UNIFORM SECURITIES ACT; EXTEND FEE SUNSETS                                           S.B. 443:

                                                                                 SUMMARY OF INTRODUCED BILL

                                                                                                         IN COMMITTEE

 

 

 

 

 

 

 

Senate Bill 443 (as introduced 8-20-19)

Sponsor:  Senator Jeff Irwin

Committee:  Appropriations

 

Date Completed: 8-20-19

 


CONTENT

 

The bill would amend the Uniform Securities Act to extend the sunsets on several application, registration, and renewal fees prescribed under the Act. These fees are due to sunset on September 30, 2019, after which the fees would return to their 2008 levels. The bill would delay this sunset until September 30, 2023.

 

MCL 451.2410

 

FISCAL IMPACT

 

The bill would have a positive fiscal impact on the Department of Licensing and Regulatory Affairs and no fiscal impact on local units of government. The extension of the current fees would preserve $5.9 million in annual fee revenues. The revenue from these fees is deposited into the Securities Fees Fund and is used for administrative duties performed by the Corporations, Securities & Commercial Licensing Bureau.

 

Fee Sunsets and Potential Revenue Losses

 

Fee

Current

Fee

Fee After

Sunset

Revenue Loss

from Fee Sunset

Application for Registration and Renewal -- Broker-dealer

$300

$250

$89,950

Application for Registration, Renewal, and Change of Registration -- Agent

$65

$30

$5,239,850

Application for Registration and Renewal -- Investment Adviser

$200

$150

$101,750

Application for Registration and Renewal -- Investment Adviser Representative

$65

$30

$409,430

Initial and Annual Notice -- Federal Covered Investment Advisor

$200

$150

$75,800

                Total

$5,916,780

 

                                                                           Fiscal Analyst:  Elizabeth Raczkowski

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.