N.J. Admin. Code § 7:26I-3.5

Current through Register Vol. 56, No. 21, November 4, 2024

Section 7:26I-3.5 - Annual license fee

(a) The Board shall annually recalculate the annual license fee, if the Board determines that the current fee does not cover the Board's costs as set forth in the annual budget.

1. The Board shall set its budget by estimating the dollar amount needed to accomplish all tasks associated with the Board's duties. Such tasks include, but are not limited to:

i. The Board's administrative functions;

ii. Legal support of the Board;

iii. Development and maintenance of data systems;

iv. Development and maintenance of the Board website;

v. Development and administration of LSRP examinations; and

vi. Any additional tasks the Board identifies that are necessary to carry out its duties and responsibilities as articulated in the SRRA and this chapter.

2. The Board shall project the collection amounts anticipated in the upcoming calendar year from application fees and renewal fees;

3. The Board shall subtract the projected collection amounts as described in (a)2 above from the budget estimated in (a)1 above, and divide the result by the number of LSRPs holding licenses in the current calendar year, rounding up to the nearest 10.00 dollars; or if the number of LSRPs holding licenses in the current calendar year is projected to significantly change in the upcoming calendar year, the Board shall subtract the projected collection amounts as described in (a)2 above from the budget estimated in (a)1 above, and divide the result by the number of LSRPs projected to be holding licenses in the upcoming calendar year, rounding up to the nearest 10.00 dollars;

4. The Board shall adjust the final annual license fee as necessary to account for any shortfall or surplus in funds from the previous calendar year.

(b) The Board shall provide notice in the New Jersey Register of any change to the annual license fee in subsequent years.

(c) The Board shall invoice each LSRP for the annual license fee on or about November 1 of each year.

(d) Each LSRP shall pay to the Board the annual license fee no later than 60 days after his or her receipt of the Board's annual license fee invoice.

N.J. Admin. Code § 7:26I-3.5

Adopted by 48 N.J.R. 45(a), effective 1/4/2016

Amended by 55 N.J.R. 2324(b), effective 11/20/2023