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 General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires that any money 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 an institution meeting certain requirements, including maintaining a significant portion of its deposits in New Jersey and having appropriate expertise. The Department of Banking and Insurance will maintain a directory of approved institutions. This aims to safeguard these funds and ensure their responsible management.
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