Bill > S3882

This bill modifies existing state laws to allow the Department of Banking and Insurance and certain professional boards to retain the fees they collect, rather than transferring those funds to the state treasury. Specifically, the bill amends two sections of New Jersey law: one governing professional boards and another governing the Department of Banking and Insurance. Under the new provisions, these boards and the department can keep license fees, registration fees, application fees, and other collected charges to cover their own operational expenses, including prosecuting law violations, paying staff salaries, and conducting examinations. The boards and department will still be required to maintain accurate financial records subject to state comptroller audit. The changes mean that instead of sending most of their collected funds to the state treasury by October 31st each year, these entities can now retain the money in their own treasuries as of June 30th annually. The bill represents a shift in how these governmental entities manage and use their collected revenues, giving them more financial autonomy to support their own operations.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S3882