Enacts new GS Chapter 143, Article 31, Limitations on Certain Private Employment After Serving State, specifying that individuals and immediate family members of those individuals whom, in the six months leading up to termination, (1) were state employees who substantially participated in the award or management of a State contract or (2) were state employees that substantially participated in making a regulatory or licensing decision, cannot knowingly accept employment with, begin employment with, or receive compensation from a person, parent, or subsidiary that was a recipient of the contract or regulatory or licensing decision.

Sets out additional individuals that are subject to the six-month wait period for certain employment, including individuals and immediate family members of individuals that served as officers; members of a commission or board with contract, regulatory, or licensing authority; heads of a state agency; or chief procurement officers, state purchasing officers, or designees with duties directly related to procurement.  

Directs each state agency to adopt policies that delineate which positions would be subject to the above regulations.  Provides that state agencies can also designate positions that are subject to a notification requirement, which requires written notice and explanation to certain employees that are in positions that could become subject to the above regulations and wait period.

Provides that persons that violate these regulations, or that solicit or conspire to violate these regulations are guilty of a Class 3 misdemeanor and will be fined between $1,000 and $5,000.

Requires agencies to make the above required designations no later than three months after the effective date of this act.

Effective July 1, 2014, not applying to individuals who have accepted or started employment or received compensation prior to that date.