80A.28 FEES AND EXPENSES.
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(b) When an application for registration is withdrawn before the effective date or a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.13, subdivision 1
, all but the $100 filing fee
shall be returned. If an application to register securities is denied, the total of all fees received
shall be retained.
(c) Where a filing is made in connection with a federal covered security under section
18(b)(2) of the Securities Act of 1933, there is a fee of $100 for every initial filing. If the filing is
made in connection with redeemable securities issued by an open end management company or
unit investment trust, as defined in the Investment Company Act of 1940, there is an additional
annual fee of 1/20 of one percent of the maximum aggregate offering price at which the securities
are to be offered in this state during the notice filing period. The fee must be paid at the time of
the initial filing and thereafter in connection with each renewal no later than July 1 of each year
and must be sufficient to cover the shares the issuer expects to sell in this state over the next 12
months. If during a current notice filing the issuer determines it is likely to sell shares in excess of
the shares for which fees have been paid to the commissioner, the issuer shall submit an amended
notice filing to the commissioner under section
80A.122, subdivision 1
, clause (3), together with
a fee of 1/20 of one percent of the maximum aggregate offering price of the additional shares.
Shares for which a fee has been paid, but which have not been sold at the time of expiration of the
notice filing, may not be sold unless an additional fee to cover the shares has been paid to the
commissioner as provided in this section and section
80A.122, subdivision 4a
. If the filing is made
in connection with redeemable securities issued by such a company or trust, there is no maximum
fee for securities filings made according to this paragraph. If the filing is made in connection with
any other federal covered security under Section 18(b)(2) of the Securities Act of 1933, there is an
additional fee of one-tenth of one percent of the maximum aggregate offering price at which the
securities are to be offered in this state, and the combined fees shall not exceed $300. Beginning
with fiscal year 2001 and continuing each fiscal year thereafter, as of the last day of each fiscal
year, the commissioner shall determine the total amount of all fees that were collected under this
paragraph in connection with any filings made for that fiscal year for securities of an open-end
investment company on behalf of a security that is a federal covered security pursuant to section
18(b)(2) of the Securities Act of 1933. To the extent the total fees collected by the commissioner
in connection with these filings exceed $25,000,000 in a fiscal year, the commissioner shall
refund, on a pro rata basis, to all persons who paid any fees for that fiscal year, the amount of
fees collected by the commissioner in excess of $25,000,000. No individual refund is required
of amounts of $100 or less for a fiscal year.
Subd. 2. License application and renewal filing fee.
Every applicant for an initial or
renewal license shall pay a filing fee of $200 in the case of a broker-dealer, $50 in the case
of an agent, and $100 in the case of an investment adviser. When an application is denied or
withdrawn, the filing fee shall be retained. A licensed agent who has terminated employment with
one broker-dealer shall, before beginning employment with another broker-dealer, pay a transfer
fee of $25. The fee for a filing made according to section
80A.05, subdivision 1a
, is $100.
Subd. 3. Amendment fee.
Any amendment to an existing license or registration requiring an
order of the commissioner shall require payment of an amendment fee of $25. If the amendment
increases the aggregate amount of securities to be registered, there shall be an additional fee
calculated in accordance with subdivision 1, provided the maximum additional fees, if applicable,
have not previously been paid. The commissioner shall by rule designate those amendments
which require an order of the commissioner.
Subd. 4. Annual report fee.
Every annual report required by section
, shall be accompanied by a fee of $100.
Subd. 5. Exemption filing fee.
The filing of any exemption for which notice is required to
be given the commissioner under section
80A.15, subdivision 2
, shall be accompanied by a
fee of $50.
Subd. 6. Rescission offer filing fee.
The filing of a rescission offer under section
, shall be accompanied by the fees as calculated in subdivision 1.
Subd. 7. Written opinion request fee.
Every request for a written opinion from the
commissioner shall be accompanied by a fee of $50.
Subd. 7a. Excess securities registration filing fee.
If securities of an issuer are sold in this
state in excess of the quantity registered, the excess securities may be registered by paying a filing
fee of $100, and an additional fee in the amount of three times that which is prescribed under
subdivision 1, for the excess securities to be registered. There shall be no maximum combined
fees under this subdivision, notwithstanding the limitation set forth in subdivision 1, clause (a).
Registration of the excess securities shall be effective retroactively to the date of sale.
Subd. 8. Expense deposits.
When the commissioner deems it necessary to incur any expense
in connection with any application, registration or license, the commissioner shall have the power
to require the interested person to make an advance deposit with the commissioner in an amount
estimated as sufficient to cover such expense. All such deposits shall be covered into the state
treasury and credited to the state commissioner of commerce's investigation fund, from which
fund the commissioner shall have power to make disbursements to pay for expenses necessarily
incurred in the investigation. Any unexpended portion shall be refunded. On field examinations
made by the commissioner or an employee away from the office of the commissioner, a per diem
of $10 for each such person may be charged in addition to actual expenses. Where additional
technical, expert, or special services are used, the actual cost of such services may be charged in
addition to actual expenses.
Subd. 9. Generally.
No filing for which a fee is required shall be deemed to be filed or given
any effect until the proper fee is paid. All fees and charges collected by the commissioner shall be
covered into the state treasury. When any person is entitled to a refund under this section, the
commissioner shall certify to the commissioner of finance the amount of the fee to be refunded to
the applicant, and the commissioner of finance shall issue a warrant in payment thereof out of the
fund to which such fee was credited in the manner provided by law. There is hereby appropriated
to the person entitled to such refunds from the fund in the state treasury to which such fees were
credited an amount to make such refunds and payments.
History: 1973 c 451 s 28; 1973 c 492 s 14; 1981 c 140 s 10-15; 1982 c 475 s 1; 1983 c
289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1992 c 513 art 3 s 27; 1997 c 222 s 30,31;
1998 c 331 s 37; 2000 c 488 art 2 s 4
NOTE: This section is repealed by Laws 2006, chapter 196, article 1, section 51, effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.