Revises and updates public utility franchise process; allows State's political subdivisions to revoke franchises; increases certain penalties.

This New Jersey bill (A 2637) updates rules for public utility franchises (operating permits for companies providing electricity, water, or sewer services). It limits new franchises to seven years, requires utilities to get state board approval for new agreements, and gives local governments the power to revoke franchises if utilities violate terms. The bill also increases penalties for non-compliance from $100 to $25,000 per violation for failing to meet service or environmental standards. These changes directly affect utilities, local governments, and the State Board of Public Utilities.