New Jersey § 17:1c-35

§ 17:1c-35.

a. The Director of the Division of Budget and Accounting in the Department of the

Treasury shall, on or before August 15 in each year, ascertain and certify to the

commissioner by category the total amount of expenses incurred by the State in connection

with the administration of the special functions of the Division of Banking in the

Department of Banking and Insurance relative to the financial regulation, supervision

and monitoring of depository institutions and other financial entities it licenses

during the preceding fiscal year. Those expenses shall include, in addition to the direct cost of personal service,

the cost of maintenance and operation, the cost of employee benefits and the workers'

compensation paid for and on account of personnel, rentals for space occupied in State-owned

or State-leased buildings and all other direct and indirect costs of the administration

of those functions of the department, as well as any amounts remaining uncollected

from the assessment of the previous fiscal year. Certification made pursuant to this subsection shall be made by the Director of

the Division of Budget and Accounting. b. (1) Upon receipt of the certification made by the Director of the Division of Budget

and Accounting pursuant to subsection a. of this section, but no later than September

1 in each year following the close of the previous fiscal year, the commissioner shall

issue, in accordance with the provisions of this section, the assessment for the amount

of the expenses incurred by, or on behalf of, the department for those special purposes

recognized in this act. (2) Assessments made pursuant to this section shall be distributed among all regulated

entities in accordance with regulations promulgated by the commissioner pursuant to

the “Administrative Procedure Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ). c. The commissioner shall certify the amount of the assessment issued to each regulated

entity. Each regulated entity shall remit the amount so certified and assessed to it to

the department in accordance with the procedures established in this act. Amounts collected by the department shall be used for reimbursement to the State

for expenses incurred in connection with the special functions of the division relative

to the financial regulation, supervision and monitoring of depository institutions

and other financial entities it charters, licenses or registers, provided that the

amount collected for those expenses shall not exceed the amount appropriated by the

Legislature for those expenses.