Licensed financial professionals could choose contractor status by written agreement

A person would not be treated as an employee under four named state laws when a written agreement calls the person an independent contractor. This covers licensed insurance producers and certain brokers, agents, investment advisers, and investment adviser representatives regulated by New Jersey or federal securities authorities. The person must perform services under a written agreement that describes the person as an independent contractor. The contractor classification applies for the duration of that written agreement. The rule applies only under the Temporary Disability Benefits Law, the unemployment compensation law, the wage-and-hour law, and the New Jersey Call Center Jobs Act. The rule would take effect immediately and would apply to written agreements made before or after that date when enforcing, but not changing, their terms.

A covered professional could still have an employment relationship with an employer. This applies to the licensed insurance producers and regulated securities professionals covered by the contractor-status rule. The contractor-status rule would not by itself prevent an employment relationship. The supplied text does not establish that every covered person is an employee or contractor; the written agreement and named-law limits still matter. This protection would apply when the act takes effect immediately, including enforcement of qualifying agreements made before that date.