Corporations and Associations - Maryland Securities Act - Filing Fees
HB 968 would increase certain filing fees under the Maryland Securities Act. Specifically, it raises the fee for filings made under a particular exemption from $100 to $250, and it raises the initial notice fee for offers or sales of federal covered securities from $100 to $250. The bill leaves in place the existing $150 additional fee for late filings made after the due date.
The bill also preserves the Commissioner’s authority to retain fees in cases where a securities registration application is withdrawn before effectiveness, a notice of federal covered securities is withdrawn, or a preeffective stop order is entered. The measure is scheduled to take effect October 1, 2026, and it amends Section 11-506 of the Corporations and Associations Article.
HB 968 would directly amend Maryland’s Corporations and Associations law governing securities filings by increasing the cost of certain exemption filings and federal covered securities notices. The practical effect would be higher compliance costs for issuers and other filers subject to the Maryland Securities Act, while increasing fee revenue retained by the Securities Commissioner for covered filings and related administrative actions.
Based on the available record, there is little evidence of active debate or controversy around the bill because the hearing was canceled and no committee transcript or vote record is available. The bill appears to have been introduced as a straightforward fee adjustment measure, with no recorded public opposition or support in the provided materials.
The main potential point of contention is the fee increase itself, especially for smaller issuers, exempt offerings, and filers of federal covered securities who would pay more for initial compliance. Any concern would likely center on whether the higher fees are justified by administrative costs or whether they create an added burden on capital formation and securities market participants. No specific objections or amendments are documented in the provided context.