HF 3216

as introduced - 89th Legislature (2015 - 2016) Posted on 03/16/2016 11:44am

A bill for an act
relating to higher education; modifying securities transaction fees; appropriating
money for student loan refinancing; amending Minnesota Statutes 2014, sections
80A.65, subdivision 1; 136A.1704.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2014, section 80A.65, subdivision 1, is amended to read:

Subdivision 1.

Registration or notice filing fee.

(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(b) When an application for registration is withdrawn before the effective date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.54, 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 administrator, the issuer shall submit an amended notice filing to the administrator
under section 80A.50, together with a fee of deleted text begin 1/20 deleted text end new text begin 1/10 new text end 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 administrator as provided
in this section and section 80A.50. 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. new text begin Fees
collected under this subdivision are exempted under section 16A.1285, subdivision 2.
new text end

Sec. 2.

Minnesota Statutes 2014, section 136A.1704, is amended to read:

136A.1704 STUDENT LOAN REFINANCING.

The office may refinance student and parent loans as provided by this section and
on other terms and conditions the office prescribes. The office may establish credit
requirements for borrowers and determine what types of student and parent loans will be
eligible for refinancing. The refinanced loan need not have been made through a loan
program administered by the office. Loans shall be made with available funds in the
loan capital fund under section 136A.1785. The maximum amount of outstanding loans
refinanced under this section may not exceed deleted text begin $100,000,000 deleted text end new text begin $125,000,000 new text end . The maximum
loan under this section may not exceed $70,000.

Sec. 3. new text begin APPROPRIATION; STUDENT LOAN REFINANCING.
new text end

new text begin $25,000,000 in fiscal year 2017 is appropriated from the general fund to the
commissioner of higher education. The commissioner of higher education must use the
funds appropriated under this section to expand the refinancing program under Minnesota
Statutes, section 136A.1704, to borrowers who do not currently qualify. To the extent that
the commissioner can do so without raising interest rates for borrowers who refinance, the
commissioner must reduce the credit score or debt-to-income ratio required to participate
in the program. If it is necessary to implement the requirements of this section, the
commissioner may transfer the funds appropriated in this section to the commissioner's
bad debt reserve account.
new text end