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S1311.......................................by COMMERCE AND HUMAN RESOURCES
TRUSTS - Amends existing law to provide that a notice filing by a unit
investment trust expires eighteen months from the date received by the
Department of Finance unless extended at the director's discretion.
01/26 Senate intro - 1st rdg - to printing
01/27 Rpt prt - to Com/HuRes
02/04 Rpt out - rec d/p - to 2nd rdg
02/07 2nd rdg - to 3rd rdg
02/08 3rd rdg - PASSED - 34-0-1
AYES--Andreason, Boatright, Bunderson, Burtenshaw, Cameron, Crow,
Danielson, Darrington, Davis, Deide, Dunklin, Frasure, Geddes,
Hawkins, Ingram, Ipsen, Keough, King-Barrutia, Lee, McLaughlin, Noh,
Parry, Richardson, Riggs, Risch, Sandy, Schroeder, Sorensen, Stegner,
Stennett, Thorne, Wheeler, Whitworth, Williams
NAYS--None
Absent and excused--Branch
Floor Sponsor - Davis
Title apvd - to House
02/09 House intro - 1st rdg - to Comm/Hu Res
02/11 Rpt out - ref'd to Bus
03/14 Rpt out - rec d/p - to 2nd rdg
03/15 2nd rdg - to 3rd rdg
03/23 3rd rdg - PASSED - 57-0-13
AYES -- Barraclough, Barrett, Bieter, Boe, Bruneel, Callister,
Campbell, Chase, Cheirrett, Clark, Deal, Ellsworth, Field(13),
Field(20), Gagner, Geddes, Hadley, Hammond, Hansen(29), Hornbeck,
Jaquet, Judd, Kellogg, Kempton, Kendell, Kunz, Lake, Linford,
Loertscher, Mader, Marley, McKague, Meyer, Montgomery, Mortensen,
Moss, Moyle, Pearce, Pischner, Pomeroy, Reynolds, Ridinger, Ringo,
Robison, Sali, Schaefer, Sellman, Shepherd, Smith, Smylie, Stoicheff,
Stone, Taylor, Tilman, Trail, Wheeler, Zimmermann
NAYS -- None
Absent and excused -- Alltus, Bell, Black, Crow, Cuddy, Denney,
Gould, Hansen(23), Henbest, Jones, Stevenson, Wood, Mr Speaker
Floor Sponsor - Smylie
Title apvd - to Senate
03/24 To enrol
03/27 Rpt enrol - Pres signed - Sp signed
03/28 To Governor
03/29 Governor signed
Session Law Chapter 76
Effective: 07/01/00
S1311
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE SENATE
SENATE BILL NO. 1311
BY COMMERCE AND HUMAN RESOURCES COMMITTEE
1 AN ACT
2 RELATING TO THE IDAHO SECURITIES ACT; AMENDING SECTION 30-1437, IDAHO CODE, TO
3 PROVIDE THAT A NOTICE FILING REQUIRED TO BE FILED BY A UNIT INVESTMENT
4 TRUST WILL EXPIRE EIGHTEEN MONTHS FROM THE DATE RECEIVED BY THE DEPARTMENT
5 OF FINANCE UNLESS ADDITIONAL TIME IS GRANTED BY THE DIRECTOR; AND PROVID-
6 ING AN EFFECTIVE DATE.
7 Be It Enacted by the Legislature of the State of Idaho:
8 SECTION 1. That Section 30-1437, Idaho Code, be, and the same is hereby
9 amended to read as follows:
10 30-1437. FEES. Fees shall be fixed by the director and shall be paid in
11 advance under the provisions of this chapter, but shall not exceed the follow-
12 ing:
13 (1) (a) Except as otherwise provided herein, for the initial registration
14 of securities by notification or coordination or qualification or for a
15 notice filing pursuant to section 30-1433A(1), Idaho Code, there shall be
16 paid to the director or to an organization designated by the director, a
17 registration fee of five hundred dollars ($500) notwithstanding the number
18 of shares registered. The notice filing fee for shares of a unit invest-
19 ment trust shall be two hundred dollars ($200) notwithstanding the number
20 of shares to be offered or sold.
21 (b) Each series or portfolio of an investment company offering shall be
22 required to make a separate notice filing under section 30-1433A(1), Idaho
23 Code. Separate notice filings for classes of an investment company are not
24 required so long as classes are used solely as a method of distinguishing
25 payment plans within a series or portfolio.
26 (c) Unless renewed as provided in subparagraph (d) of this subsection or
27 additional time is granted by the director, the notice filing of a unit
28 investment trust shall expire one (1) year eighteen (18) months from the
29 date effective registration is granted to the offering by the securities
30 and exchange commission received by the department. The notice filing of
31 all other investment companies shall expire two (2) months after the last
32 day of the issuer's next fiscal year end. The registration of all other
33 offerings shall expire one (1) year from the date registration is granted
34 by the director. If the issuer is an investment company, other than a unit
35 investment trust, with a fiscal year end which falls within thirty (30)
36 days after the effectiveness of a notice filing, such shares may be law-
37 fully offered or sold until two (2) months after the last day of the fol-
38 lowing fiscal year of the issuer. No registration or notice filing may be
39 renewed at any time after the registration or notice filing has expired.
40 (d) For the renewal of a registration or notice filing made pursuant to
41 section 30-1433A, Idaho Code, a renewal fee shall be paid to the director
42 in an amount fixed by the director not to exceed the amount specified in
43 subparagraph (a) of this subsection for the securities of the issuer.
2
1 (e) When an application for registration of securities is denied or with-
2 drawn the director shall retain all fees paid by the applicant.
3 (2) For filing an annual statement the fee shall not exceed ten dollars
4 ($10.00).
5 (3) For registration of a broker-dealer or investment adviser or for a
6 notice filing made pursuant to section 30-1406(4), Idaho Code, the fee shall
7 not exceed one hundred dollars ($100) for original registration or for an ini-
8 tial notice filing and one hundred dollars ($100) for each annual renewal
9 thereof. When an application is denied or withdrawn the director shall retain
10 the fee.
11 (4) For registration of a salesman or investment adviser representative
12 the fee shall not exceed twenty dollars ($20.00) for the original registration
13 with each employer and twenty dollars ($20.00) for each annual renewal. When
14 an application is denied or an application or notice filing is withdrawn the
15 director shall retain the fee.
16 (5) For certified copies of any documents filed with the director the fee
17 shall be the cost to the department as determined by the director.
18 (6) For each examination, exemption, opinion letter or notice filing
19 under section 30-1433A(2) and (3), Idaho Code, the fee shall not exceed fifty
20 dollars ($50.00), which fee shall not be refundable.
21 All fees, fines, examination and miscellaneous charges collected by the
22 director pursuant to the Idaho securities act shall be deposited into the
23 finance administrative account pursuant to section 67-2702, Idaho Code.
24 SECTION 2. This act shall be in full force and effect on and after July
25 1, 2000.
STATEMENT OF PURPOSE
RS09358C1
This legislation amends the Idaho Securities Act to provide
that the notice filings required to be filed for unit investment
trusts will expire eighteen months from the date received by
the Department, with authority to extend such time in the
director's discretion. Currently, the law provides that these
filings expire one year from the date on which the offering
becomes effective with the Securities and Exchange Commission.
This amendment will allow the Department to readily ascertain
when the filing expires, yet give sufficient flexibility to
extend the time in those instances where SEC effectiveness is
later.
FISCAL NOTE
No fiscal impact.
CONTACT
Name: Marilyn Scanlan
Agency: Department of Finance
Phone: 332-8070
Statement of Purpose/Fiscal Impact S131