Senate Commerce Committee Statement to Senate, No. 3882 — State of New Jersey (March 24, 2025)

Summary

The Senate Commerce Committee of the State of New Jersey, in a statement dated March 24, 2025, reports favorably and with committee amendments Senate Bill No. 3882. As amended, the bill modifies current law on the collection of funds by the Department of Banking and Insurance and certain professional boards. It authorizes the department to retain any fees, assessments or charges paid to the commissioner. It also authorizes the boards regulated in Title 45 to retain funds collected and remaining with each board's treasury as of June 30 of each year. The amendments remove the requirement that the commissioner return collected fees and pay them into the State Treasury.

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SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
3882

with
committee amendments

STATE
OF NEW JERSEY

DATED: MARCH
24, 2025

The Senate Commerce Committee reports favorably and
with committee amendments Senate Bill No. 3882.

As
amended, 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.

COMMITTEE AMENDMENTS

The committee amended the bill to:

1) remove the current requirement for the
commissioner of Banking and Insurance to return
to the Director of the Division of Budget and Accounting all fees and moneys
collected by the department, and pay the sum so collected into the State
Treasury; and

2) require fees, assessments, or charges paid to the
Department of Banking and Insurance to be retained by the department .

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