SB-1258, As Passed Senate, September 20, 2012

SUBSTITUTE FOR

SENATE BILL NO. 1258

     A bill to amend 2008 PA 551, entitled

"Uniform securities act (2002),"

by amending section 410 (MCL 451.2410).

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 410. (1) Before October 1, 2012, 2015, a person shall pay

a fee of $300.00 when initially filing an application for

registration as a broker-dealer and a fee of $300.00 when filing a

renewal of registration as a broker-dealer. After September 30,

2012, 2015, a person shall pay a fee of $250.00 when initially

filing an application for registration as a broker-dealer and a fee

of $250.00 when filing a renewal of registration as a broker-

dealer. If the filing results in a denial or withdrawal, the

administrator shall retain all of the filing fee.

     (2) Before October 1, 2012, 2015, an individual shall pay a

fee of $65.00 when filing an application for registration as an

agent, a fee of $65.00 when filing a renewal of registration as an

agent, and a fee of $65.00 when filing for a change of registration

as an agent. After September 30, 2012, 2015, an individual shall

pay a fee of $30.00 when filing an application for registration as

an agent, a fee of $30.00 when filing a renewal of registration as

an agent, and a fee of $30.00 when filing for a change of

registration as an agent. If the filing results in a denial or

withdrawal, the administrator shall retain all of the filing fee.

     (3) Before October 1, 2012, 2015, a person shall pay a fee of

$200.00 when filing an application for registration as an

investment adviser and a fee of $200.00 when filing a renewal of

registration as an investment adviser. After September 30, 2012,

2015, a person shall pay a fee of $150.00 when filing an

application for registration as an investment adviser and a fee of

$150.00 when filing a renewal of registration as an investment

adviser. If the filing results in a denial or withdrawal, the

administrator shall retain all of the filing fee.

     (4) Before October 1, 2012, 2015, an individual shall pay a

fee of $65.00 when filing an application for registration as an

investment adviser representative, a fee of $65.00 when filing a

renewal of registration as an investment adviser representative,

and a fee of $65.00 when filing a change of registration as an

investment adviser representative. After September 30, 2012, 2015,

an individual shall pay a fee of $30.00 when filing an application

for registration as an investment adviser representative, a fee of

$30.00 when filing a renewal of registration as an investment

adviser representative, and a fee of $30.00 when filing a change of

registration as an investment adviser representative. If the filing

results in a denial or withdrawal, the administrator shall retain

all of the filing fee.

     (5) Before October 1, 2012, 2015, a federal covered investment

adviser required to file a notice under section 405 shall pay an

initial and annual notice fee of $200.00. After September 30, 2012,

2015, a federal covered investment adviser required to file a

notice under section 405 shall pay an initial and annual notice fee

of $150.00.

     (6) A person that is required to pay a filing or notice fee

under this section may transmit the fee through or to a designee as

a rule or order requires under this act.

     (7) An investment adviser representative who is registered as

an agent under section 402 and who represents a person that is both

registered as a broker-dealer under section 401 and registered as

an investment adviser under section 403 or required as a federal

covered investment adviser to make a notice filing under section

405 is not required to pay an initial or annual registration fee

for registration as an investment adviser representative.