Governor signs Bramnick’s bill increasing transparency by financial reporting services

Governor signs Bramnick’s bill increasing transparency by financial reporting services

Trenton N.J. – Gov. Phil Murphy signed Assembly Republican Leader Jon Bramnick’s bill (A-4699) Tuesday requiring private companies that provide annual report filing services to make certain disclosures when soliciting clients.

Jon Bramnick
“There are unscrupulous salesman who try to take advantage of unwitting business owners and overcharge them for something they can do themselves,” said Bramnick (R-Union). “It’s our job to make sure we are looking out for the consumers.”

In New Jersey, for-profit and non-profit corporations, limited partnerships, limited liability partnerships, and limited liability companies are required to file annual reports with the state treasurer through an internet web site. These entities are also required to pay a filing fee of approximately $50.

Now companies soliciting clients for annual report filings will need to display the URL address of the Department of the Treasury’s website where the organization can file the report itself and prohibits them from making the impression that the use of the company is legally required.

Violations under this bill are punishable under the consumer fraud act with penalties up to $10,000 for a first offense and $20,000 for any subsequent offense as well as punitive and treble damages.