Section 409.3-305

Title XXVI TRADE AND COMMERCE

Chapter 409

Effective - 01 Sep 2003, see footnote   

  409.3-305.  Securities registration filings. — (a)  A registration statement may be filed by the issuer, a person on whose behalf the offering is to be made, or a broker-dealer registered under this act.

  (b)  A person filing a registration statement shall pay a filing fee of one hundred dollars.  Each person shall pay a registration fee equal to one-twentieth of one percent of the amount by which the maximum aggregate offering price at which the registered securities are to be offered in this state exceeds one hundred thousand dollars.  In no case shall the registration fee be more than nine hundred dollars.  If a registration statement is withdrawn before the effective date or a preeffective stop order is issued under section 409.3-306, the commissioner shall retain a filing fee of one hundred dollars.  A person filing a renewal of a registration statement shall pay a filing fee of one hundred dollars.

  (c)  A registration statement filed under section 409.3-303 or 409.3-304 must specify:

  (1)  The amount of securities to be offered in this state;

  (2)  The states in which a registration statement or similar record in connection with the offering has been or is to be filed; and

  (3)  Any adverse order, judgment, or decree issued in connection with the offering by a state securities regulator, the Securities and Exchange Commission, or a court.

  (d)  A record filed under this act or the predecessor act within five years preceding the filing of a registration statement may be incorporated by reference in the registration statement to the extent that the record is currently accurate.

  (e)  In the case of a nonissuer distribution, information or a record may not be required under subsection (i) or section 409.3-304, unless it is known to the person filing the registration statement or to the person on whose behalf the distribution is to be made or unless it can be furnished by those persons without unreasonable effort or expense.

  (f)  A rule adopted or order issued under this act may require as a condition of registration that a security issued within the previous five years or to be issued to a promoter for a consideration substantially less than the public offering price or to a person for a consideration other than cash be deposited in escrow; and that the proceeds from the sale of the registered security in this state be impounded until the issuer receives a specified amount from the sale of the security either in this state or elsewhere.  The conditions of any escrow or impoundment required under this subsection may be established by rule adopted or order issued under this act, but the commissioner may not reject a depository institution solely because of its location in another state.

  (g)  A rule adopted or order issued under this act may require as a condition of registration that a security registered under this act be sold only on a specified form of subscription or sale contract and that a signed or conformed copy of each contract be filed under this act or preserved for a period specified by the rule or order, which may not be longer than five years.

  (h)  Except while a stop order is in effect under section 409.3-306, a registration statement is effective for one year after its effective date, or for any longer period designated in an order under this act during which the security is being offered or distributed in a nonexempted transaction by or for the account of the issuer or other person on whose behalf the offering is being made or by an underwriter or broker-dealer that is still offering part of an unsold allotment or subscription taken as a participant in the distribution.  A registration statement remains effective for each additional year by filing a renewal as described by rule adopted or order issued under this act.  For the purposes of a nonissuer transaction, all outstanding securities of the same class identified in the registration statement as a security registered under this act are considered to be registered while the registration statement is effective.  If any securities of the same class are outstanding, a registration statement may not be withdrawn until one year after its effective date.  A registration statement may be withdrawn only with the approval of the commissioner.

  (i)  While a registration statement is effective, a rule adopted or order issued under this act may require the person that filed the registration statement to file reports, not more often than quarterly, to keep the information or other record in the registration statement reasonably current and to disclose the progress of the offering.

  (j)  A registration statement may be amended after its effective date. The post-effective amendment becomes effective when the commissioner so orders.  If a post-effective amendment is made to increase the number of securities specified to be offered or sold, the person filing the amendment shall pay a registration fee as described in subsection (b).  A post-effective amendment relates back to the date of the offering of the additional securities being registered if, within one year after the date of the sale, the amendment is filed and the additional registration fee is paid.

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(L. 2003 H.B. 380)

Effective 9-01-03