Blue Sky State Filing Fees


Securities laws are regulated by the federal government, but each state enacts their own securities laws which are commonly referred to as “Blue Sky Laws” in an effort to supplement the federal securities laws and further regulate the sale and offering of securities. There are many similarities between Blue Sky Laws, however there are specific requirements that vary by state in regards to the required fee, as well as how securities may be registered. The Blue Sky state filing fees of Section 18(b)(4)(D) for Rule 506 offerings can be found below. For specific questions, please consult the State financial reporting department or your legal counsel.

State

When to File

Registration Filing Fees

Alabama

Within 15 days

$300

Alaska

Within 15 days

$600 for one year

Arizona

Within 15 days

$250

Arkansas

Within 15 days

1/10 of 1% of the offering price, with a minimum fee of $100, and a maximum fee of $500

California

Within 15 days

$300

Colorado

Within 15 days

$50

Connecticut

Within 15 days

$150

Delaware

Within 15 days

1/2 of 1% of the maximum aggregate offering price of securities to be offered in Delaware during the initial registration period, but not less than
$200.00 or more than $1,000.00.
Late Fee: The Rule 506 filing fee, if not paid when due, will be doubled unless the Director waives the late fee, but the total fee will not excee the relevant statutory maximum  amount.

District of Columbia

Within 15 days

$250

Florida

Within 15 days

No filing fee associated with Regulation D exemptions

Georgia

Within 15 days

Initial: $250; Renewal: $100

Guam

Within 15 days

No laws or regulations on this topic

Hawaii

Within 15 days

$100

Idaho

Within 15 days

$50. Late filing of notice: additional $50

Illinois

Within 15 days

$100

Indiana

Within 15 days

No fee

Iowa

Within 15 days

$100

Kansas

Within 15 days

The fee amount should be $250 if timely filed; If filed late, the fee should be the greater of either $500 or 1/10 of 1% of the dollar value of the securities sold to Kansas residents before the date on which Form D is filed, not to exceed $5,000

Kentucky

Within 15 days

$250

Louisiana

Within 15 days

$300

Maine

Within 15 days

$300

Maryland

Within 15 days

$100

Massachusetts

Within 15 days

Offering Amount: $0‐$500,000 Fee: $150
Offering Amount: Up to $2,000,000 Fee: $250
Offering Amount: Up to $7,500,000 Fee: $500
Offering Amount: $7,500,000 + Fee: $750

Michigan

Within 15 days

$100

Minnesota

Within 15 days

Initial filing: $100. Additional filing: 1/10 of 1% of the maximum aggregate offering price at which the securities will be offered in Minnesota, with maximum combined fees not to exceed $300

Mississippi

Within 15 days

$300 Additional late fee for not submitting the initial notice & fee within 15 days of the first sale of securities in Mississippi: 1% of the amount sold in Mississippi up to a maximum penalty of $5,000. Sales report fee accompanied by sales report on Form D when offering is not completed within 12 months of the date of the initial notice filing: $50

Termination  fee due with a notice of completion of offering (upon completing the offering): $50

Missouri

Within 15 days

$100; Late filing of notice: $50.

Montana

Within 15 days

$200 plus 1/10 of 1% of any offering
amount exceeding $100,000
Maximum fee: $1,000

Nebraska

Within 15 days

$200

Nevada

Within 15 days

$500

New Hampshire

Within 15 days

$500

Late filing fees. 1/10 of 1% of the offering value of a federal covered securities issue, with a maximum late fee of $525, will be imposed in the following circumstances:

(1) It is requested that the provisions of
RSA 421-B:3-303(c)(2) be waived; or

(2) Securities sold in this state are more than registered on the effective application filed with the secretary of state, where the maximum registration fee has not been paid; or

(3) The registration application is amended to increase the amount registered in this state, where the maximum  registration fee has not been paid, subsequent to the effectiveness of the registration in this state; or

New Jersey

Within 15 days

$250

New Mexico

Within 15 days

$350; Late Fees: Filing Form D within 10 days after the due date--$700; Filing more than 10 days after the due date--1050

New York

Pre-file

$300 for offerings of $500,000 or less, $1,200 for offerings over $500,000

North Carolina

Within 15 days

$350

North Dakota

Within 15 days

$100

Ohio

Within 15 days

$100
Excusable neglect--Retroactive filing required under Section 1707.03(X):
$100 (required filing fee) + $100 (penalty fee).

Oklahoma

Within 15 days

$250

Oregon

Within 15 days

$250 (one-time fee; no renewal)

Pennsylvania

Within 15 days

$525

Puerto Rico

Within 15 days

$1,500 or equal to 1/5 of 1% of the maximum tender price at which the securities will be offered in Puerto Rico, with a minimum fee of $350 and the fee for amending  a Rule 506 filing that increases the amount of securities offered: 1/5 of 1% of the additional shares offered but the fee will not exceed $1,500

Rhode Island

Within 15 days

$300

South Carolina

Within 15 days

$300

South Dakota

Within 15 days

$250; Late filing: $275. Total initial filing + late fee =
$525

Tennessee

Within 15 days

$500

Texas

Within 15 days

1/10 of 1% of the aggregate amount of securities described as being offered for sale, but in no event will the fee be more than $500.

Fee for secondary trading of federal covered securities: $500.

Utah

Within 15 days

$100

Vermont

Within 15 days

$600

Virgin Islands

Within 15 days

$1,500 (late fee: $3,000) Amendment: $50

General transaction fee: Persons currently engaged in securities transactions in the Virgin Islands must pay a $50 fee for filing terminations, withdrawals, notifications and other documents with the Division of Banking and Insurance.

Virginia

Within 15 days

$250

Washington

Within 15 days

$300

West Virginia

Within 15 days

$125

Wisconsin

Within 15 days

$200

Wyoming

Within 15 days

$200

*State filing fees may be changed without notice. Please check with each state regulator for specific requirements and variables.

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