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

This bill updates New Jersey's rules for public utility franchises (like water, electricity, or sewer service agreements) granted by cities or towns. It limits new franchises to a maximum seven-year term, requires Board of Public Utilities (BPU) approval before they take effect, and allows municipalities to revoke franchises if utilities violate terms after a public hearing. The bill increases penalties for utilities violating BPU rules from $100 to up to $25,000 per violation, with a maximum $2 million cap for related violations. It also creates a "Utilities Civil Penalty Fund" to return collected fines directly to customers via bill credits within 60 days, rather than using them to offset utility rates.