HARRY HUGHES, Governor

3763

In accordance with Article II, Section 17 of the Maryland
Constitution, I have today vetoed Senate Bill 577.

This bill repeals the maximum cumulative amount of filing
fees which may be collected for the initial or renewal
registration of broker-dealers and their agents under the
Maryland Securities Act and lowers the filing fee for a renewal
registration as an agent.

House Bill 448, which was passed by the General Assembly and
signed by me on May 27, 1986, accomplishes the same purpose.
Therefore, it is not necessary for me to sign Senate Bill 577.

Sincerely,
Harry Hughes
Governor

Senate Bill No. 577

AN ACT concerning

Maryland Securities Act - Filing Fees
For Broker-Dealers and Agents

FOR the purpose of repealing the maximum cumulative amount of
filing fees which may be collected for the initial or
renewal registration of broker-dealers and their agents
under the Maryland Securities Act; lowering the filing fee
for a renewal registration as an agent; making certain
stylistic changes; and generally relating to the filing fees
for broker-dealers and their agents under the Maryland
Securities Act.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 11-407

Annotated Code of Maryland

(1985 Replacement Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Corporations and Associations

11-407.

(a) (1) Every applicant for initial or renewal registration
as a broker-dealer shall pay a filing fee of $125.