Report Title:
Uniform Securities Act
Description:
Adjusts filing fees. (HB99 HD1)
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
99 |
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TWENTY-THIRD LEGISLATURE, 2005 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO business.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 485-4.5, Hawaii Revised Statutes, is amended by amending subsections (a) and (b) to read as follows:
"(a) The commissioner, by rule or otherwise, may require the filing of any or all of the following documents with respect to a federal covered security under section 18(b)(2) of the Securities Act of 1933:
(1) Prior to the initial offer of a federal covered security in this State and for purposes of renewal, a copy of the registration statement filed by the issuer with the Securities and Exchange Commission, or in lieu of filing a registration statement, a notice as prescribed by the commissioner;
(2) A consent to service of process; and
(3) An initial filing fee of [$200] $100 and an annual renewal fee of $50 thereafter. The renewal fee shall be collected within two months of the end of the investment or trust company's fiscal year. With respect to an open-end management company, the fees shall be assessed per fund.
(b) The commissioner, by rule or otherwise, may require the issuer of any security, that is a federal covered security under section 18(b)(4)(D) of the Securities Act of 1933, to file a notice no later than fifteen days after the first sale in this State of a federal covered security on Securities and Exchange Commission Form D or comparable form, together with a consent to service of process and a [$200] $100 filing fee."
SECTION 2. Section 485-10, Hawaii Revised Statutes, is amended as follows:
1. By amending subsections (c) and (d) to read:
"(c) With respect to securities required to be registered by qualification under this section, the commissioner may, by order duly recorded, fix the maximum amount of commission or other form of remuneration to be paid in cash or otherwise, directly or indirectly, for or in connection with the sale or offering for sale of the securities in the State.
(d) At the time of filing the application for registration as prescribed in this section, the applicant shall pay to the commissioner, a fee of one-tenth of one per cent of the aggregate offering price of the securities to be sold in the State for which the applicant is seeking registration, but in no case shall the fee be less than [$250] $100 nor more than [$2,500.] $1,000."
2. By amending subsection (f) to read:
"(f) Registration under this section is effective for a period of one year and may be renewed for additional periods of one year by filing, by a date not later than fifteen days prior to expiration of registration, a prospectus meeting the requirements of subsection (b)(3) or (4), and containing information as of a date not more than ninety days prior to the date of filing, together with the payment of a renewal fee of [$250.] $50."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2010.