efforts to meet the needs identified in the disparity study.