HF 1510

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to commerce; regulating securities; modifying 
  1.3             filing fees for securities issued by open end 
  1.4             management companies and unit investments trusts; 
  1.5             amending Minnesota Statutes 1998, section 80A.28, 
  1.6             subdivision 1. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1998, section 80A.28, 
  1.9   subdivision 1, is amended to read: 
  1.10     Subdivision 1.  (a) There shall be a filing fee of $100 for 
  1.11  every application for registration or notice filing.  There 
  1.12  shall be an additional fee of one-tenth of one percent of the 
  1.13  maximum aggregate offering price at which the securities are to 
  1.14  be offered in this state, and the maximum combined fees shall 
  1.15  not exceed $300.  
  1.16     (b) When an application for registration is withdrawn 
  1.17  before the effective date or a preeffective stop order is 
  1.18  entered under section 80A.13, subdivision 1, all but the $100 
  1.19  filing fee shall be returned.  If an application to register 
  1.20  securities is denied, the total of all fees received shall be 
  1.21  retained. 
  1.22     (c) Where a filing is made in connection with a federal 
  1.23  covered security under section 18(b)(2) of the Securities Act of 
  1.24  1933, there is a fee of $100 for every initial filing.  If the 
  1.25  filing is made in connection with redeemable securities issued 
  1.26  by an open end management company or unit investment trust, as 
  2.1   defined in the Investment Company Act of 1940, there is an 
  2.2   additional fee of 1/20 of one percent of the maximum aggregate 
  2.3   offering price at which the securities are to be offered in this 
  2.4   state $7,818.  If the filing is made in connection with 
  2.5   redeemable securities issued by such a company or trust, there 
  2.6   is no maximum fee for securities filings made according to this 
  2.7   paragraph The combined fees must not exceed $7,918.  If the 
  2.8   filing is made in connection with any other federal covered 
  2.9   security under Section 18(b)(2) of the Securities Act of 1933, 
  2.10  there is an additional fee of one-tenth of one percent of the 
  2.11  maximum aggregate offering price at which the securities are to 
  2.12  be offered in this state, and the combined fees shall not exceed 
  2.13  $300. 
  2.14     Sec. 2.  [EFFECTIVE DATE.] 
  2.15     Section 1 is effective July 1, 1999.