SENATE, No. 816

STATE OF NEW JERSEY

218th LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2018 SESSION

 


 

Sponsored by:

Senator  NICHOLAS P. SCUTARI

District 22 (Middlesex, Somerset and Union)

Senator  GERALD CARDINALE

District 39 (Bergen and Passaic)

 

 

 

 

SYNOPSIS

     Provides for two-year post-employment restriction on certain employees of the Department of Banking and Insurance.

 

CURRENT VERSION OF TEXT

     Introduced Pending Technical Review by Legislative Counsel.

  


An Act concerning post-employment restrictions on certain employees of the Department of Banking and Insurance and supplementing Title 17 of the Revised Statutes.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    No employee of the Department of Banking and Insurance shall acquire any direct or indirect interest in, or accept employment with, any applicant or any person licensed, supervised or regulated by the department, for a period of two years commencing at the termination of employment by or with the department, except that a secretarial or clerical employee of the department may accept such employment at any time after the termination of employment with the department.

 

     2.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill prohibits an employee of the Department of Banking and Insurance, other than a secretarial or clerical employee, from acquiring a direct or indirect interest in or from being employed in the insurance or banking industry for two years after leaving the department.