2000 Minnesota Statutes

     80A.28 Fees and expenses. 

    Subdivision 1.  (a) There shall be a filing fee of $100 for 
 every application for registration or notice filing.  There 
 shall be an additional fee of one-tenth of one percent of the 
 maximum aggregate offering price at which the securities are to 
 be offered in this state, and the maximum combined fees shall 
 not exceed $300.  

    (b) When an application for registration is withdrawn 
 before the effective date or a preeffective stop order is 
 entered under section 80A.13, subdivision 1, all but the $100 
 filing fee shall be returned.  If an application to register 
 securities is denied, the total of all fees received shall be 
 retained. 

    (c) Where a filing is made in connection with a federal 
 covered security under section 18(b)(2) of the Securities Act of 
 1933, there is a fee of $100 for every initial filing.  If the 
 filing is made in connection with redeemable securities issued 
 by an open end management company or unit investment trust, as 
 defined in the Investment Company Act of 1940, there is an 
 additional annual fee of 1/20 of one percent of the maximum 
 aggregate offering price at which the securities are to be 
 offered in this state during the notice filing period.  The fee 
 must be paid at the time of the initial filing and thereafter in 
 connection with each renewal no later than July 1 of each year 
 and must be sufficient to cover the shares the issuer expects to 
 sell in this state over the next 12 months.  If during a current 
 notice filing the issuer determines it is likely to sell shares 
 in excess of the shares for which fees have been paid to the 
 commissioner, the issuer shall submit an amended notice filing 
 to the commissioner under section 80A.122, subdivision 1, clause 
 (3), together with a fee of 1/20 of one percent of the maximum 
 aggregate offering price of the additional shares.  Shares for 
 which a fee has been paid, but which have not been sold at the 
 time of expiration of the notice filing, may not be sold unless 
 an additional fee to cover the shares has been paid to the 
 commissioner as provided in this section and section 80A.122, 
 subdivision 4a.  If the filing is made in connection with 
 redeemable securities issued by such a company or trust, there 
 is no maximum fee for securities filings made according to this 
 paragraph.  If the filing is made in connection with any other 
 federal covered security under Section 18(b)(2) of the 
 Securities Act of 1933, there is an additional fee of one-tenth 
 of one percent of the maximum aggregate offering price at which 
 the securities are to be offered in this state, and the combined 
 fees shall not exceed $300.  Beginning with fiscal year 2001 and 
 continuing each fiscal year thereafter, as of the last day of 
 each fiscal year, the commissioner shall determine the total 
 amount of all fees that were collected under this paragraph in 
 connection with any filings made for that fiscal year for 
 securities of an open-end investment company on behalf of a 
 security that is a federal covered security pursuant to section 
 18(b)(2) of the Securities Act of 1933.  To the extent the total 
 fees collected by the commissioner in connection with these 
 filings exceed $25,000,000 in a fiscal year, the commissioner 
 shall refund, on a pro rata basis, to all persons who paid any 
 fees for that fiscal year, the amount of fees collected by the 
 commissioner in excess of $25,000,000.  No individual refund is 
 required of amounts of $100 or less for a fiscal year. 

    Subd. 2.  Every applicant for an initial or renewal license 
 shall pay a filing fee of $200 in the case of a broker-dealer, 
 $50 in the case of an agent, and $100 in the case of an 
 investment adviser.  When an application is denied or withdrawn, 
 the filing fee shall be retained.  A licensed agent who has 
 terminated employment with one broker-dealer shall, before 
 beginning employment with another broker-dealer, pay a transfer 
 fee of $25.  The fee for a filing made according to section 
 80A.05, subdivision 1a, is $100. 

    Subd. 3.  Any amendment to an existing license or 
 registration requiring an order of the commissioner shall 
 require payment of an amendment fee of $25.  If the amendment 
 increases the aggregate amount of securities to be registered, 
 there shall be an additional fee calculated in accordance with 
 subdivision 1, provided the maximum additional fees, if 
 applicable, have not previously been paid.  The commissioner 
 shall by rule designate those amendments which require an order 
 of the commissioner.  

    Subd. 4.  Every annual report required by section 80A.12, 
 subdivision 10, shall be accompanied by a fee of $100.  

    Subd. 5.  The filing of any exemption for which notice is 
 required to be given the commissioner under section 80A.15, 
 subdivision 2, shall be accompanied by a fee of $50.  

    Subd. 6.  The filing of a rescission offer under section 
 80A.23, subdivision 8, shall be accompanied by the fees as 
 calculated in subdivision 1.  

    Subd. 7.  Every request for a written opinion from the 
 commissioner shall be accompanied by a fee of $50.  

    Subd. 7a.  If securities of an issuer are sold in this 
 state in excess of the quantity registered, the excess 
 securities may be registered by paying a filing fee of $100, and 
 an additional fee in the amount of three times that which is 
 prescribed under subdivision 1, for the excess securities to be 
 registered.  There shall be no maximum combined fees under this 
 subdivision, notwithstanding the limitation set forth in 
 subdivision 1, clause (a).  

    Registration of the excess securities shall be effective 
 retroactively to the date of sale.  

    Subd. 8.  When the commissioner deems it necessary to incur 
 any expense in connection with any application, registration or 
 license, the commissioner shall have the power to require the 
 interested person to make an advance deposit with the 
 commissioner in an amount estimated as sufficient to cover such 
 expense.  All such deposits shall be covered into the state 
 treasury and credited to the state commissioner of commerce's 
 investigation fund, from which fund the commissioner shall have 
 power to make disbursements to pay for expenses necessarily 
 incurred in the investigation.  Any unexpended portion shall be 
 refunded.  On field examinations made by the commissioner or an 
 employee away from the office of the commissioner, a per diem of 
 $10 for each such person may be charged in addition to actual 
 expenses.  Where additional technical, expert, or special 
 services are used, the actual cost of such services may be 
 charged in addition to actual expenses.  

    Subd. 9.  No filing for which a fee is required shall be 
 deemed to be filed or given any effect until the proper fee is 
 paid.  All fees and charges collected by the commissioner shall 
 be covered into the state treasury.  When any person is entitled 
 to a refund under this section, the commissioner shall certify 
 to the commissioner of finance the amount of the fee to be 
 refunded to the applicant, and the commissioner of finance shall 
 issue a warrant in payment thereof out of the fund to which such 
 fee was credited in the manner provided by law.  There is hereby 
 appropriated to the person entitled to such refunds from the 
 fund in the state treasury to which such fees were credited an 
 amount to make such refunds and payments.  

    HIST: 1973 c 451 s 28; 1973 c 492 s 14; 1981 c 140 s 10-15; 
 1982 c 475 s 1; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 
 1986 c 444; 1992 c 513 art 3 s 27; 1997 c 222 s 30,31; 1998 c 
 331 s 37; 2000 c 488 art 2 s 4