If an agreement with a foreign taxing jurisdiction is in force pursuant to section 3 hereof, the Division of Taxation shall ascertain, from any source available to it, such information as may be required to be furnished to such jurisdiction under or by virtue of the terms of the agreement, and shall furnish that information to such jurisdiction in compliance with said agreement. The division is authorized, to the extent necessary to comply with the terms of said agreement, to adopt and enforce rules and regulations requiring employers within this State to furnish the division with information in regard to names and addresses, in such jurisdiction, of persons employed by them who reside in such jurisdiction. The division, by such rules and regulations, may provide that any employer who fails to furnish the required information within the time prescribed by the division, shall, unless the employer shall establish to the satisfaction of the division that such failure was in good faith and was not willful, be liable to a penalty, with respect to each such name and address not reported, of $1.00 for each calendar month or fraction thereof that the information was withheld; provided, nevertheless, that the amount of such penalties which may be assessed against a single employer shall not exceed $1,000.00 for any calendar year. Such penalty shall be recoverable under the provisions of the Penalty Enforcement Law.

L.1961, c. 10, p. 31, s. 4.