2003 Senate Bill 391 / Public Act 150

Introduced in the Senate

April 22, 2003

Introduced by Sen. Martha G. Scott (D-2)

To replace fixed registration fees on security and investment brokers and dealers, which currently range from $30 to $250, with new fees to be determined by the legislature in annual budget bills. This bill is one of many authorizing fee increases totaling some $125.5 million which Gov. Jennifer Granholm is proposing to close a gap between state spending and expected revenue in the Fiscal Year 2003-2004 budget.

Referred to the Committee on Appropriations

June 17, 2003

Reported without amendment

With the recommendation that the substitute (S-2) be adopted and that the bill then pass.

June 18, 2003

Substitute offered

To replace the previous version of the bill with one which contains specific fee increases.

The substitute passed by voice vote

Passed in the Senate 35 to 3 (details)

To increase registration fees on security and investment brokers and dealers, which currently range from $30 to $250, with new fees of between $65 and $300. This bill is one of many authorizing fee increases totaling some $125.5 million which Gov. Jennifer Granholm proposed to close a gap between state spending and expected revenue in the Fiscal Year 2003-2004 budget.

Received in the House

June 18, 2003

Referred to the Committee on Appropriations

June 24, 2003

Reported without amendment

Without amendment and with the recommendation that the bill pass.

June 25, 2003

Passed in the House 70 to 38 (details)

To increase registration fees on security and investment brokers and dealers, which currently range from $30 to $250, with new fees of between $65 and $300. This bill is one of many authorizing fee increases totaling some $125.5 million which Gov. Jennifer Granholm proposed to close a gap between state spending and expected revenue in the Fiscal Year 2003-2004 budget.

Received in the Senate

July 15, 2003

Received in the House

July 15, 2003

In the Senate

July 16, 2003

Passed in the Senate 32 to 1 (details)

In the House

July 16, 2003

Substitute offered

To replace the previous version of the bill with one containing technical changes that do not affect its substance as previously described.

The substitute passed by voice vote

Passed in the House 64 to 38 (details)

To concur with the Senate-passed version of the bill, amended with some technical changes that do not affect its substance as previously described.

Signed by Gov. Jennifer Granholm

Aug. 8, 2003