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MontanaHB 13769th Legislature, Regular Session (2025)HouseWALLET

Revise securities laws relating to fees paid by certain licensees

Sponsored By: Steve Fitzpatrick (Republican)

Became Law

Securities and Securities RegulationRevenue, State

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Bill Overview

Analyzed Economic Effects

6 provisions identified: 0 benefits, 3 costs, 3 mixed.

Securities offering fees and penalties

When you offer securities in Montana, you pay $200 for the first $100,000 and 0.1% on the rest, capped at $1,000 in the first year. Renewal each year costs 0.1% of that year’s Montana offering amount, with a $200 minimum and $1,000 maximum, due before the registration or notice ends. If sales exceed the registered or notice-filed amount and you do not amend before expiration, you owe a penalty equal to three times the fee on the excess (up to $3,000). Each fund series or portfolio counts as a separate issuer for notice fees, and you pay $50 for each series name-change filing. These rules apply to state registrations and federal covered notice filings.

Copy, exemption, and refund fees

Copies of filed documents cost what the department pays to make them. Most exemption or exception requests cost $100. One special exemption fee is set by rule. All fees are fully earned when paid. Refunds are allowed only for any overpayment above $10.

Flat $400 fees for advisers and dealers

Broker-dealers and investment advisers pay $400 to register and $400 each year to renew. Federal covered advisers pay $400 for the initial notice filing and $400 each year to renew.

Fees for salespersons and IARs

Salespersons and investment adviser representatives pay per filing. In-state: $50 to register, $50 to renew, and $50 per transfer. Out-of-state: $100 for each. You pay no separate IAR fee if you are a salesperson registered as an IAR with a broker-dealer that is also registered as an investment adviser. If you already paid before the act’s effective date, no extra retroactive fee is due for those actions.

Retroactive date for registration fees

These fee rules apply to registration fees paid on or after May 9, 2019. Payments on or after that date use the amended fee rules.

Where Montana securities fees go

Most fees, fines, and penalties go to the general fund. Some renewal and notice fees and exam costs follow special deposit rules from March 7, 2013 through June 30, 2027. On or after July 1, 2027, certain notice fees and exam costs continue under those special deposit rules. The commissioner deposits notice filing fees in the state special revenue account named in law. This changes where money goes, not who pays.

Sponsors & Cosponsors

Sponsor

  • Steve Fitzpatrick

    Republican • House

Cosponsors

  • Bruce "Butch" Gillespie

    Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 533 • No: 9

House vote • 4/22/2025

Do Concur

Yes: 94 • No: 4

House vote • 4/18/2025

Do Concur

Yes: 96 • No: 2

House vote • 4/16/2025

Do Concur

Yes: 50 • No: 0

House vote • 4/15/2025

AMD-HB0137.002.001 Gillespie D/PASS

Yes: 50 • No: 0

House vote • 4/15/2025

Do Concur As Amended

Yes: 50 • No: 0

House vote • 1/27/2025

Do Pass

Yes: 96 • No: 2

House vote • 1/24/2025

Do Pass

Yes: 97 • No: 1

Actions Timeline

  1. Chapter Number Assigned

    5/16/2025House

  2. Signed by Governor

    5/12/2025House

  3. Transmitted to Governor

    5/5/2025House

  4. Signed by President

    5/2/2025Senate

  5. Signed by Speaker

    5/1/2025House

  6. Returned from Enrolling

    4/24/2025House

  7. Sent to Enrolling

    4/22/2025House

  8. 3rd Reading Passed as Amended by Senate

    4/22/2025House

  9. 2nd Reading Senate Amendments Concurred

    4/18/2025House

  10. Returned to House with Amendments

    4/16/2025Senate

  11. 3rd Reading Concurred

    4/16/2025Senate

  12. 2nd Reading Concurred as Amended

    4/15/2025Senate

  13. 2nd Reading Motion to Amend Carried

    4/15/2025Senate

  14. Committee Report--Bill Concurred

    3/20/2025Senate

  15. Committee Executive Action--Bill Concurred

    3/19/2025Senate

  16. Hearing

    2/27/2025Senate

  17. Referred to Committee

    2/17/2025Senate

  18. First Reading

    1/28/2025Senate

  19. Transmitted to Senate

    1/27/2025House

  20. 3rd Reading Passed

    1/27/2025House

  21. 2nd Reading Passed

    1/24/2025House

  22. Committee Report--Bill Passed as Amended

    1/20/2025House

  23. Committee Executive Action--Bill Passed as Amended

    1/17/2025House

  24. Fiscal Note Printed

    1/15/2025House

  25. Fiscal Note Unsigned

    1/14/2025House

Bill Text

  • Enrolled

    4/22/2025

    PDF

  • As Amended (Version 3)

    4/15/2025

    PDF

  • As Amended (Version 2)

    1/20/2025

    PDF

  • Introduced

    1/8/2025

    PDF

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