Bill Text: MI HB4398 | 2015-2016 | 98th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Trade; securities; certain fees under the uniform securities act; modify. Amends sec. 410 of 2008 PA 551 (MCL 451.2410).

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2015-06-16 - Assigned Pa 67'15 With Immediate Effect [HB4398 Detail]

Download: Michigan-2015-HB4398-Engrossed.html

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HB-4398, As Passed House, April 29, 2015

 

 

 

 

 

 

 

 

 

 

 

SUBSTITUTE FOR

 

HOUSE BILL NO. 4398

 

 

 

 

 

 

 

 

 

 

 

 

     A bill to amend 2008 PA 551, entitled

 

"Uniform securities act (2002),"

 

by amending section 410 (MCL 451.2410), as amended by 2012 PA 307.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 410. (1) Before October 1, 2015, 2019, a person shall pay

 

a fee of $300.00 when initially filing an application for

 

registration as a broker-dealer and a fee of $300.00 when filing a

 

renewal of registration as a broker-dealer. After September 30,

 

2015, 2019, a person shall pay a fee of $250.00 when initially

 

filing an application for registration as a broker-dealer and a fee

 

of $250.00 when filing a renewal of registration as a broker-

 

dealer. If the filing results in a denial or withdrawal, the

 

administrator shall retain all of the filing fee.

 

     (2) Before October 1, 2015, 2019, an individual shall pay a

fee of $65.00 when filing an application for registration as an

 

agent, a fee of $65.00 when filing a renewal of registration as an

 

agent, and a fee of $65.00 when filing for a change of registration

 

as an agent. After September 30, 2015, 2019, an individual shall

 

pay a fee of $30.00 when filing an application for registration as

 

an agent, a fee of $30.00 when filing a renewal of registration as

 

an agent, and a fee of $30.00 when filing for a change of

 

registration as an agent. If the filing results in a denial or

 

withdrawal, the administrator shall retain all of the filing fee.

 

     (3) Before October 1, 2015, 2019, a person shall pay a fee of

 

$200.00 when filing an application for registration as an

 

investment adviser and a fee of $200.00 when filing a renewal of

 

registration as an investment adviser. After September 30, 2015,

 

2019, a person shall pay a fee of $150.00 when filing an

 

application for registration as an investment adviser and a fee of

 

$150.00 when filing a renewal of registration as an investment

 

adviser. If the filing results in a denial or withdrawal, the

 

administrator shall retain all of the filing fee.

 

     (4) Before October 1, 2015, 2019, an individual shall pay a

 

fee of $65.00 when filing an application for registration as an

 

investment adviser representative, a fee of $65.00 when filing a

 

renewal of registration as an investment adviser representative,

 

and a fee of $65.00 when filing a change of registration as an

 

investment adviser representative. After September 30, 2015, 2019,

 

an individual shall pay a fee of $30.00 when filing an application

 

for registration as an investment adviser representative, a fee of

 

$30.00 when filing a renewal of registration as an investment

adviser representative, and a fee of $30.00 when filing a change of

 

registration as an investment adviser representative. If the filing

 

results in a denial or withdrawal, the administrator shall retain

 

all of the filing fee.

 

     (5) Before October 1, 2015, 2019, a federal covered investment

 

adviser required to file a notice under section 405 shall pay an

 

initial and annual notice fee of $200.00. After September 30, 2015,

 

2019, a federal covered investment adviser required to file a

 

notice under section 405 shall pay an initial and annual notice fee

 

of $150.00.

 

     (6) A person that is required to pay a filing or notice fee

 

under this section may transmit the fee through or to a designee as

 

a rule or order requires under this act.

 

     (7) An investment adviser representative who is registered as

 

an agent under section 402 and who represents a person that is both

 

registered as a broker-dealer under section 401 and registered as

 

an investment adviser under section 403 or required as a federal

 

covered investment adviser to make a notice filing under section

 

405 is not required to pay an initial or annual registration fee

 

for registration as an investment adviser representative.

 

     Enacting section 1. This amendatory act takes effect October

 

1, 2015.