Corporations and Associations - Maryland Securities Act - Filing Fees
Summary
HB917 amends the Maryland Securities Act to increase several filing fees paid to the Securities Commissioner. The bill raises the fee for certain exemption filings from $100 to $250, increases the fee for the initial notice of offer or sale of federal covered securities from $100 to $250, and adds a new $300 fee for each amended filing of that notice. It also imposes an additional $150 fee for filings submitted after the due date. The bill does not change the underlying registration or notice requirements; it changes only the amounts charged for specified filings.
The measure applies to persons and entities that file securities-related notices or exemption filings in Maryland, including issuers and other market participants subject to the Maryland Securities Act. It preserves existing provisions allowing the Commissioner to retain fees in certain withdrawn or stopped-order situations. The act takes effect October 1, 2025, and amends only Section 11-506 of the Corporations and Associations Article.
Impact
HB917 increases state revenue from securities-related filings by raising administrative fees under the Maryland Securities Act and by creating additional charges for amended and late filings. It directly affects filers of securities exemptions and notices of federal covered securities, while leaving the substantive securities registration framework unchanged. The bill amends Maryland Code, Corporations and Associations ยง 11-506.
Sentiment
The bill appears to have received generally favorable legislative treatment. It was reported favorably with amendments from committee, adopted by the House on second reading, and ultimately passed third reading by a substantial margin of 98 yeas to 39 nays. That voting pattern suggests broad support, though not unanimity, for the fee increases.
Contention
The main point of contention is likely the higher cost imposed on securities filers, especially the increase from $100 to $250 for certain filings and the new $300 amended-filing fee plus late-filing penalty. Supporters likely view the changes as a routine adjustment to administrative fees, while opponents may see them as an added burden on issuers, investment-related businesses, and other entities complying with the Maryland Securities Act. No committee transcript is available, so the specific arguments were not recorded in the provided materials.