2007 House Bill 4865 / Public Act 82

Increase fees on licensed entities and professions

Introduced in the House

May 29, 2007

Introduced by Rep. Bert Johnson (D-5)

To not reduce investment advisor, stockbroker and dealer licensure fees on Sept. 30, 2007. The fees were “temporarily” increased in 2006, and under current law will go back down after that date. The bill would make those increases permanent, and also give the Office of Financial and Insurance Services the authority to raise these fees at will through the promulgation of a new administrative rule. The bill is one of a large package of fee increase bills.

Referred to the Committee on Appropriations

Sept. 23, 2007

Failed in the House 54 to 49 (details)

To not reduce investment advisor, stockbroker and dealer licensure fees on Sept. 30, 2007. The fees were “temporarily” increased in 2006, and under current law will go back down after that date. Under the bill the higer fees will remain in effect until 2012. The bill is one of a large package of fee increase bills.

Motion to reconsider by Rep. Steve Tobocman (D-12)

The vote by which the House did not pass the bill.

The motion passed by voice vote

Received

Substitute offered by Rep. Steve Tobocman (D-12)

To replace the previous version of the bill with one that would extend those increases to 2012, and NOT give the Office of Financial and Insurance Services the authority to raise these fees at will through the promulgation of a new administrative rule.

The substitute passed by voice vote

Passed in the House 90 to 15 (details)

To not reduce investment advisor, stockbroker and dealer licensure fees on Sept. 30, 2007. The fees were “temporarily” increased in 2006, and under current law will go back down after that date. Under the bill the higher fees will remain in effect until 2012. The bill is one of a large package of fee increase bills.

Received in the Senate

Sept. 23, 2007

Referred to the Committee on Appropriations

Sept. 27, 2007

Reported without amendment

With the recommendation that the bill pass.

Sept. 28, 2007

Passed in the Senate 34 to 3 (details)

To not reduce investment advisor, stockbroker and dealer licensure fees on Sept. 30, 2007. The fees were “temporarily” increased in 2006, and under current law will go back down after that date. Under the bill the higher fees will remain in effect until 2012. The bill is one of a large package of fee increase bills.

Signed by Gov. Jennifer Granholm

Sept. 30, 2007