LEGISLATIVE FISCAL ESTIMATE
[Second Reprint]
SENATE, No. 2508
STATE OF NEW JERSEY
219th LEGISLATURE
DATED: JUNE 24, 2021
SUMMARY
Synopsis: |
Revises law concerning notaries and notarial acts; authorizes electronic signatures. |
Type of Impact: |
Annual revenue gain to State General Fund; Annual State expenditure increase. |
Agencies Affected: |
Department of the Treasury |
Office of Legislative Services Estimate |
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Fiscal Impact |
FY 2022 and Thereafter |
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Annual State Revenue Increase |
Indeterminate |
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Annual State Expenditure Increase |
Indeterminate |
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· The Office of Legislative Services (OLS) concludes that this bill could increase State General Fund revenues through various changes to existing fees and new fees. The bill could also result in an increase in State expenditures related to establishing and maintaining courses of study, continuing education programs, and examinations for notary applicants.
BILL DESCRIPTION
This bill revises the law concerning the qualifications and duties of notaries public and other notarial officers. The bill authorizes electronic signatures for notarial acts as well as various notarial acts to be performed with remotely located individuals. The bill takes effect 90 days following enactment; provided, however, that course of study, continuing education, and examination requirements would go into effect on the 365th day follow enactment.
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS concludes that this bill could increase State General Fund revenues through various changes to existing fees and new fees. The bill could also result in an increase in State expenditures related to establishing and maintaining courses of study, continuing education programs, and examinations for notary applicants.
The bill does not alter the fee amount for commissions and renewals, but it does make the fee non-refundable and payable through more methods of payment. The State Treasurer is also required to establish a nonrefundable examination fee, which is to offset the cost of having an independent contract vendor develop and administer the examination. Like any source of revenue, the amounts generated will fluctuate annually. The bill’s provisions alter various qualification requirements that could affect commissions or renewals. The OLS cannot conclude with reasonable certainty the impact those provisions will have on the population of notaries or future notaries.
The bill could also increase expenditures related to administrative costs, some of which would be offset by new fees established by the bill. The State Treasurer would be responsible for establishing and maintaining courses of study, continuing education programs, and examinations for notary applicants. The OLS cannot determine whether or not this bill will require the Department of the Treasury to hire additional staff or if the implementation of the bill could be managed with existing resources.
Section: |
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Analyst: |
Revenue Analyst |
Approved: |
Thomas Koenig Assistant Legislative Budget and Finance Officer |
This legislative fiscal estimate has been produced by the Office of Legislative Services due to the failure of the Executive Branch to respond to our request for a fiscal note.
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).