New Jersey S4262 mandates that funds from lawsuits involving the Attorney General be held in escrow by specific financial institutions.
New Jersey S4262 requires that at least 50 percent of funds received from lawsuits in which the Attorney General participated be held in escrow by certain financial institutions. These institutions must meet specific criteria, including maintaining at least 15 percent of their total deposits in New Jersey, being licensed to do business in the state, providing escrow services, and maintaining total deposits of at least $1 billion. The Department of Banking and Insurance would maintain a directory of approved institutions.
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