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Bill

Bill

S 3882

Requires retention of funds collected by Department of Banking and Insurance and certain professional boards.*

2024-2025 Regular Session Introduced by Joe Cryan and 1 co-sponsor

New Jersey bill allows Department of Banking and Insurance and professional boards to retain collected fees instead of depositing them in state treasury, affecting state budget and agency funding autonomy.

Reported out of Senate Committee with Amendments, 2nd Reading
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Bill Summary · S 3882

Legislative bill overview

S 3882 requires the Department of Banking and Insurance and certain professional licensing boards to retain funds they collect through fees and licensing activities, rather than depositing those revenues into the state's general treasury. The bill allows these agencies to use collected funds directly for their operational expenses and regulatory functions.

Why is this important

This mechanism affects how state regulatory agencies are funded and could influence their operational independence and responsiveness. It also impacts the state budget, as general revenues would decrease by the amount retained by these agencies. The bill has advanced with amendments, suggesting legislative refinement of the funding structure.

Potential points of contention

  • State budget impact: Removing these revenues from the general treasury reduces funds available for other state programs and services, requiring budget adjustments elsewhere
  • Accountability and oversight: Allowing agencies to retain and spend their own revenues may reduce legislative scrutiny of spending compared to traditional appropriation processes
  • Funding predictability: Variable fee collection could create unstable budgets for agencies if revenues fluctuate, or conversely, create incentives to increase fees to boost agency resources

Compiled from official sources — confirm details with the bill’s official record.

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