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West VirginiaSB 6772025 Regular SessionSenate

Increasing fees charged by Commissioner of Securities for each offering

Sponsored By: Randy E. Smith (Republican)

Signed by Governor

§32-2-202§32-3-04a§32-3-305§32-4-406

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 2 costs, 1 mixed.

Higher filing fees for securities issuers

Beginning July 10, 2025, securities registration and notice filings cost 0.0625% of the maximum total offering price, from $60 to $1,800. Registered issuers and notice filers must submit annual sales reports and pay 0.125% of the maximum offering price, from $300 to $1,800. Amendments or documents that do not increase the registered dollar amount cost $60. If West Virginia sales exceed the filed amount, the Commissioner may assess three times the fee shortfall, from $420 to $1,800.

New filing costs for Tier 2 issuers

Beginning July 10, 2025, Regulation A Tier 2 issuers must file notice at least 21 calendar days before their first West Virginia sale. The initial filing costs $375 and lasts 12 months. Each additional 12-month renewal costs $200 and is due on or before expiration. Issuers must submit the required notice form or Securities and Exchange Commission filing documents. Those not using the notice form must also submit Form U-2, consenting to service of legal papers.

State splits securities fees between funds

Beginning July 10, 2025, the State Auditor sends 25% of securities fees to the securities division’s special operating fund. At each fiscal year’s end, any fund balance above 25% of its gross operating revenue goes to the General Revenue Fund.

Sponsors & Cosponsors

Sponsor

  • Randy E. Smith

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 78 • No: 51

House vote • 4/11/2025

Passed House (Roll No. 515)

Yes: 51 • No: 45

Senate vote • 4/1/2025

Passed Senate (Roll No. 263)

Yes: 27 • No: 6

Actions Timeline

  1. Chapter 217, Acts, Regular Session, 2025

    8/8/2025Senate

  2. Approved by Governor 4/28/2025

    4/28/2025Senate

  3. To Governor 4/21/2025

    4/21/2025Senate

  4. House Message received

    4/12/2025Senate

  5. To Governor 4/21/2025 - Senate Journal

    4/12/2025Senate

  6. To Governor 4/21/2025 - House Journal

    4/12/2025House

  7. Approved by Governor 4/28/2025 - Senate Journal

    4/12/2025Senate

  8. Approved by Governor 4/28/2025 - House Journal

    4/12/2025House

  9. On 3rd reading, Special Calendar

    4/11/2025House

  10. Read 3rd time

    4/11/2025House

  11. Passed House (Roll No. 515)

    4/11/2025House

  12. Communicated to Senate

    4/11/2025House

  13. Completed legislative action

    4/11/2025House

  14. On 2nd reading, Special Calendar

    4/10/2025House

  15. Read 2nd time

    4/10/2025House

  16. Do pass

    4/9/2025House

  17. Immediate consideration

    4/9/2025House

  18. Read 1st time

    4/9/2025House

  19. House received Senate message

    4/2/2025House

  20. Introduced in House

    4/2/2025House

  21. To Finance

    4/2/2025House

  22. To House Finance

    4/2/2025House

  23. On 3rd reading

    4/1/2025Senate

  24. Read 3rd time

    4/1/2025Senate

  25. Passed Senate (Roll No. 263)

    4/1/2025Senate

Bill Text

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