New Jersey § 34:15-120
Full text of New Jersey New Jersey Statutes § 34:15-120, with citation guidance and answers to common questions.
§ 34:15-120.
To aid in the detection and prevention of employer insolvencies: a. Upon determination by majority vote of the membership of the board that any member
employer may be insolvent or in a financial condition hazardous to the employees thereof
or to the public, it shall be the duty of the board of directors to notify the department
of any information indicating that condition. b. The board of directors may, upon majority vote of the membership of the board,
request that the department determine the condition of any member employer which the
board in good faith believes may no longer be qualified to be a member of the association. Within 30 days of the receipt of that request or, for good cause shown, within a
reasonable time thereafter, the department shall make such determination and shall
forthwith advise the board of its findings. Each request for a determination shall be kept on file by the department, but the
request shall not be open to public inspection prior to the release of the determination
to the public. c. It shall also be the duty of the department to report to the board of directors
when it has reasonable cause to believe that a member employer may be in such a financial
condition as to be no longer qualified to be a member of the association. d. The board of directors may, upon majority vote of the membership of the board,
make reports and recommendations to the department upon any matter which is germane
to the solvency, liquidation, rehabilitation, or conservation of any member employer. Such reports and recommendations shall not be considered public documents. e. The board of directors may, upon majority vote of the membership of the board,
make recommendations to the department for the detection and prevention of employer
insolvencies. f. The board of directors shall, at the conclusion of any member's insolvency in which
the association was obligated to pay covered claims, prepare a report on the history
and cause of that insolvency, based on the information available to the association,
and shall submit that report to the department.
Frequently Asked Questions About New Jersey § 34:15-120
What does New Jersey Statutes § 34:15-120 cover?
Section 34:15-120 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 34:15-120?
A common citation format is "New Jersey Statutes § 34:15-120" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 34:15-120 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.