HB-5818, As Passed House, September 19, 2012
SUBSTITUTE FOR
HOUSE BILL NO. 5818
A bill to amend 2008 PA 551, entitled
"Uniform securities act (2002),"
by amending section 410 (MCL 451.2410).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
410. (1) Before October 1, 2012, 2015, 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,
2012,
2015, 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, 2012, 2015,
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, 2012, 2015, 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, 2012, 2015,
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, 2012,
2015, 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, 2012, 2015,
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, 2012, 2015,
an individual shall pay a fee of $30.00 when filing an application
for registration as an investment adviser representative, a fee of
House Bill No. 5818 (H-1) as amended September 19, 2012
$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, 2012, 2015,
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, 2012,
2015, 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.
[(8) The administrator shall waive any fee otherwise required
under this section if the person responsible for paying the fee meets
any of the following:
(a) If the person is an individual, he or she is, and provides proof satisfactory to the administrator that he or she is, an honorably discharged veteran of the armed forces of the United States.
(b) If the person is a nonprofit corporation organized on a membership or directorship basis, a majority of the members or directors, as applicable, are, and the person provides proof satisfactory to the administrator that a majority of the members or directors are, honorably discharged veterans of the armed forces of the United States.
(c) If the person is not an individual or a nonprofit corporation described in subdivision (b), a majority of the shares or other ownership interests of the person are, and the person provides proof satisfactory to the administrator that those interests are, held by 1 or more honorably discharged veterans of the armed forces of the United States.]