Bill > HB2908

This bill modifies provisions within the Missouri Securities Act of 2003, primarily by adjusting fees for registering broker-dealers, agents, investment advisers, and investment adviser representatives, and by establishing a new "Securities Division Fund" to cover administrative costs. The bill allows the commissioner of securities to adjust these fees by rule to cover expenses, with specific procedures for fee increases after June 30, 2030, including legislative oversight and limitations on the frequency and amount of increases. It also mandates a comprehensive financial review of the division's revenue and expenditures every four years, with provisions for decreasing fees if a surplus exists. Furthermore, the bill creates the "Securities Division Fund" to hold moneys collected from fee adjustments, audit charges, and a portion of agent and investment adviser representative fees, which will be used for operating the division, conducting audits, and transferring to the "Investor Education and Protection Fund." Finally, the bill renames the fund where costs of investigations are paid from "investor education and protection fund" to "restitution recovery fund" and establishes this new fund to award restitution to aggrieved investors who were awarded restitution but did not receive full payment, with specific rules for its administration and disbursement, including provisions for restitution assistance to investors and a cap on the fund's balance before excess funds are transferred to the investor education and protection fund.