Rep. Norm Thurston — Voting Record

Bill

Number

H.B. 335 (2021GS)

Sponsor

Rep. Robertson, A.

Final action

Governor Signed 3/17/2021

Outcome

Became law — signed by Gov. Spencer J. Cox

Summary

What it does

• This bill:
• waives the notice filing fee for the timely filing of United States Securities Exchange Commission Form D when the total offering amount does not exceed $500,000; and
• makes technical changes.

Every vote on this bill

Bill text

INVESTMENT FEES AMENDMENTS
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Adam Robertson
Senate Sponsor: 
 Curtis S. Bramble
LONG TITLE
General Description:
This bill concerns the filing fee for certain notice filings with the Utah Division of
Securities.
Highlighted Provisions:
This bill:
▸ waives the notice filing fee for the timely filing of United States Securities
Exchange Commission Form D when the total offering amount does not exceed
$500,000; and
▸ makes technical changes.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
61-1-15.5
, as last amended by Laws of Utah 2020, Chapter 77
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
61-1-15.5
 is amended to read:
61-1-15.5.
Federal covered securities.
(1) The division by rule or order may require the filing of any of the following
documents with respect to a covered security under Section 18(b)(2) of the Securities Act of
1933:
(a) before the initial offer of federal covered security in this state, a notice form as
prescribed by the division or all documents that are part of a federal registration statement filed
with the Securities and Exchange Commission under the Securities Act of 1933, together with
a consent to service of process signed by the issuer and a filing fee as determined under Section
61-1-18.4
;
(b) after the initial offer of such federal covered security in this state, all documents
that are part of an amendment to a federal registration statement filed with the U.S. Securities
and Exchange Commission under the Securities Act of 1933, which shall be filed concurrently
with the division;
(c) a report of the value of federal covered securities offered or sold in this state,
together with a filing fee as determined under Section 
61-1-18.4
; and
(d) a notice filing under this section shall be effective for one year and shall be
renewed annually in order to continue to offer or sell the federal covered securities for which
the notice was filed.
(2) 
(a)
 With respect to a security that is a covered security under Section 18(b)(4)(F) of
the Securities Act of 1933, the division by rule or order may require the issuer to file a notice
on SEC Form D and a consent to service of process signed by the issuer no later than 15 days
after the [
first sale of such
] 
day on which the issuer sells the
 covered security in this state,
together with a filing fee as determined under Section 
61-1-18.4
.
(b) The division shall waive the filing fee described in Subsection (2)(a) if:
(i) the filing is timely; and
(ii) the total offering amount listed on SEC Form D does not exceed $500,000.
(3) The division by rule or order may require the filing of a document filed with the
Securities and Exchange Commission under the Securities Act of 1933, with respect to a
covered security under Securities Act of 1933, Section 18(b)(3) or (4), together with a filing fee
as determined under Section 
61-1-18.4
.
(4) With the concurrence of the commission, the director, by means of an adjudicative
proceeding conducted in accordance with Title 63G, Chapter 4, Administrative Procedures Act,
may issue a stop order suspending the offer and sale of a federal covered security, except a
covered security under Section 18(b)(1) of the Securities Act of 1933, if the director finds that
the order is in the public interest and there is a failure to comply with any condition established
under this section.
(5) The division by rule or order may waive any or all of the provisions of this section.