(1) (a) An applicant for a license as a brokerdealer, sales representative, investment adviser, or investment adviser representative shall pay an initial license fee, and a licensed person shall pay an annual license fee, determined and collected by the division of securities pursuant to section 11-51-707.
(b) A federal covered adviser required to file an annual notice with the securities commissioner pursuant to section 11-51-403 (3)(a) shall pay an annual notice fee that shall be determined and collected pursuant to section 11-51-707.
If an annual license fee is not paid within ninety days after the application is filed,the securities commissioner may deem the application to be withdrawn.
(a) (I) If an annual license or notice fee is not paid within thirty days after the securities commissioner sends a written notice that the fee was not paid when due, the amount of the annual license fee shall be double the amount originally payable.
In the case of a broker-dealer, investment adviser, or federal covered adviser, writtennotice is deemed sent when the notice is sent to the broker-dealer, investment adviser, or federal covered adviser.
In the case of a sales representative, written notice is deemed sent to the sales representative when the notice is sent to a broker-dealer or an issuer for whom the sales representative is licensed to act.
In the case of an investment adviser representative, written notice is deemed sentwhen the notice is sent to the investment adviser or federal covered adviser for whom the investment adviser representative is licensed to act.
(b) (I) If an annual license or notice fee is not paid within sixty days after the securities commissioner sends the written notice described in paragraph (a) of this subsection (3), the securities commissioner may by order summarily suspend the license or, in the case of a federal covered adviser, the authority to do business in this state.
In the case of a broker-dealer, investment adviser, or federal covered adviser, thesecurities commissioner shall send a copy of the order to the broker-dealer, investment adviser, or federal covered adviser whose license or authority to do business in this state has been summarily suspended.
In the case of a sales representative who has been licensed to act for a broker-dealeror an issuer and whose license has been summarily suspended, the securities commissioner shall send a copy of the order to a broker-dealer or an issuer for whom the sales representative has been licensed to act.
In the case of an investment adviser representative who has been licensed to act foran investment adviser or federal covered adviser and whose license has been summarily suspended, the securities commissioner shall send a copy of the order to the investment adviser or federal covered adviser for whom the investment adviser representative has been licensed to act.
If the annual license or notice fee is not paid within thirty days after the effectivedate of an order of summary suspension, the securities commissioner may by order summarily revoke the license or authority to do business in this state on the grounds that the license or authority has been abandoned.
If an application is denied or withdrawn, or a license or authority to do business inthis state is abandoned, revoked, suspended, or withdrawn, the securities commissioner shall retain all fees paid.
Source: L. 90: Entire article R&RE, p. 722, § 1, effective July 1. L. 98: Entire section amended, p. 552, § 7, effective April 30. L. 2015: (1)(a) amended, (SB 15-104), ch. 177, p. 578, § 6, effective May 11.
Editor's note: This section is similar to former § 11-51-106 as it existed prior to 1990.