The price of doing the thing: New Jersey's volume fee and where it is actually exposed

New Jersey's A5328, signed on 30 June 2026, created a data broker registration regime whose annual fee schedule the information industry quickly attacked. This brief asks where the statute is genuinely vulnerable and where its compliance exposure actually sits, apart from where the public argument has settled. It works from the enacted text, the legislative record, other states' fees and the industry's objections. For family offices and counsel with holdings that touch New Jersey residents' data.