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HF 3757

as introduced - 86th Legislature (2009 - 2010) Posted on 04/06/2010 10:48am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to higher education; modifying securities transaction exemptions;
appropriating money for the state grant program; amending Minnesota Statutes
2008, section 80A.65, subdivision 1.

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

Section 1.

Minnesota Statutes 2008, 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(b) When an application for registration is withdrawn before the effective date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 deleted text begin1/20deleted text endnew text begin one-tenthnew text end 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 1/20deleted text endnew text begin one-tenthnew 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 beginFees collected under this subdivision are
exempted under section 16A.1285, subdivision 2.
new text end

Sec. 2. new text beginAPPROPRIATION; STATE GRANT PROGRAM.
new text end

new text begin $23,000,000 is appropriated in fiscal year 2011 from the general fund to the
Minnesota Office of Higher Education for need-based grants for postsecondary education
through the state grant program under Minnesota Statutes, section 136A.121.
new text end