80A.65 SECTION 410; 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(b) When an application for registration is withdrawn before the effective date or a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
, 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
, 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 administrator as provided in this
section and section
. 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 administrator 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 administrator in connection with these filings exceed $25,600,000 in
a fiscal year, the administrator 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 administrator in excess of $25,600,000. No
individual refund is required of amounts of $100 or less for a fiscal year.
Subd. 2. Registration application and renewal filing fee.
Every applicant for an initial or
renewal registration 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 registered 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.56 is $100.
Subd. 3. Amendment fee.
Any amendment to an existing registration requiring an order of
the administrator 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 administrator shall by rule designate those amendments which require
an order of the administrator.
Subd. 4. Periodic report fee.
Every periodic report required by section 80A.53 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 administrator under section 80A.45 shall be accompanied by a fee of $50.
Subd. 6. Rescission offer filing fee.
The filing of a rescission offer under section 80A.77
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
administrator 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 administrator deems it necessary to incur any expense
in connection with any application or registration, the administrator shall have the power to require
the interested person to make an advance deposit with the administrator 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 administrator's investigation fund, from which fund the administrator 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 administrator or an
employee away from the office of the administrator, 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 administrator shall be
covered into the state treasury. When any person is entitled to a refund under this section, the
administrator 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: 2006 c 196 art 1 s 25; 2007 c 57 art 3 s 35
This section, as added by Laws 2006, chapter 196, article 1, section 25, is effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.