Bill > HB2908

This bill modifies fees for broker-dealers and creates two new funds within the Securities Division at the Secretary of State's (SoS) Office. Specifically, it adjusts the fees for registering as a broker-dealer, investment adviser, and their representatives, generally lowering the initial registration fees for individuals while increasing the initial and renewal fees for broker-dealers and investment advisers. The bill also allows the commissioner to adjust these fees by rule to cover administrative costs, with limitations on the frequency and amount of increases, and mandates a financial review of the division every four years to ensure fee revenue aligns with operational needs, with provisions for fee decreases if a surplus exists. Furthermore, it establishes the "Securities Division Fund" to cover the operational costs of the division, including expenses related to audits and inspections, and any moneys collected from fee increases. A new "Restitution Recovery Fund" is also created to provide financial assistance to investors who were awarded restitution but did not receive full payment, with limits on the amount of assistance and provisions for suspending assistance if the fund balance drops too low.

https://house.mo.gov/Bill.aspx?bill=HB2908&year=2026&code=R