TRENTON, N.J. (CBSNewYork/AP) — Five thousand jobs will be lost in New Jersey if a bill gets passed, according to Uber.

Uber’s spokesman Matt Wing said the current bill New Jersey lawmakers are considering would be a death sentence for the company, WCBS 880’s Jim Smith reported.

The legislation calls for a number of new requirements, including requiring ride-hailing firms to display a Motor Vehicle Commission marker when drivers are searching for fares, background checks for drivers as well as safety inspections for vehicles.

“If this bill passes we will be forced out of New Jersey,” Wing said.

The effort seeks to increase regulation on companies like Uber with background checks for drivers and stepped up insurance, which Wing said Uber is already doing.

“Today, Uber right now in New Jersey, provides more insurance coverage for every part of the ride than taxi companies do,” Wing said.

Proponents argue the measure protects riders from public safety concerns by requiring criminal background checks through the State Police. They also say the bill would “level the playing field” between ride-hailing firms, which frequently charge lower rates, and taxis, which are already heavily regulated.

“We have to make sure that everyone is playing by the same rules,” Republican Assemblyman Jack Ciatarelli said.

But Ciatarelli admitted if companies address the concerns on their own, perhaps legislation is not needed.

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