UNIFORM SECURITIES ACT FEES & #160; - S.B. 391 (S-2): COMMITTEE SUMMARY
sans-serif">Senate Bill 391 (Substitute S-2)
Sponsor: Senator Martha G. Scott
CONTENT
The bill would amend the Uniform Securities Act to increase the registration and transfer fees for brokers, dealers, agents, and investment advisors. See Table 1 for details on the fee changes. The bill also would sunset the increases on September 30, 2007. After that date, the fees would revert to their current levels.
Table 1
|
Current Fee |
Proposed Fee |
Broker/Dealer Registration |
$250 |
$300 |
Agent Registration |
30 |
65 |
Investment Advisor Registration |
150 |
200 |
Registration Fee for Unexpired Portion of the Year |
100 |
125 |
Agent Transfer Fee |
10 |
20 |
MCL 451.602 & 451.705
FISCAL IMPACT
The bill would generate approximately $4.4 million in additional revenue. The additional revenue would replace General Fund/General Purpose funding for the support of basic operations of the Department of Consumer and Industry Services as well as the Bureau of Workers’ and Unemployment Compensation.
- Fiscal Analyst: Maria Tyszkiewicz S0304\s391sa
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.