Bill > S04473

This bill aims to increase participation in state contracts and subcontracts by certified minority and women-owned business enterprises (MWBEs). Key provisions include: - Requiring state agencies to report quarterly on MWBE participation, including the number of contracts awarded to MWBEs, the dollar amounts of those contracts, and the use of MWBE utilization plans and waivers. Agencies that fail to report will be subject to an independent audit. - Authorizing the Director of the Division of Minority and Women's Business Development to impose sanctions, penalties, or fines on entities with multiple violations of MWBE requirements within a 5-year period. - Expanding the Director's powers to oversee MWBE programs, including developing an online registry, conducting outreach, and facilitating access to business development assistance. - Requiring contractors to submit MWBE utilization plans at the time bids are submitted, rather than after contract award. - Adjusting the thresholds for when performance and payment bonds can be waived on state contracts and state-assisted projects to account for inflation. - Extending MWBE reporting requirements to state-assisted housing, economic development, higher education, and health care facility projects over $2 million.