§ 11-51-404 — License and notice fees

(1) (a) An applicant for a license as a
broker-dealer, sales representative, investment adviser, or investment adviser
representative shall pay an initial license fee, and a licensed person shall pay an
annual license fee, determined and collected by the division of securities pursuant
to section 11-51-707.

(b) A federal covered adviser required to file an annual notice with the
securities commissioner pursuant to section 11-51-403 (3)(a) shall pay an annual
notice fee that shall be determined and collected pursuant to section 11-51-707.

(2) If an annual license fee is not paid within ninety days after the application
is filed, the securities commissioner may deem the application to be withdrawn.

(3) (a) (I) If an annual license or notice fee is not paid within thirty days after
the securities commissioner sends a written notice that the fee was not paid when
due, the amount of the annual license fee shall be double the amount originally
payable.

(II) In the case of a broker-dealer, investment adviser, or federal covered
adviser, written notice is deemed sent when the notice is sent to the broker-dealer,
investment adviser, or federal covered adviser.

(III) In the case of a sales representative, written notice is deemed sent to the
sales representative when the notice is sent to a broker-dealer or an issuer for
whom the sales representative is licensed to act.

(IV) In the case of an investment adviser representative, written notice is
deemed sent when the notice is sent to the investment adviser or federal covered
adviser for whom the investment adviser representative is licensed to act.

(b) (I) If an annual license or notice fee is not paid within sixty days after the
securities commissioner sends the written notice described in paragraph (a) of this
subsection (3), the securities commissioner may by order summarily suspend the
license or, in the case of a federal covered adviser, the authority to do business in
this state.

(II) In the case of a broker-dealer, investment adviser, or federal covered
adviser, the securities commissioner shall send a copy of the order to the broker-dealer, investment adviser, or federal covered adviser whose license or authority to
do business in this state has been summarily suspended.

(III) In the case of a sales representative who has been licensed to act for a
broker-dealer or an issuer and whose license has been summarily suspended, the
securities commissioner shall send a copy of the order to a broker-dealer or an
issuer for whom the sales representative has been licensed to act.

(IV) In the case of an investment adviser representative who has been
licensed to act for an investment adviser or federal covered adviser and whose
license has been summarily suspended, the securities commissioner shall send a
copy of the order to the investment adviser or federal covered adviser for whom the
investment adviser representative has been licensed to act.

(4) If the annual license or notice fee is not paid within thirty days after the
effective date of an order of summary suspension, the securities commissioner may
by order summarily revoke the license or authority to do business in this state on
the grounds that the license or authority has been abandoned.

(5) If an application is denied or withdrawn, or a license or authority to do
business in this state is abandoned, revoked, suspended, or withdrawn, the
securities commissioner shall retain all fees paid.

Legislative History

Source: L. 90: Entire article R&RE, p. 722, � 1, effective July 1. L. 98: Entire section amended, p. 552, � 7, effective April 30. L. 2015: (1)(a) amended, (SB 15-104), ch. 177, p. 578, � 6, effective May 11.