This bill mandates that large frontier developers of artificial intelligence (AI) technology in New Jersey must disclose specific information to the Attorney General to mitigate risks associated with their models. These developers are required to implement technical and organizational protocols to assess and reduce the risk of catastrophic harm, submit an annual Risk Management Disclosure detailing these protocols, and provide a New Model Risk Disclosure before deploying new or significantly modified models. The disclosures must include assessments of catastrophic risks, the involvement of third-party evaluators, and compliance with the National Institute of Standards and Technology's AI Risk Management Framework. Additionally, the Attorney General is tasked with creating rules to ensure transparency regarding the involvement of generative AI systems in the disclosures.

The bill also establishes penalties for non-compliance, imposing a civil penalty of $100,000 for each violation related to disclosure requirements or false statements about catastrophic risks. Furthermore, the Attorney General is authorized to audit developers for compliance and may contract with private entities for this purpose. The provisions of the bill will expire five years after enactment, with the exception of the requirement for the Attorney General to submit recommendations for revisions to the definitions and provisions outlined in the bill, which will expire upon submission.