New Jersey § 34:1b-365

§ 34:1b-365.

a. The New Jersey Economic Development Authority shall employ a Chief Compliance Officer,

who shall be appointed by the Chief Executive Officer of the authority . b. The Chief Compliance Officer shall: (1) create, maintain, monitor, and coordinate procedures to ensure that all economic

development incentive programs, authority employees, and economic development incentive

program applicants and recipients comply fully with the requirements of the corresponding

economic development incentive program; (2) on such periodic basis as determined by the authority, arrange for systematic audits of economic development incentive programs for compliance with

the laws, regulations, codes, orders, procedures, advisory opinions and rulings concerning

those programs; (3) maintain a central database of information concerning the management of all economic

development incentive programs and information on economic development incentive program

applicants and recipients to provide for the regular and ongoing reporting, verification,

and monitoring of the State's economic development incentive programs; (4) prior to the adoption of any rule or regulation by the authority or the board

related to the general administration of the programs administered by the authority

pursuant to section 6 of P.L.2020, c. 156 ( C.34:1B-274 ), section 19 of P.L.2020, c. 156 ( C.34:1B-287 ), section 29 of P.L.2020, c. 156 ( C.34:1B-297 ), section 34 of P.L.2020, c. 156 ( C.34:1B-302 ), section 41 of P.L.2020, c. 156 ( C.34:1B-309 ), section 52 of P.L.2020, c. 156 ( C.34:1B-320 ), section 67 of P.L.2020, c. 156 ( C.34:1B-335 ), section 79 of P.L.2020, c. 156 ( C.52:27D-520 ), section 88 of P.L.2020, c. 156 ( C.34:1B-354 ), and section 97 of P.L.2020, c. 156 ( C.34:1B-361 ), or any other regulation specifically related to the recapture of economic development

incentive award values, review and certify that the provisions of program rules or

regulations provide the authority with adequate procedures to pursue the recapture

of the value of an economic development incentive in the case of substantial noncompliance,

fraud, or abuse by the economic development incentive recipient, and that program

rules and regulations are sufficient to ensure against economic development incentive

fraud, waste, and abuse; and (5) refer, to the Economic Development Inspector General and to the Attorney General,

information on suspected fraud or abuse identified by the Division of Portfolio Management

and Compliance. c. The Chief Compliance Officer, in consultation with the Department of Labor and

Workforce Development and the Department of the Treasury, shall: Develop, adopt, and implement a corrective action plan within six months of receiving notice of any program deficiency issued by the Economic

Development Inspector General, that is designed to enable the authority to properly

manage the economic development incentive programs administered by the authority . d. To ensure against economic development incentive fraud, waste, and abuse, the authority

may recapture all or any portion of the value of an economic development incentive

awarded pursuant to any of the authority's economic development incentive programs

in the case of substantial noncompliance, fraud, or abuse by the economic development

incentive recipient. The authority may incorporate provisions in the regulations for each economic development

incentive program that the authority deems necessary to implement this subsection.