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Statement to Assembly, No. 723 - Commerce and Economic Development Committee (New Jersey, 2020)

Summary

A Statement to Assembly from the Assembly Commerce and Economic Development Committee, State of New Jersey, dated January 27, 2020, reporting favorably Assembly Bill No. 723. The statement says the bill would modify the eligibility criteria for a business to qualify as a minority-owned or women-owned business under State law. It says a business engaged in the procurement of materials and supplies would be eligible for certification although the business is not involved in the production or movement of inventory on hand, as long as the business places an order with a distributor or manufacturer, takes possession of the order by payment, assumes the risk of ownership, and causes the product to be shipped to a customer.

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“Statement to Assembly, No. 723 - Commerce and Economic Development Committee (New Jersey, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-01-27-ace-a723-s1-799f516b87/, SHA-256 01d2b0ed4b30e8f9f3a4424239fa9fce520a85d97db45ba6b1585f375d1ededc.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                      ASSEMBLY, No. 723

       STATE OF NEW JERSEY
                          DATED: JANUARY 27, 2020

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 723.
          This bill would modify the eligibility criteria for a business to
      qualify as a minority-owned or women-owned business under State
      law. The bill specifies that an otherwise eligible minority-owned or
      women-owned business engaged in the procurement of materials and
      supplies would be eligible for certification although the business is not
      involved in the production or movement of inventory on hand, as long
      as the business:
          (1) places an order for a product with a distributor or
      manufacturer;
          (2) takes possession of the materials or supplies in the order by
      payment;
          (3) assumes the risk of ownership of the materials or supplies; and
          (4) causes the product, materials, or supplies to be shipped to a
      customer.
          This bill was pre-filed for introduction in the 2020-2021 session
      pending technical review. As reported, the bill includes the changes
      required by technical review, which has been performed.

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