Requires funds received by NJ from lawsuits in which AG participated be held in escrow by certain financial institutions.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill requires that funds received by the State of New Jersey from lawsuits where the Attorney General participated be held in escrow by specific financial institutions. The Attorney General, in consultation with the State Treasurer, must deposit at least 50% of these funds into a qualified institution that meets stringent requirements regarding deposit levels, state investment, licensing, and escrow services. The Department of Banking and Insurance will maintain a directory of approved institutions, and those already approved for attorney trust accounts are presumptively approved under this bill.
Bill text
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