1.1A bill for an act
1.2relating to appropriations; energy; appropriating money or reducing
1.3appropriations for activities or programs of Department of Commerce; modifying
1.4provisions relating to continuing education for certain licensed occupations,
1.5securities transaction exemptions, and mortgages;amending Minnesota Statutes
1.62008, sections 80A.46; 80A.65, subdivision 1; Minnesota Statutes 2009
1.7Supplement, section 45.30, subdivision 6; Laws 2009, chapter 37, article 2,
1.8section 13.
1.9BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.10
Section 1. new text begin SUMMARY OF APPROPRIATIONS.new text end
1.11
new text begin The amounts in this section summarize direct appropriations, or reductions in new text end
1.12
new text begin appropriations, by fund, made in this act.new text end
1.13
new text begin 2010new text end
new text begin 2011new text end
new text begin Totalnew text end
1.14
new text begin Generalnew text end
new text begin $new text end
new text begin (40,000)new text end
new text begin $new text end
new text begin (322,000)new text end
new text begin $new text end
new text begin (362,000)new text end
1.15
new text begin Petroleum Tank Cleanupnew text end
new text begin (25,000)new text end
new text begin (32,000)new text end
new text begin (57,000)new text end
1.16
new text begin Special Revenuenew text end
new text begin (139,000)new text end
new text begin (38,000)new text end
new text begin (177,000)new text end
1.17
new text begin Totalnew text end
new text begin $new text end
new text begin (204,000)new text end
new text begin $new text end
new text begin (392,000)new text end
new text begin $new text end
new text begin (596,000)new text end
1.18
Sec. 2. new text begin APPROPRIATIONS.new text end
1.19
new text begin The dollar amounts in the columns under "Appropriations" are added to or, if shown new text end
1.20
new text begin in parentheses, subtracted from appropriations enacted in Laws 2009, chapter 37, article new text end
1.21
new text begin 2, unless otherwise stated. The appropriations and reductions in appropriations are from new text end
1.22
new text begin the general fund, or another named fund, and are for the fiscal years indicated for each new text end
1.23
new text begin purpose. The figures "2010" and "2011" mean that the appropriations or reductions in new text end
1.24
new text begin appropriations listed under them are for the fiscal year ending June 30, 2010, or June new text end
1.25
new text begin 30, 2011, respectively. The "first year" is fiscal year 2010. The "second year" is fiscal new text end
1.26
new text begin year 2011. "The biennium" is fiscal years 2010 and 2011. Appropriations, reductions in new text end
2.1
new text begin appropriations, cancellations of appropriations, and transfers of appropriations for the new text end
2.2
new text begin fiscal year ending June 30, 2010, are effective the day following final enactment.new text end
2.3
new text begin APPROPRIATIONSnew text end
2.4
new text begin Available for the Yearnew text end
2.5
new text begin Ending June 30new text end
2.6
new text begin 2010new text end
new text begin 2011new text end
2.7
Sec. 3. new text begin DEPARTMENT OF COMMERCEnew text end
2.8
new text begin Subdivision 1.new text end new text begin Total Appropriationnew text end
new text begin $new text end
new text begin (204,000)new text end
new text begin $new text end
new text begin (392,000)new text end
2.9
new text begin Appropriations by Fundnew text end
2.10
new text begin 2010new text end
new text begin 2011new text end
2.11
new text begin Generalnew text end
new text begin (40,000)new text end
new text begin (322,000)new text end
2.12
2.13
new text begin Petroleum Tank new text end
new text begin Release Cleanupnew text end
new text begin (25,000)new text end
new text begin (32,000)new text end
2.14
new text begin Special Revenuenew text end
new text begin (139,000)new text end
new text begin (38,000)new text end
2.15
new text begin The amounts that may be spent for each new text end
2.16
new text begin purpose are specified in the following new text end
2.17
new text begin subdivisions.new text end
2.18
new text begin Subd. 2.new text end new text begin Administrative Servicesnew text end
new text begin (66,000)new text end
new text begin (126,000)new text end
2.19
new text begin Subd. 3.new text end new text begin Market Assurancenew text end
new text begin (124,000)new text end
new text begin (196,000)new text end
2.20
new text begin Subd. 4.new text end new text begin Financial Institutionsnew text end
new text begin 400,000new text end
2.21
new text begin $400,000 the first year is a onetime new text end
2.22
new text begin appropriation for accessing the national new text end
2.23
new text begin mortgage licensing system (NMLS) as new text end
2.24
new text begin required by the federal Secure and Fair new text end
2.25
new text begin Enforcement (SAFE) for Mortgage Licensing new text end
2.26
new text begin Act, United States Code, title 12, chapter 51.new text end
2.27
2.28
new text begin Subd. 5.new text end new text begin Petroleum Tank Release Cleanup new text end
new text begin Boardnew text end
new text begin (25,000)new text end
new text begin (32,000)new text end
2.29
new text begin These reductions are from the petroleum tank new text end
2.30
new text begin release cleanup fund.new text end
2.31
new text begin Subd. 6.new text end new text begin Office of Energy Securitynew text end
new text begin (389,000)new text end
new text begin (38,000)new text end
2.32
new text begin Appropriations by Fundnew text end
2.33
new text begin 2010new text end
new text begin 2011new text end
2.34
new text begin Generalnew text end
new text begin (250,000)new text end
new text begin -0-new text end
2.35
new text begin Special Revenuenew text end
new text begin (139,000)new text end
new text begin (38,000)new text end
3.1
new text begin (a) $250,000 the first year is a reduction in new text end
3.2
new text begin the appropriation for E85 cost-share grants.new text end
3.3
new text begin (b) $18,000 the first year is a reduction in new text end
3.4
new text begin the grant to the Board of Regents of the new text end
3.5
new text begin University of Minnesota for the Natural new text end
3.6
new text begin Resources and Research Institute at the new text end
3.7
new text begin University of Minnesota, Duluth, to develop new text end
3.8
new text begin statewide heat flow maps. This reduction new text end
3.9
new text begin is from the appropriation from the special new text end
3.10
new text begin revenue fund.new text end
3.11
new text begin (c) $31,000 the first year and $38,000 the new text end
3.12
new text begin second year are reductions in funding of new text end
3.13
new text begin community energy technical assistance new text end
3.14
new text begin and outreach on renewable energy and new text end
3.15
new text begin energy efficiency, as described in Minnesota new text end
3.16
new text begin Statutes, section 216C.385. These reductions new text end
3.17
new text begin are from the appropriations from the special new text end
3.18
new text begin revenue fund.new text end
3.19
new text begin (d) $90,000 the first year is a reduction in new text end
3.20
new text begin the grant to the Board of Trustees of the new text end
3.21
new text begin Minnesota State Colleges and Universities new text end
3.22
new text begin for the International Renewable Energy new text end
3.23
new text begin Technology Institute (IRETI). This reduction new text end
3.24
new text begin is from the appropriation from the special new text end
3.25
new text begin revenue fund. new text end
3.26
3.27
Sec. 4. new text begin CANCELLATIONS; GENERAL new text end
new text begin FUNDnew text end
3.28
new text begin (a) Of the unexpended balance from previous new text end
3.29
new text begin appropriations from the general fund to new text end
3.30
new text begin the commissioner of commerce for E85 new text end
3.31
new text begin cost-share grants, $350,000 is canceled.new text end
3.32
new text begin (b) Of the unexpended balance from the new text end
3.33
new text begin appropriation from the general fund to new text end
3.34
new text begin the commissioner of commerce for the new text end
3.35
new text begin renewable hydrogen initiative in Minnesota new text end
4.1
new text begin Statutes, section 216B.813, $550,000 is new text end
4.2
new text begin canceled.new text end
4.3
4.4
Sec. 5. new text begin CANCELLATIONS; SPECIAL new text end
new text begin REVENUE FUNDnew text end
4.5
new text begin (a) Of the unexpended balance from the new text end
4.6
new text begin appropriation from the special revenue new text end
4.7
new text begin fund to the commissioner of commerce in new text end
4.8
new text begin Laws 2007, chapter 57, article 2, section 3, new text end
4.9
new text begin subdivision 6, for biogas recovery grants, new text end
4.10
new text begin $250,000 is canceled.new text end
4.11
new text begin (b) Of the unexpended balance from the new text end
4.12
new text begin appropriation from the special revenue new text end
4.13
new text begin fund to the commissioner of commerce in new text end
4.14
new text begin Laws 2007, chapter 57, article 2, section new text end
4.15
new text begin 3, subdivision 6, for automotive research new text end
4.16
new text begin grants, $39,000 is canceled.new text end
4.17
new text begin (c) Of the unexpended balance from the new text end
4.18
new text begin appropriation from the special revenue new text end
4.19
new text begin fund to the commissioner of commerce in new text end
4.20
new text begin Laws 2007, chapter 57, article 2, section 3, new text end
4.21
new text begin subdivision 6, for the hydrogen road map, new text end
4.22
new text begin $50,000 is canceled.new text end
4.23
new text begin (d) Of the unexpended balance from the new text end
4.24
new text begin appropriation from the special revenue new text end
4.25
new text begin fund to the commissioner of commerce in new text end
4.26
new text begin Laws 2007, chapter 57, article 2, section 3, new text end
4.27
new text begin subdivision 6, for renewable energy grants, new text end
4.28
new text begin $40,000 is canceled.new text end
4.29
new text begin (e) Of the unexpended balance from the new text end
4.30
new text begin appropriation from the special revenue new text end
4.31
new text begin fund to the commissioner of commerce in new text end
4.32
new text begin Laws 2008, chapter 363, article 6, section new text end
4.33
new text begin 3, subdivision 4, for green economy and new text end
4.34
new text begin manufacturing, $8,000 is canceled.new text end
5.1
new text begin (f) Of the unexpended balance from the new text end
5.2
new text begin appropriation from the special revenue fund new text end
5.3
new text begin to the commissioner of commerce in Laws new text end
5.4
new text begin 2008, chapter 340, section 5, for studies new text end
5.5
new text begin and activities associated with the legislative new text end
5.6
new text begin greenhouse gas accord advisory group, new text end
5.7
new text begin $13,000 is canceled.new text end
5.8
5.9
Sec. 6. new text begin TRANSFER; PETROLEUM TANK new text end
new text begin RELEASE CLEANUP FUNDnew text end
5.10
new text begin Before June 30, 2010, the commissioner new text end
5.11
new text begin of management and budget shall transfer new text end
5.12
new text begin $1,969,000 to the general fund. After July new text end
5.13
new text begin 1, 2010, and before June 30, 2011, the new text end
5.14
new text begin commissioner of management and budget new text end
5.15
new text begin shall transfer $1,032,000 to the general new text end
5.16
new text begin fund. These transfers are from the petroleum new text end
5.17
new text begin tank release cleanup fund established in new text end
5.18
new text begin Minnesota Statutes, chapter 115C.new text end
5.19
5.20
Sec. 7. new text begin TRANSFERS; SPECIAL REVENUE new text end
new text begin FUNDnew text end
5.21
new text begin (a) For the purposes of this section, new text end
5.22
new text begin "commissioner" means the commissioner of new text end
5.23
new text begin management and budget.new text end
5.24
new text begin (b) In the first year, the commissioner new text end
5.25
new text begin shall transfer $2,991,000 from the special new text end
5.26
new text begin revenue fund to the general fund. In the new text end
5.27
new text begin second year, the commissioner shall transfer new text end
5.28
new text begin $2,027,000 from the special revenue fund to new text end
5.29
new text begin the general fund. The transfers must be from new text end
5.30
new text begin the following appropriation reductions and new text end
5.31
new text begin accounts within the special revenue fund:new text end
5.32
new text begin (1) $539,000 the first year and $38,000 the new text end
5.33
new text begin second year are from the special revenue fund new text end
6.1
new text begin appropriations reductions and cancellations new text end
6.2
new text begin in this act;new text end
6.3
new text begin (2) $246,000 the first year and $270,000 the new text end
6.4
new text begin second year are from the telecommunications new text end
6.5
new text begin access Minnesota fund established in new text end
6.6
new text begin Minnesota Statutes, section 237.52;new text end
6.7
new text begin (3) $238,000 the first year is from the new text end
6.8
new text begin assessments collected under Minnesota new text end
6.9
new text begin Statutes, section 216C.052, for the reliability new text end
6.10
new text begin administrator;new text end
6.11
new text begin (4) $100,000 the first year and $100,000 new text end
6.12
new text begin the second year are from the Department of new text end
6.13
new text begin Commerce technology account established new text end
6.14
new text begin in Minnesota Statutes, section 45.24;new text end
6.15
new text begin (5) $622,000 the first year and $547,000 new text end
6.16
new text begin the second year are from the energy new text end
6.17
new text begin and conservation account established in new text end
6.18
new text begin Minnesota Statutes, section 216B.241. Of new text end
6.19
new text begin this amount, (i) $100,000 the first year new text end
6.20
new text begin and $17,000 the second year are from new text end
6.21
new text begin the assessments for technical assistance new text end
6.22
new text begin in Minnesota Statutes, section 216B.241, new text end
6.23
new text begin subdivision 1d; (ii) $500,000 the first year new text end
6.24
new text begin and $500,000 the second year are from new text end
6.25
new text begin the assessments for applied research and new text end
6.26
new text begin development grants in Minnesota Statutes, new text end
6.27
new text begin section 216B.241, subdivision 1e; and (iii) new text end
6.28
new text begin $22,000 the first year and $30,000 the second new text end
6.29
new text begin year are from the assessment for facilities new text end
6.30
new text begin energy efficiency in Minnesota Statutes, new text end
6.31
new text begin section 216B.241, subdivision 1f;new text end
6.32
new text begin (6) $64,000 the first year and $48,000 the new text end
6.33
new text begin second year are from the insurance fraud new text end
6.34
new text begin prevention account established in Minnesota new text end
6.35
new text begin Statutes, section 45.0135;new text end
7.1
new text begin (7) $420,000 the first year and $420,000 the new text end
7.2
new text begin second year are from the automobile theft new text end
7.3
new text begin prevention account established in Minnesota new text end
7.4
new text begin Statutes, section 168A.40;new text end
7.5
new text begin (8) $49,000 the first year and $5,000 new text end
7.6
new text begin the second year are from the real estate new text end
7.7
new text begin education, research and recovery fund new text end
7.8
new text begin established in Minnesota Statutes, section new text end
7.9
new text begin 82.43;new text end
7.10
new text begin (9) $100,000 the first year is from the new text end
7.11
new text begin consumer education account established in new text end
7.12
new text begin Minnesota Statutes, section 58.10;new text end
7.13
new text begin (10) $11,000 the first year and $15,000 new text end
7.14
new text begin the second year are from the fees and new text end
7.15
new text begin assessments collected under Minnesota new text end
7.16
new text begin Statutes, section 216E.18;new text end
7.17
new text begin (11) the remaining balance in the first new text end
7.18
new text begin year, estimated to be $19,000, is from the new text end
7.19
new text begin routing of certain pipelines under Minnesota new text end
7.20
new text begin Statutes, section 216G.02;new text end
7.21
new text begin (12) $4,000 the first year and $9,000 the new text end
7.22
new text begin second year are from the joint exercise of new text end
7.23
new text begin powers agreements with the Department of new text end
7.24
new text begin Health for regulating health maintenance new text end
7.25
new text begin organizations;new text end
7.26
new text begin (13) $75,000 the first year and $75,000 the new text end
7.27
new text begin second year are from the liquefied petroleum new text end
7.28
new text begin gas account established in Minnesota new text end
7.29
new text begin Statutes, section 239.785; andnew text end
7.30
new text begin (14) $500,000 the first year and $500,000 the new text end
7.31
new text begin second year are from the telephone assistance new text end
7.32
new text begin fund established in Minnesota Statutes, new text end
7.33
new text begin section 237.701.new text end
7.34
Sec. 8. new text begin TRANSFER; ASSIGNED RISK PLANnew text end
8.1
new text begin By June 30, 2010, the commissioner of new text end
8.2
new text begin management and budget shall transfer new text end
8.3
new text begin $15,000,000 in assets of the workers' new text end
8.4
new text begin compensation assigned risk plan created new text end
8.5
new text begin under Minnesota Statutes, section 79.252, to new text end
8.6
new text begin the general fund.new text end
8.7 Sec. 9. Minnesota Statutes 2009 Supplement, section 45.30, subdivision 6, is amended
8.8to read:
8.9 Subd. 6.
Course approval. (a) Courses must be approved by the commissioner in
8.10advance. A course that is required by federal criteria or a reciprocity agreement to receive
8.11a substantive review will be approved or disapproved on the basis of its compliance with
8.12the provisions of laws and rules relating to the appropriate industry. At the commissioner's
8.13discretion, a course that is not required by federal criteria or a reciprocity agreement to
8.14receive a substantive review may be approved based on a qualified provider's certification
8.15on a form specified by the commissioner that the course complies with the provisions of
8.16this chapter and the laws and rules relating to the appropriate industry. For the purposes
8.17of this section, a "qualified provider" is one of the following: (1) a degree-granting
8.18institution of higher learning located within this state; (2) a private school licensed by the
8.19Minnesota Office of Higher Education; or (3) when conducting courses for its members, a
8.20bona fide trade association that staffs and maintains in this state a physical location that
8.21contains course and student records and that has done so for not less than three years.
8.22The commissioner may review any approved course and may cancel its approval with
8.23regard to all future offerings. The commissioner must make the final determination as to
8.24accreditation and assignment of credit hours for courses. Courses must be at least one hour
8.25in length, except courses for real estate appraisers must be at least two hours in length.
8.26Individuals wishing to receive credit for continuing education courses that have not
8.27been previously approved may submit the course information for approval. Courses
8.28must be in compliance with the laws and rules governing the types of courses that will
8.29and will not be approved.
8.30Approval will not include time spent on meals or other unrelated activities.
8.31(b) Courses must be submitted at least 30 days before the initial proposed course
8.32offering.
8.33(c) Approval must be granted for a subsequent offering of identical continuing
8.34education courses without requiring a new application. The commissioner must deny
9.1future offerings of courses if they are found not to be in compliance with the laws relating
9.2to course approval.
9.3(d) When either the content of an approved course or its method of instruction
9.4changes, the course is no longer approved for license education credit. A new application
9.5must be submitted for the changed course if the education provider intends to offer it for
9.6license education credit.
9.7 Sec. 10. Minnesota Statutes 2008, section 80A.46, is amended to read:
9.8
80A.46 SECTION 202; EXEMPT TRANSACTIONS.
9.9 The following transactions are exempt from the requirements of sections 80A.49
9.10through 80A.54
new text begin , except 80A.50, paragraph (a), clause (3),new text end and 80A.71:
9.11 (1) isolated nonissuer transactions, consisting of sale to not more than ten purchasers
9.12in Minnesota during any period of 12 consecutive months, whether effected by or through
9.13a broker-dealer or not;
9.14 (2) a nonissuer transaction by or through a broker-dealer registered, or exempt from
9.15registration under this chapter, and a resale transaction by a sponsor of a unit investment
9.16trust registered under the Investment Company Act of 1940, in a security of a class that
9.17has been outstanding in the hands of the public for at least 90 days, if, at the date of
9.18the transaction:
9.19 (A) the issuer of the security is engaged in business, the issuer is not in the
9.20organizational stage or in bankruptcy or receivership, and the issuer is not a blank check,
9.21blind pool, or shell company that has no specific business plan or purpose or has indicated
9.22that its primary business plan is to engage in a merger or combination of the business with,
9.23or an acquisition of, an unidentified person;
9.24 (B) the security is sold at a price reasonably related to its current market price;
9.25 (C) the security does not constitute the whole or part of an unsold allotment to, or
9.26a subscription or participation by, the broker-dealer as an underwriter of the security
9.27or a redistribution;
9.28 (D) a nationally recognized securities manual or its electronic equivalent designated
9.29by rule adopted or order issued under this chapter or a record filed with the Securities and
9.30Exchange Commission that is publicly available contains:
9.31 (i) a description of the business and operations of the issuer;
9.32 (ii) the names of the issuer's executive officers and the names of the issuer's
9.33directors, if any;
9.34 (iii) an audited balance sheet of the issuer as of a date within 18 months before the
9.35date of the transaction or, in the case of a reorganization or merger when the parties to
10.1the reorganization or merger each had an audited balance sheet, a pro forma balance
10.2sheet for the combined organization; and
10.3 (iv) an audited income statement for each of the issuer's two immediately previous
10.4fiscal years or for the period of existence of the issuer, whichever is shorter, or, in the case
10.5of a reorganization or merger when each party to the reorganization or merger had audited
10.6income statements, a pro forma income statement; and
10.7 (E) any one of the following requirements is met:
10.8 (i) the issuer of the security has a class of equity securities listed on a national
10.9securities exchange registered under Section 6 of the Securities Exchange Act of 1934
10.10or designated for trading on the National Association of Securities Dealers Automated
10.11Quotation System;
10.12 (ii) the issuer of the security is a unit investment trust registered under the Investment
10.13Company Act of 1940;
10.14 (iii) the issuer of the security, including its predecessors, has been engaged in
10.15continuous business for at least three years; or
10.16 (iv) the issuer of the security has total assets of at least $2,000,000 based on an
10.17audited balance sheet as of a date within 18 months before the date of the transaction or, in
10.18the case of a reorganization or merger when the parties to the reorganization or merger
10.19each had such an audited balance sheet, a pro forma balance sheet for the combined
10.20organization;
10.21 (3) a nonissuer transaction by or through a broker-dealer registered or exempt from
10.22registration under this chapter in a security of a foreign issuer that is a margin security
10.23defined in regulations or rules adopted by the Board of Governors of the Federal Reserve
10.24System;
10.25 (4) a nonissuer transaction by or through a broker-dealer registered or exempt
10.26from registration under this chapter in an outstanding security if the guarantor of the
10.27security files reports with the Securities and Exchange Commission under the reporting
10.28requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C.
10.29Sections 78m or 78o(d));
10.30 (5) a nonissuer transaction by or through a broker-dealer registered or exempt from
10.31registration under this chapter in a security that:
10.32 (A) is rated at the time of the transaction by a nationally recognized statistical rating
10.33organization in one of its four highest rating categories; or
10.34 (B) has a fixed maturity or a fixed interest or dividend, if:
11.1 (i) a default has not occurred during the current fiscal year or within the three
11.2previous fiscal years or during the existence of the issuer and any predecessor if less than
11.3three fiscal years, in the payment of principal, interest, or dividends on the security; and
11.4 (ii) the issuer is engaged in business, is not in the organizational stage or in
11.5bankruptcy or receivership, and is not and has not been within the previous 12 months a
11.6blank check, blind pool, or shell company that has no specific business plan or purpose or
11.7has indicated that its primary business plan is to engage in a merger or combination of the
11.8business with, or an acquisition of, an unidentified person;
11.9 (6) a nonissuer transaction by or through a broker-dealer registered or exempt from
11.10registration under this chapter effecting an unsolicited order or offer to purchase;
11.11 (7) a nonissuer transaction executed by a bona fide pledgee without the purpose
11.12of evading this chapter;
11.13 (8) a nonissuer transaction by a federal covered investment adviser with investments
11.14under management in excess of $100,000,000 acting in the exercise of discretionary
11.15authority in a signed record for the account of others;
11.16 (9) a transaction in a security, whether or not the security or transaction is otherwise
11.17exempt, in exchange for one or more bona fide outstanding securities, claims, or property
11.18interests, or partly in such exchange and partly for cash, if the terms and conditions of
11.19the issuance and exchange or the delivery and exchange and the fairness of the terms and
11.20conditions have been approved by the administrator after a hearing;
11.21 (10) a transaction between the issuer or other person on whose behalf the offering is
11.22made and an underwriter, or among underwriters;
11.23 (11) a transaction in a note, bond, debenture, or other evidence of indebtedness
11.24secured by a mortgage or other security agreement if:
11.25 (A) the note, bond, debenture, or other evidence of indebtedness is offered and sold
11.26with the mortgage or other security agreement as a unit;
11.27 (B) a general solicitation or general advertisement of the transaction is not made; and
11.28 (C) a commission or other remuneration is not paid or given, directly or indirectly, to
11.29a person not registered under this chapter as a broker-dealer or as an agent;
11.30 (12) a transaction by an executor, administrator of an estate, sheriff, marshal,
11.31receiver, trustee in bankruptcy, guardian, or conservator;
11.32 (13) a sale or offer to sell to:
11.33 (A) an institutional investor;
11.34 (B) an accredited investor;
11.35 (C) a federal covered investment adviser; or
11.36 (D) any other person exempted by rule adopted or order issued under this chapter;
12.1 (14) a sale or an offer to sell securities by an issuer, if the transaction is part of
12.2a single issue in which:
12.3 (A) not more than 35 purchasers are present in this state during any 12 consecutive
12.4months, other than those designated in paragraph (13);
12.5 (B) a general solicitation or general advertising is not made in connection with
12.6the offer to sell or sale of the securities;
12.7 (C) a commission or other remuneration is not paid or given, directly or indirectly, to
12.8a person other than a broker-dealer registered under this chapter or an agent registered
12.9under this chapter for soliciting a prospective purchaser in this state; and
12.10 (D) the issuer reasonably believes that all the purchasers in this state, other than
12.11those designated in paragraph (13), are purchasing for investment.
12.12Any issuer selling to purchasers in this state in reliance on this clause (14) exemption
12.13must provide to the administrator notice of the transaction by filing a statement of issuer
12.14form as adopted by rule. Notice must be filed at least ten days in advance of any sale or
12.15such shorter period as permitted by the administrator. However, an issuer who makes sales
12.16to ten or fewer purchasers in Minnesota during any period of 12 consecutive months is not
12.17required to provide this notice;
12.18 (15) a transaction under an offer to existing security holders of the issuer, including
12.19persons that at the date of the transaction are holders of convertible securities, options,
12.20or warrants, if a commission or other remuneration, other than a standby commission, is
12.21not paid or given, directly or indirectly, for soliciting a security holder in this state. The
12.22person making the offer and effecting the transaction must provide to the administrator
12.23notice of the transaction by filing a written description of the transaction. Notice must be
12.24filed at least ten days in advance of any transaction or such shorter period as permitted by
12.25the administrator;
12.26 (16) an offer to sell, but not a sale, of a security not exempt from registration under
12.27the Securities Act of 1933 if:
12.28 (A) a registration or offering statement or similar record as required under the
12.29Securities Act of 1933 has been filed, but is not effective, or the offer is made in compliance
12.30with Rule 165 adopted under the Securities Act of 1933 (17 C.F.R. 230.165); and
12.31 (B) a stop order of which the offeror is aware has not been issued against the offeror
12.32by the administrator or the Securities and Exchange Commission, and an audit, inspection,
12.33or proceeding that is public and that may culminate in a stop order is not known by the
12.34offeror to be pending;
12.35 (17) an offer to sell, but not a sale, of a security exempt from registration under the
12.36Securities Act of 1933 if:
13.1 (A) a registration statement has been filed under this chapter, but is not effective;
13.2 (B) a solicitation of interest is provided in a record to offerees in compliance with a
13.3rule adopted by the administrator under this chapter; and
13.4 (C) a stop order of which the offeror is aware has not been issued by the administrator
13.5under this chapter and an audit, inspection, or proceeding that may culminate in a stop
13.6order is not known by the offeror to be pending;
13.7 (18) a transaction involving the distribution of the securities of an issuer to the
13.8security holders of another person in connection with a merger, consolidation, exchange
13.9of securities, sale of assets, or other reorganization to which the issuer, or its parent
13.10or subsidiary and the other person, or its parent or subsidiary, are parties. The person
13.11distributing the issuer's securities must provide to the administrator notice of the
13.12transaction by filing a written description of the transaction along with a consent to service
13.13of process complying with section
80A.88. Notice must be filed at least ten days in
13.14advance of any transaction or such shorter period as permitted by the administrator;
13.15 (19) a rescission offer, sale, or purchase under section 80A.77;
13.16 (20) an offer or sale of a security to a person not a resident of this state and not
13.17present in this state if the offer or sale does not constitute a violation of the laws of the
13.18state or foreign jurisdiction in which the offeree or purchaser is present and is not part of
13.19an unlawful plan or scheme to evade this chapter;
13.20 (21) employees' stock purchase, savings, option, profit-sharing, pension, or
13.21similar employees' benefit plan, including any securities, plan interests, and guarantees
13.22issued under a compensatory benefit plan or compensation contract, contained in a
13.23record, established by the issuer, its parents, its majority-owned subsidiaries, or the
13.24majority-owned subsidiaries of the issuer's parent for the participation of their employees
13.25including offers or sales of such securities to:
13.26 (A) directors; general partners; trustees, if the issuer is a business trust; officers;
13.27consultants; and advisors;
13.28 (B) family members who acquire such securities from those persons through gifts or
13.29domestic relations orders;
13.30 (C) former employees, directors, general partners, trustees, officers, consultants, and
13.31advisors if those individuals were employed by or providing services to the issuer when
13.32the securities were offered; and
13.33 (D) insurance agents who are exclusive insurance agents of the issuer, or the issuer's
13.34subsidiaries or parents, or who derive more than 50 percent of their annual income from
13.35those organizations.
14.1A person establishing an employee benefit plan under the exemption in this clause
14.2(21) must provide to the administrator notice of the transaction by filing a written
14.3description of the transaction along with a consent to service of process complying with
14.4section
80A.88. Notice must be filed at least ten days in advance of any transaction or
14.5such shorter period as permitted by the administrator;
14.6 (22) a transaction involving:
14.7 (A) a stock dividend or equivalent equity distribution, whether the corporation or
14.8other business organization distributing the dividend or equivalent equity distribution is
14.9the issuer or not, if nothing of value is given by stockholders or other equity holders for
14.10the dividend or equivalent equity distribution other than the surrender of a right to a cash
14.11or property dividend if each stockholder or other equity holder may elect to take the
14.12dividend or equivalent equity distribution in cash, property, or stock;
14.13 (B) an act incident to a judicially approved reorganization in which a security is
14.14issued in exchange for one or more outstanding securities, claims, or property interests, or
14.15partly in such exchange and partly for cash; or
14.16 (C) the solicitation of tenders of securities by an offeror in a tender offer in
14.17compliance with Rule 162 adopted under the Securities Act of 1933 (17 C.F.R. 230.162);
14.18 (23) a nonissuer transaction in an outstanding security by or through a broker-dealer
14.19registered or exempt from registration under this chapter, if the issuer is a reporting
14.20issuer in a foreign jurisdiction designated by this paragraph or by rule adopted or order
14.21issued under this chapter; has been subject to continuous reporting requirements in the
14.22foreign jurisdiction for not less than 180 days before the transaction; and the security is
14.23listed on the foreign jurisdiction's securities exchange that has been designated by this
14.24paragraph or by rule adopted or order issued under this chapter, or is a security of the same
14.25issuer that is of senior or substantially equal rank to the listed security or is a warrant or
14.26right to purchase or subscribe to any of the foregoing. For purposes of this paragraph,
14.27Canada, together with its provinces and territories, is a designated foreign jurisdiction
14.28and The Toronto Stock Exchange, Inc., is a designated securities exchange. After an
14.29administrative hearing in compliance with chapter 14, the administrator, by rule adopted
14.30or order issued under this chapter, may revoke the designation of a securities exchange
14.31under this paragraph, if the administrator finds that revocation is necessary or appropriate
14.32in the public interest and for the protection of investors;
14.33 (24) any transaction effected by or through a Canadian broker-dealer exempted from
14.34broker-dealer registration pursuant to section 80A.56(b)(3); or
14.35 (25)(A) the offer and sale by a cooperative organized under chapter 308A, or
14.36under the laws of another state, of its securities when the securities are offered and sold
15.1only to its members, or when the purchase of the securities is necessary or incidental to
15.2establishing membership in the cooperative, or when the securities are issued as patronage
15.3dividends. This paragraph applies to a cooperative organized under chapter 308A, or under
15.4the laws of another state, only if the cooperative has filed with the administrator a consent
15.5to service of process under section 80A.88 and has, not less than ten days before the
15.6issuance or delivery, furnished the administrator with a written general description of the
15.7transaction and any other information that the administrator requires by rule or otherwise;
15.8 (B) the offer and sale by a cooperative organized under chapter 308B of its securities
15.9when the securities are offered and sold to its existing members or when the purchase of the
15.10securities is necessary or incidental to establishing patron membership in the cooperative,
15.11or when such securities are issued as patronage dividends. The administrator has the
15.12power to define "patron membership" for purposes of this paragraph. This paragraph
15.13applies to securities, other than securities issued as patronage dividends, only when:
15.14 (i) the issuer, before the completion of the sale of the securities, provides each
15.15offeree or purchaser disclosure materials that, to the extent material to an understanding of
15.16the issuer, its business, and the securities being offered, substantially meet the disclosure
15.17conditions and limitations found in rule 502(b) of Regulation D promulgated by the
15.18Securities and Exchange Commission, Code of Federal Regulations, title 17, section
15.19230.502; and
15.20 (ii) within 15 days after the completion of the first sale in each offering completed in
15.21reliance upon this exemption, the cooperative has filed with the administrator a consent to
15.22service of process under section 80A.88 (or has previously filed such a consent), and has
15.23furnished the administrator with a written general description of the transaction and any
15.24other information that the administrator requires by rule or otherwise; and
15.25(C) a cooperative may, at or about the same time as offers or sales are being
15.26completed in reliance upon the exemptions from registration found in this subpart and as
15.27part of a common plan of financing, offer or sell its securities in reliance upon any other
15.28exemption from registration available under this chapter. The offer or sale of securities in
15.29reliance upon the exemptions found in this subpart will not be considered or deemed a part
15.30of or be integrated with any offer or sale of securities conducted by the cooperative in
15.31reliance upon any other exemption from registration available under this chapter, nor will
15.32offers or sales of securities by the cooperative in reliance upon any other exemption from
15.33registration available under this chapter be considered or deemed a part of or be integrated
15.34with any offer or sale conducted by the cooperative in reliance upon this paragraph.
15.35 Sec. 11. Minnesota Statutes 2008, section 80A.65, subdivision 1, is amended to read:
16.1 Subdivision 1.
Registration or notice filing fee. (a) There shall be a filing fee of
16.2$100 for every application for registration or notice filing. There shall be an additional fee
16.3of one-tenth of one percent of the maximum aggregate offering price at which the securities
16.4are to be offered in this state, and the maximum combined fees shall not exceed $300.
16.5 (b) When an application for registration is withdrawn before the effective date
16.6or a preeffective stop order is entered under section
80A.54, all but the $100 filing fee
16.7shall be returned. If an application to register securities is denied, the total of all fees
16.8received shall be retained.
16.9 (c) Where a filing is made in connection with a federal covered security under
16.10section 18(b)(2) of the Securities Act of 1933, there is a fee of $100 for every initial filing.
16.11If the filing is made in connection with redeemable securities issued by an open end
16.12management company or unit investment trust, as defined in the Investment Company Act
16.13of 1940, there is an additional annual fee of 1/20
new text begin 1/10new text end of one percent of the maximum
16.14aggregate offering price at which the securities are to be offered in this state during the
16.15notice filing period. The fee must be paid at the time of the initial filing and thereafter in
16.16connection with each renewal no later than July 1 of each year and must be sufficient to
16.17cover the shares the issuer expects to sell in this state over the next 12 months. If during a
16.18current notice filing the issuer determines it is likely to sell shares in excess of the shares
16.19for which fees have been paid to the administrator, the issuer shall submit an amended
16.20notice filing to the administrator under section
80A.50, together with a fee of 1/20
new text begin 1/10new text end
16.21of one percent of the maximum aggregate offering price of the additional shares. Shares
16.22for which a fee has been paid, but which have not been sold at the time of expiration of
16.23the notice filing, may not be sold unless an additional fee to cover the shares has been
16.24paid to the administrator as provided in this section and section
80A.50. If the filing is
16.25made in connection with redeemable securities issued by such a company or trust, there
16.26is no maximum fee for securities filings made according to this paragraph. If the filing
16.27is made in connection with any other federal covered security under Section 18(b)(2) of
16.28the Securities Act of 1933, there is an additional fee of one-tenth of one percent of the
16.29maximum aggregate offering price at which the securities are to be offered in this state,
16.30and the combined fees shall not exceed $300.
new text begin Fees collected under this subdivision are new text end
16.31
new text begin exempted under section 16A.1285, subdivision 2.new text end
16.32 Sec. 12. Laws 2009, chapter 37, article 2, section 13, is amended to read:
16.33 Sec. 13.
APPROPRIATIONS; CANCELLATIONS.
16.34(a) The remaining balance of the fiscal year 2009 special revenue fund appropriation
16.35for the Green Jobs Task Force under Laws 2008, chapter 363, article 6, section 3,
17.1subdivision 4, is transferred and appropriated to the commissioner of employment and
17.2economic development for the purposes of green enterprise assistance under Minnesota
17.3Statutes, section
116J.438. This appropriation is available until spent.
17.4(b) The unencumbered balance of the fiscal year 2008 appropriation to the
17.5commissioner of commerce for the rural and energy development revolving loan
17.6fund under Laws 2007, chapter 57, article 2, section 3, subdivision 6, is canceled and
17.7reappropriated
new text begin to the commissioner of commerce new text end as follows:
17.8(1) $1,500,000 is for a grant to the Board of Trustees of the Minnesota State Colleges
17.9and Universities for the International Renewable Energy Technology Institute (IRETI) to
17.10be located at Minnesota State University, Mankato, as a public and private partnership to
17.11support applied research in renewable energy and energy efficiency to aid in the transfer of
17.12technology from Sweden to Minnesota and to support technology commercialization from
17.13companies located in Minnesota and throughout the world; and
17.14(2) the remaining balance is for a grant to the Board of Regents of the University of
17.15Minnesota for the initiative for renewable energy and the environment to fund start up
17.16costs related to a national solar testing and certification laboratory to test, rate, and certify
17.17the performance of equipment and devices that utilize solar energy for heating and cooling
17.18air and water and for generating electricity.
17.19This appropriation is available until expended.
17.20
new text begin EFFECTIVE DATE.new text end new text begin This section is effective the day following final enactment.new text end
17.21 Sec. 13.
new text begin ASSESSMENT.new text end
17.22
new text begin (a) The commissioner of commerce may levy a pro rata assessment on institutions new text end
17.23
new text begin licensed under Minnesota Statutes, chapter 58, to recover the costs to the Department of new text end
17.24
new text begin Commerce for administering the licensing and registration requirements of Minnesota new text end
17.25
new text begin Statutes, section 58A.10.new text end
17.26
new text begin (b) The commissioner shall levy the assessments and notify each institution of the new text end
17.27
new text begin amount of the assessment being levied by September 30, 2010. The institution shall pay new text end
17.28
new text begin the assessment to the department no later than November 30, 2010. If an institution fails new text end
17.29
new text begin to pay its assessment by this date, its license may be suspended by the commissioner new text end
17.30
new text begin until it is paid in full.new text end
17.31
new text begin (c) This section expires December 1, 2010.new text end
