Requires retention of funds collected by Department of Banking and Insurance and certain professional boards.*

S 3882 requires professional licensing boards (including the Department of Banking and Insurance) to retain all fees collected from license applicants until June 30 each year, rather than paying remaining funds to the state treasury by October 31. The bill modifies New Jersey law to allow boards to use these retained funds for their operational expenses, examinations, and prosecuting violations of licensing laws. This directly affects boards that collect annual, biennial, or recurring license fees from professionals like insurance agents or financial advisors. The policy change streamlines fund management for these boards while maintaining oversight through state comptroller audits.