NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature. The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.
The LFC is only preparing FIRs on bills referred to the Senate Finance Committee, the Senate Ways and Means Committee, the House Appropriations and Finance Committee and the House Taxation and Revenue Committee. The chief clerks are responsible for preparing and issuing all other bill analyses.
Only the most recent FIR version, excluding attachments, is available on the Intranet. Previously issued FIRs and attachments may be obtained from the LFC office in Room 416 of the State Capitol Building.
| SPONSOR: | Burpo | DATE TYPED: | 02/14/99 | HB | 401 | ||
| SHORT TITLE: | Amend New Mexico Securities Act of 1986 | SB | |||||
| ANALYST: | Eaton | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY99 | FY2000 | |||
| $ (0.2) | Recurring | General Fund | ||
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
Regulation and Licensing Department
SUMMARY
Synopsis of Bill
This bill would restore the $350 filing fee for the Small Company Offering Registration (SCOR) program. In FY99 the fee was increased to $525, perhaps inadvertently, through legislation establishing a flat fee for mutual funds.
FISCAL IMPLICATIONS
Minimal. The Regulation and Licensing Department reports that they state receives ten to twelve SCOR applications per year. Revenues are estimated to decrease by $2,000.
COMPANIONSHIP
SB 198 Amend New Mexico Securities Act (McSorley) -designed to bring the New Mexico Securities Act of 1986 into conformity to changes that occurred at the federal level (National Securities Improvements Act of 1996). The bill also clarifies the application of certain state law provisions to federally registered investment advisers and their representatives.
JBE/gm