PARRIS N. GLENDENING, Governor

H.B. 877

(2) THERE IS A FAILURE TO COMPLY WITH ANY CONDITION
ESTABLISHED UNDER THIS SECTION.

(E) (1) EXCEPT FOR A FEDERAL COVERED SECURITY SPECIFIED IN §
18(B)(1) OF THE SECURITIES ACT OF 1933, IF THERE IS A FAILURE TO PAY A FEE
REQUIRED BY THIS SUBTITLE. THE COMMISSIONER MAY REQUIRE THE
REGISTRATION OF THE FEDERAL COVERED SECURITY UNDER THIS SUBTITLE.

(2) FOR PURPOSES OF THIS SUBSECTION, A FAILURE TO PAY DOES NOT
INCLUDE A NONPAYMENT OR UNDERPAYMENT OF A FEE THAT IS PROMPTLY
REMEDIED FOLLOWING WRITTEN NOTIFICATION FROM THE COMMISSIONER OF THE
NONPAYMENT OR UNDERPAYMENT.

(F) THE COMMISSIONER MAY WAIVE, BY RULE, ORDER, OR OTHERWISE, THE

FILING OF ANY DOCUMENT REQUIRED UNDER THIS SECTION.

11-506.

(a)     Except as provided in § 11-510.1 of this subtitle, [every] A person filing [a
registration statement] AN APPLICATION TO REGISTER SECURITIES shall pay a [ filing]
fee of 0.1 percent of the maximum aggregate offering price at which the [registered]
securities are to be offered in this State, but the fee may not be [in any case] less than
$500 or more than $1,500.

(b)     (1) [Every] A person required to submit a filing [pursuant to any] IN
ACCORDANCE WITH AN exemption granted under this title shall pay a fee of $100 for
each filing.

(2) A PERSON REQUIRED TO SUBMIT A NOTICE OF THE OFFER OR SALE
OF FEDERAL COVERED SECURITIES UNDER § 11-503.1(C) OR (D) OF THIS SUBTITLE
SHALL PAY A FEE OF $100 FOR EACH FILING.

(c)      [When a registration statement is withdrawn before the effective date or a
preeffective stop order is entered under §§ 11-511 through 11-513 of this subtitle, the
Commissioner shall retain the filing fee.] THE COMMISSIONER SHALL RETAIN THE
FEE, IF:

(1)     AN APPLICATION TO REGISTER SECURITIES IS WITHDRAWN BEFORE
THE EFFECTIVE DATE;

(2)     A NOTICE OF THE OFFER OR SALE OF A FEDERAL COVERED
SECURITY IS WITHDRAWN; OR

(3)     A PREEFFECTTVE STOP ORDER IS ENTERED UNDER §§ 11-511
THROUGH 11-513 OF THIS SUBTITLE.

11-510.

(a) A registration statement relating to a security [issued by a face-amount
certificate company or a redeemable security issued by an open-end management
company or unit investment trust, as those terms are defined in the Investment Company

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