| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | 3 | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW. | |
| 4 | 4 | [Brackets] indicate matter deleted from existing law. | |
| 5 | - | Underlining indicates amendments to bill. | |
| 6 | - | Strike out indicates matter stricken from the bill by amendment or deleted from the law by | |
| 7 | - | amendment. | |
| 8 | 5 | *hb0917* | |
| 9 | 6 | ||
| 10 | 7 | HOUSE BILL 917 | |
| 11 | 8 | C1 5lr3301 | |
| 12 | 9 | ||
| 13 | 10 | By: Delegate Amprey | |
| 14 | 11 | Introduced and read first time: January 31, 2025 | |
| 15 | 12 | Assigned to: Economic Matters | |
| 16 | - | Committee Report: Favorable with amendments | |
| 17 | - | House action: Adopted | |
| 18 | - | Read second time: February 27, 2025 | |
| 19 | 13 | ||
| 20 | - | ||
| 14 | + | A BILL ENTITLED | |
| 21 | 15 | ||
| 22 | 16 | AN ACT concerning 1 | |
| 23 | 17 | ||
| 24 | 18 | Corporations and Associations – Maryland Securities Act – Filing Fees 2 | |
| 25 | 19 | ||
| 26 | 20 | FOR the purpose of increasing the fee that a person required to submit a filing in 3 | |
| 27 | 21 | accordance with a certain exemption is required to pay; increasing the fee that a 4 | |
| 28 | 22 | person required to submit a notice of offer or sale of certain federal covered securities 5 | |
| 29 | 23 | is required to pay; requiring a person required to submit a certain notice of offer or 6 | |
| 30 | 24 | sale of certain federal covered securities to pay a certain fee for each amended filing; 7 | |
| 31 | 25 | and generally relating to filing fees required under the Maryland Securities Act. 8 | |
| 32 | 26 | ||
| 33 | 27 | BY repealing and reenacting, with amendments, 9 | |
| 34 | 28 | Article – Corporations and Associations 10 | |
| 35 | 29 | Section 11–506 11 | |
| 36 | 30 | Annotated Code of Maryland 12 | |
| 37 | 31 | (2014 Replacement Volume and 2024 Supplement) 13 | |
| 38 | 32 | ||
| 39 | 33 | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 14 | |
| 40 | 34 | That the Laws of Maryland read as follows: 15 | |
| 41 | 35 | ||
| 42 | 36 | Article – Corporations and Associations 16 | |
| 43 | 37 | ||
| 44 | 38 | 11–506. 17 | |
| 45 | 39 | ||
| 46 | 40 | (a) Except as provided in § 11–510.1 of this subtitle, a person filing an application 18 | |
| 47 | - | to register securities shall pay a fee of 0.1 percent of the maximum aggregate offering price 19 2 HOUSE BILL 917 | |
| 41 | + | to register securities shall pay a fee of 0.1 percent of the maximum aggregate offering price 19 | |
| 42 | + | at which the securities are to be offered in this State, but the fee may not be less than $500 20 | |
| 43 | + | or more than $1,500. 21 | |
| 44 | + | ||
| 45 | + | (b) (1) Except as provided in paragraph (2) of this subsection, a person 22 | |
| 46 | + | required to submit a filing in accordance with an exemption granted under this title shall 23 | |
| 47 | + | pay a fee of $400 for each filing. 24 | |
| 48 | + | 2 HOUSE BILL 917 | |
| 48 | 49 | ||
| 49 | 50 | ||
| 50 | - | ||
| 51 | - | ||
| 51 | + | (2) A person required to submit a filing in accordance with the exemption 1 | |
| 52 | + | granted under § 11–601(16) of this title shall pay a fee of [$100] $250 for each filing. 2 | |
| 52 | 53 | ||
| 53 | - | (b) (1) Except as provided in paragraph (2) of this subsection, a person 3 | |
| 54 | - | required to submit a filing in accordance with an exemption granted under this title shall 4 | |
| 55 | - | pay a fee of $400 for each filing. 5 | |
| 54 | + | (3) A person required to submit a notice of the offer or sale of federal 3 | |
| 55 | + | covered securities under § 11–503.1(c) of this subtitle shall pay: 4 | |
| 56 | 56 | ||
| 57 | - | (2) A person required to submit a filing in accordance with the exemption 6 | |
| 58 | - | granted under § 11–601(16) of this title shall pay a fee of [$100] $250 for each filing. 7 | |
| 57 | + | (i) A fee of [$100] $250 for [each] THE INITIAL filing; [and] 5 | |
| 59 | 58 | ||
| 60 | - | (3) A person required to submit a notice of the offer or sale of federal 8 | |
| 61 | - | covered securities under § 11–503.1(c) of this subtitle shall pay: 9 | |
| 59 | + | (ii) A FEE OF $300 FOR EACH AMENDED FILING; AND 6 | |
| 62 | 60 | ||
| 63 | - | (i) A fee of [$100] $250 for [each] THE INITIAL filing; [and] 10 | |
| 61 | + | (III) An additional fee of $150 for each filing made after the filing due 7 | |
| 62 | + | date. 8 | |
| 64 | 63 | ||
| 65 | - | ( | |
| 64 | + | (c) The Commissioner shall retain the fee, if: 9 | |
| 66 | 65 | ||
| 67 | - | ( | |
| 68 | - | date | |
| 66 | + | (1) An application to register securities is withdrawn before the effective 10 | |
| 67 | + | date; 11 | |
| 69 | 68 | ||
| 70 | - | (c) The Commissioner shall retain the fee, if: 14 | |
| 69 | + | (2) A notice of the offer or sale of a federal covered security is withdrawn; 12 | |
| 70 | + | or 13 | |
| 71 | 71 | ||
| 72 | - | ( | |
| 73 | - | ||
| 72 | + | (3) A preeffective stop order is entered under §§ 11–511 through 11–513 of 14 | |
| 73 | + | this subtitle. 15 | |
| 74 | 74 | ||
| 75 | - | (2) A notice of the offer or sale of a federal covered security is withdrawn; 17 | |
| 76 | - | or 18 | |
| 77 | - | ||
| 78 | - | (3) A preeffective stop order is entered under §§ 11–511 through 11–513 of 19 | |
| 79 | - | this subtitle. 20 | |
| 80 | - | ||
| 81 | - | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 21 | |
| 82 | - | October 1, 2025. 22 | |
| 83 | - | ||
| 84 | - | ||
| 85 | - | ||
| 86 | - | ||
| 87 | - | Approved: | |
| 88 | - | ________________________________________________________________________________ | |
| 89 | - | Governor. | |
| 90 | - | ________________________________________________________________________________ | |
| 91 | - | Speaker of the House of Delegates. | |
| 92 | - | ________________________________________________________________________________ | |
| 93 | - | President of the Senate. | |
| 75 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 16 | |
| 76 | + | October 1, 2025. 17 |