Bill > S1583

This bill amends existing New Jersey law concerning conflicts of interest for State officers and employees, specifically the "New Jersey Conflicts of Interest" statutes (N.J.S.A. 52:13D-12 et seq.). Previously, these individuals, or entities they have a significant stake in (owning or controlling more than 1% of stock, assets, or profits), could only enter into contracts with a State agency for the development of scientific or technological discoveries or innovations if the State agency already held a property right in that discovery or innovation. This bill removes that requirement, allowing such contracts to proceed even if the State agency does not have a pre-existing property right, provided the agency has an approved code of ethics procedure in place to minimize conflicts of interest and the contract adheres to that procedure.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S1583