1.1A bill for an act1.2relating 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:

1.10Section 1.  SUMMARY OF APPROPRIATIONS.

1.11The amounts in this section summarize direct appropriations, or reductions in 1.12appropriations, by fund, made in this act.

1.1320102011Total1.14General$(40,000)$(322,000)$(362,000)1.15Petroleum Tank Cleanup(25,000)(32,000)(57,000)1.16Special Revenue(139,000)(38,000)(177,000)1.17Total$(204,000)$(392,000)$(596,000)

1.18Sec. 2. APPROPRIATIONS.

1.19The dollar amounts in the columns under "Appropriations" are added to or, if shown 1.20in parentheses, subtracted from appropriations enacted in Laws 2009, chapter 37, article 1.212, unless otherwise stated. The appropriations and reductions in appropriations are from 1.22the general fund, or another named fund, and are for the fiscal years indicated for each 1.23purpose. The figures "2010" and "2011" mean that the appropriations or reductions in 1.24appropriations listed under them are for the fiscal year ending June 30, 2010, or June 1.2530, 2011, respectively. The "first year" is fiscal year 2010. The "second year" is fiscal 1.26year 2011. "The biennium" is fiscal years 2010 and 2011. Appropriations, reductions in 2.1appropriations, cancellations of appropriations, and transfers of appropriations for the 2.2fiscal year ending June 30, 2010, are effective the day following final enactment.

2.3APPROPRIATIONS2.4Available for the Year2.5Ending June 302.620102011

2.7Sec. 3. DEPARTMENT OF COMMERCE

2.8Subdivision 1.Total Appropriation$(204,000)$(392,000)

2.9Appropriations by Fund2.10201020112.11General(40,000)(322,000)2.122.13Petroleum Tank Release Cleanup(25,000)(32,000)2.14Special Revenue(139,000)(38,000)

2.15The amounts that may be spent for each 2.16purpose are specified in the following 2.17subdivisions.

2.18Subd. 2.Administrative Services(66,000)(126,000)

2.19Subd. 3.Market Assurance(124,000)(196,000)

2.20Subd. 4.Financial Institutions400,000

2.21$400,000 the first year is a onetime 2.22appropriation for accessing the national 2.23mortgage licensing system (NMLS) as 2.24required by the federal Secure and Fair 2.25Enforcement (SAFE) for Mortgage Licensing 2.26Act, United States Code, title 12, chapter 51.

2.272.28Subd. 5.Petroleum Tank Release Cleanup Board(25,000)(32,000)

2.29These reductions are from the petroleum tank 2.30release cleanup fund.

2.31Subd. 6.Office of Energy Security(389,000)(38,000)

2.32Appropriations by Fund2.33201020112.34General(250,000)-0-2.35Special Revenue(139,000)(38,000)

3.1(a) $250,000 the first year is a reduction in 3.2the appropriation for E85 cost-share grants.3.3(b) $18,000 the first year is a reduction in 3.4the grant to the Board of Regents of the 3.5University of Minnesota for the Natural 3.6Resources and Research Institute at the 3.7University of Minnesota, Duluth, to develop 3.8statewide heat flow maps. This reduction 3.9is from the appropriation from the special 3.10revenue fund.3.11(c) $31,000 the first year and $38,000 the 3.12second year are reductions in funding of 3.13community energy technical assistance 3.14and outreach on renewable energy and 3.15energy efficiency, as described in Minnesota 3.16Statutes, section 216C.385. These reductions 3.17are from the appropriations from the special 3.18revenue fund.3.19(d) $90,000 the first year is a reduction in 3.20the grant to the Board of Trustees of the 3.21Minnesota State Colleges and Universities 3.22for the International Renewable Energy 3.23Technology Institute (IRETI). This reduction 3.24is from the appropriation from the special 3.25revenue fund. 

3.263.27Sec. 4. CANCELLATIONS; GENERAL FUND

3.28(a) Of the unexpended balance from previous 3.29appropriations from the general fund to 3.30the commissioner of commerce for E85 3.31cost-share grants, $350,000 is canceled.3.32(b) Of the unexpended balance from the 3.33appropriation from the general fund to 3.34the commissioner of commerce for the 3.35renewable hydrogen initiative in Minnesota 4.1Statutes, section 216B.813, $550,000 is 4.2canceled.

4.34.4Sec. 5. CANCELLATIONS; SPECIAL REVENUE FUND

4.5(a) Of the unexpended balance from the 4.6appropriation from the special revenue 4.7fund to the commissioner of commerce in 4.8Laws 2007, chapter 57, article 2, section 3, 4.9subdivision 6, for biogas recovery grants, 4.10$250,000 is canceled.4.11(b) Of the unexpended balance from the 4.12appropriation from the special revenue 4.13fund to the commissioner of commerce in 4.14Laws 2007, chapter 57, article 2, section 4.153, subdivision 6, for automotive research 4.16grants, $39,000 is canceled.4.17(c) Of the unexpended balance from the 4.18appropriation from the special revenue 4.19fund to the commissioner of commerce in 4.20Laws 2007, chapter 57, article 2, section 3, 4.21subdivision 6, for the hydrogen road map, 4.22$50,000 is canceled.4.23(d) Of the unexpended balance from the 4.24appropriation from the special revenue 4.25fund to the commissioner of commerce in 4.26Laws 2007, chapter 57, article 2, section 3, 4.27subdivision 6, for renewable energy grants, 4.28$40,000 is canceled.4.29(e) Of the unexpended balance from the 4.30appropriation from the special revenue 4.31fund to the commissioner of commerce in 4.32Laws 2008, chapter 363, article 6, section 4.333, subdivision 4, for green economy and 4.34manufacturing, $8,000 is canceled.5.1(f) Of the unexpended balance from the 5.2appropriation from the special revenue fund 5.3to the commissioner of commerce in Laws 5.42008, chapter 340, section 5, for studies 5.5and activities associated with the legislative 5.6greenhouse gas accord advisory group, 5.7$13,000 is canceled.

5.85.9Sec. 6. TRANSFER; PETROLEUM TANK RELEASE CLEANUP FUND

5.10Before June 30, 2010, the commissioner 5.11of management and budget shall transfer 5.12$1,969,000 to the general fund. After July 5.131, 2010, and before June 30, 2011, the 5.14commissioner of management and budget 5.15shall transfer $1,032,000 to the general 5.16fund. These transfers are from the petroleum 5.17tank release cleanup fund established in 5.18Minnesota Statutes, chapter 115C.

5.195.20Sec. 7. TRANSFERS; SPECIAL REVENUE FUND

5.21(a) For the purposes of this section, 5.22"commissioner" means the commissioner of 5.23management and budget.5.24(b) In the first year, the commissioner 5.25shall transfer $2,991,000 from the special 5.26revenue fund to the general fund. In the 5.27second year, the commissioner shall transfer 5.28$2,027,000 from the special revenue fund to 5.29the general fund. The transfers must be from 5.30the following appropriation reductions and 5.31accounts within the special revenue fund:5.32(1) $539,000 the first year and $38,000 the 5.33second year are from the special revenue fund 6.1appropriations reductions and cancellations 6.2in this act;6.3(2) $246,000 the first year and $270,000 the 6.4second year are from the telecommunications 6.5access Minnesota fund established in 6.6Minnesota Statutes, section 237.52;6.7(3) $238,000 the first year is from the 6.8assessments collected under Minnesota 6.9Statutes, section 216C.052, for the reliability 6.10administrator;6.11(4) $100,000 the first year and $100,000 6.12the second year are from the Department of 6.13Commerce technology account established 6.14in Minnesota Statutes, section 45.24;6.15(5) $622,000 the first year and $547,000 6.16the second year are from the energy 6.17and conservation account established in 6.18Minnesota Statutes, section 216B.241. Of 6.19this amount, (i) $100,000 the first year 6.20and $17,000 the second year are from 6.21the assessments for technical assistance 6.22in Minnesota Statutes, section 216B.241, 6.23subdivision 1d; (ii) $500,000 the first year 6.24and $500,000 the second year are from 6.25the assessments for applied research and 6.26development grants in Minnesota Statutes, 6.27section 216B.241, subdivision 1e; and (iii) 6.28$22,000 the first year and $30,000 the second 6.29year are from the assessment for facilities 6.30energy efficiency in Minnesota Statutes, 6.31section 216B.241, subdivision 1f;6.32(6) $64,000 the first year and $48,000 the 6.33second year are from the insurance fraud 6.34prevention account established in Minnesota 6.35Statutes, section 45.0135;7.1(7) $420,000 the first year and $420,000 the 7.2second year are from the automobile theft 7.3prevention account established in Minnesota 7.4Statutes, section 168A.40;7.5(8) $49,000 the first year and $5,000 7.6the second year are from the real estate 7.7education, research and recovery fund 7.8established in Minnesota Statutes, section 7.982.43;7.10(9) $100,000 the first year is from the 7.11consumer education account established in 7.12Minnesota Statutes, section 58.10;7.13(10) $11,000 the first year and $15,000 7.14the second year are from the fees and 7.15assessments collected under Minnesota 7.16Statutes, section 216E.18;7.17(11) the remaining balance in the first 7.18year, estimated to be $19,000, is from the 7.19routing of certain pipelines under Minnesota 7.20Statutes, section 216G.02;7.21(12) $4,000 the first year and $9,000 the 7.22second year are from the joint exercise of 7.23powers agreements with the Department of 7.24Health for regulating health maintenance 7.25organizations;7.26(13) $75,000 the first year and $75,000 the 7.27second year are from the liquefied petroleum 7.28gas account established in Minnesota 7.29Statutes, section 239.785; and7.30(14) $500,000 the first year and $500,000 the 7.31second year are from the telephone assistance 7.32fund established in Minnesota Statutes, 7.33section 237.701.

7.34Sec. 8. TRANSFER; ASSIGNED RISK PLAN

8.1By June 30, 2010, the commissioner of 8.2management and budget shall transfer 8.3$15,000,000 in assets of the workers' 8.4compensation assigned risk plan created 8.5under Minnesota Statutes, section 79.252, to 8.6the general fund.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:9.880A.46 SECTION 202; EXEMPT TRANSACTIONS. 9.9    The following transactions are exempt from the requirements of sections 80A.49 9.10through 80A.54, except 80A.50, paragraph (a), clause (3), 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 1/10 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 1/1016.21of 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. Fees collected under this subdivision are 16.31exempted under section 16A.1285, subdivision 2.16.32    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 to the commissioner of commerce 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; and17.14(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.17.20EFFECTIVE DATE.This section is effective the day following final enactment.17.21    Sec. 13. ASSESSMENT.17.22(a) The commissioner of commerce may levy a pro rata assessment on institutions 17.23licensed under Minnesota Statutes, chapter 58, to recover the costs to the Department of 17.24Commerce for administering the licensing and registration requirements of Minnesota 17.25Statutes, section 58A.10.17.26(b) The commissioner shall levy the assessments and notify each institution of the 17.27amount of the assessment being levied by September 30, 2010. The institution shall pay 17.28the assessment to the department no later than November 30, 2010. If an institution fails 17.29to pay its assessment by this date, its license may be suspended by the commissioner 17.30until it is paid in full.17.31(c) This section expires December 1, 2010.