Legislative Analysis
Phone: (517) 373-8080
SECURITIES FEES SUNSET EXTENSIONS http://www.house.mi.gov/hfa
House Bill 4994 (H-2) Analysis available at
Sponsor: Rep. Phil Skaggs http://www.legislature.mi.gov
Committee: Appropriations
Complete to 9-19-23
SUMMARY:
House Bill 4994 would amend the Uniform Securities Act (2008 PA 551), which provides
for regulation of the securities industry in this state, by extending fee sunsets that will
mature on September 30, 2023 through September 30, 2027. The bill would maintain FY
2022-23 fee amounts by extending previously enacted fee increases. (Increases were
initially enacted in 2008 with sunset provisions.) The fee sunsets were previously extended
in 2019.
MCL 451.2410
FISCAL IMPACT:
The bill would maintain current levels of revenue for fees collected by the Corporations,
Securities, and Commercial Licensing Bureau (CSCLB) within the Department of
Licensing and Regulatory Affairs (LARA), to the extent that the CSCLB would continue
collecting revenue generated by fee increases that would otherwise sunset. Revenue
generated from these fees is deposited to the Securities Fees Fund and expended for
administration of LARA’s duties; unexpended revenue to the Securities Fees Fund lapses
to the General Fund at the end of the fiscal year. LARA estimates that revenue losses that
would result if the sunsets are not extended will total approximately $7.8 million annually.
The table below provides information for each of the fees.
Fee Title MCL Current Fee Post- Projected
Fee Sunset Revenue Loss
Broker-Dealer Registration 451.2410 $300 $250 $84,400
Application or Renewal
Fee
Agent Registration 451.2410 $65 $30 $7,063,400
Application, Renewal, or
Change Fee
Investment Adviser 451.2410 $200 $150 $29,000
Registration Application or
Renewal Fee
House Fiscal Agency Page 1 of 2
 Investment Adviser 451.2410 $65 $30 $516,700
Representative Registration
Application, Renewal, or
Change Fee
Federal Covered 451.2410 $200 $150 $106,500
Investment Adviser
Section 405 Initial and
Annual Notice Fee
Fiscal Analyst: Marcus Coffin
■ This analysis was prepared by nonpartisan House Fiscal Agency staff for use by House members in their
deliberations, and does not constitute an official statement of legislative intent.
House Fiscal Agency HB 4994 Page 2 of 2


Statutes affected:
Substitute (H-2): 451.2410
House Introduced Bill: 451.2410
As Passed by the House: 451.2410
As Passed by the Senate: 451.2410
House Concurred Bill: 451.2410
Public Act: 451.2410
House Enrolled Bill: 451.2410