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Bill > S1490
NJ S1490
NJ S1490Requires retention of funds collected by Department of Banking and Insurance and certain professional boards.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill modifies current law governing the collection of funds by the Department of Banking and Insurance (the "department") and certain professional boards. The bill authorizes the department to retain any fees, assessments, or charges paid to the commissioner. It also authorizes the boards regulated in Title 45 of New Jersey law to retain funds collected and remaining with the treasury of each board as of June 30 of each year. The funds collected by each professional board consist of fees paid for initial licensure and for licensure renewal.
AI Summary
This bill modifies how the Department of Banking and Insurance (the "department") and certain professional licensing boards in New Jersey handle collected funds. Specifically, it allows the department to keep all fees, assessments, and charges it collects, rather than sending them to the State Treasury. Additionally, professional boards regulated under Title 45 of New Jersey law, which collect fees for initial and renewal licenses, will now be permitted to retain any funds remaining in their treasuries as of June 30 each year, instead of paying most of these remaining funds to the state. This change aims to give these entities more control over their finances to cover their operational expenses.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/13/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/S1490 |
| BillText | https://pub.njleg.gov/Bills/2026/S1500/1490_I1.HTM |
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