UNIFORM SECURITIES ACT FEES H.B. 4865 (H-2): COMMITTEE SUMMARY


[Please see the PDF version of this analysis, if available, to view this image.]






House Bill 4865 (Substitute H-2 as passed by the House)
Sponsor: Representative Bert Johnson
House Committee: Appropriations
Senate Committee: Appropriations


Date Completed: 9-24-07

CONTENT
The bill would amend the Uniform Securities Act to postpone the sunset on the registration and transfer fees for brokers, dealers, agents, and investment advisors from September 30, 2007, to September 30, 2012. This would maintain fees at the current level through September 30, 2012. After that date, the fees would revert to their former levels as shown in the table below.


  Current Fee Fee with Scheduled Reduction
  Broker/Dealer Registration $300 $250
Agent Registration 65 30
Investment Advisor Registration 200 150
Registration Fee for Unexpired Portion of the Year 125 100
Agent Transfer Fee 20 10

MCL 451.602

FISCAL IMPACT
Without the extension of the current fee levels, revenue to the Department of Labor and Economic Growth would be reduced by an estimated $4.3 million annually. This revenue is used to support the basic operations of the Department and the securities division as well as Michigan Occupational Safety and Health Administration (MIOSHA), the Workers' Compensation division, the Tax Tribunal, and Employment and Labor Relations. Revenue in excess of departmental appropriations lapses to the General Fund.

Fiscal Analyst: Elizabeth Pratt Maria Tyszkiewicz

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. 4865/0708