80A.61 SECTION 406; REGISTRATION BY BROKER-DEALER, AGENT, AND
(a) Application for initial registration. A person shall register as a broker-dealer, agent, or
investment adviser by filing an application and a consent to service of process complying with
section 80A.88, and paying the fee specified in section 80A.65 and any reasonable fees charged
by the designee of the administrator for processing the filing. The application must contain:
(1) the information or record required for the filing of a uniform application; and
(2) upon request by the administrator, any other financial or other information or record that
the administrator determines is appropriate.
(b) Amendment. If the information or record contained in an application filed under
subsection (a) is or becomes inaccurate or incomplete in a material respect, the registrant shall
promptly file a correcting amendment.
(c) Effectiveness of registration. If an order is not in effect and a proceeding is not pending
under section 80A.67, registration becomes effective at noon on the 45th day after a completed
application is filed, unless the registration is denied. A rule adopted or order issued under this
chapter may set an earlier effective date or may defer the effective date until noon on the 45th day
after the filing of any amendment completing the application.
(d) Registration renewal. A registration is effective until midnight on December 31 of
the year for which the application for registration is filed. Unless an order is in effect under
section 80A.67, a registration may be automatically renewed each year by filing such records
as are required by rule adopted or order issued under this chapter, by paying the fee specified in
section 80A.65, and by paying costs charged by the designee of the administrator for processing
(e) Additional conditions or waivers. A rule adopted or order issued under this chapter
may impose such other conditions, not inconsistent with the National Securities Markets
Improvement Act of 1996. An order issued under this chapter may waive, in whole or in part,
specific requirements in connection with registration as are in the public interest and for the
protection of investors.
History: 2006 c 196 art 1 s 21
NOTE: This section, as added by Laws 2006, chapter 196, article 1, section 21, is effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.