17-12a302.   Notice filing.(a) Required filing of records. With respect toa federal covered security, as defined in section 18(b)(2) of thesecurities act of 1933 (15 U.S.C. section 77r(b)(2)), that is nototherwise exempt underK.S.A. 17-12a201 through 17-12a203, andamendmentsthereto, a rule adopted or order issued under this act may requirethe filing of any or all of the following records:

      (1)   Before the initial offer of a federal covered security inthis state, all records that are part of a federal registrationstatement filed with the securities and exchange commission underthe securities act of 1933 and a consent to service of processcomplying withK.S.A. 17-12a611, and amendments thereto, signed bytheissuer and the payment of a fee not to exceed $2,500;

      (2)   after the initial offer of the federal covered security inthis state, all records that are part of an amendment to a federalregistration statement filed with the securities and exchangecommission under the securities act of 1933; and

      (3)   to the extent necessary or appropriate to compute fees, areport of the value of the federal covered securities sold oroffered to persons present in this state, if the sales data are notincluded in records filed with the securities and exchangecommission and payment of a fee not to exceed $2,500.

      (b)   Notice filing effectiveness and renewal. A notice filingunder subsection (a) is effective for one year commencing on thelater of the notice filing or the effectiveness of the offeringfiled with the securities and exchange commission. On or beforeexpiration, the issuer may renew a notice filing by filing a copyof those records filed by the issuer with the securities andexchange commission that are required by rule or order under thisact to be filed and by paying a renewal fee not to exceed $2,500.A previously filed consent to service of process complying withK.S.A. 17-12a611, and amendments thereto, may be incorporated byreference in a renewal. A renewed notice filing becomes effectiveupon the expiration of the filing being renewed.

      (c)   Notice filings for federal covered securities underSection 18(b)(4)(D). With respect to a security that is a federalcovered security under section 18(b)(4)(D) of the securities act of1933 (15 U.S.C. section 77r(b)(4)(D)), a rule under this act may require: (1)Anotice filing by or on behalf of an issuer toinclude a copy of form D, including the appendix, as promulgated bythe securities and exchange commission, and a consent to service ofprocess complying withK.S.A. 17-12a611, and amendments thereto,signedby the issuer, not later than 15 days after the first sale of thefederal covered security in this state; and (2) the payment of afee not to exceed $2,500 for a timely filing and the payment of afee not to exceed $5,000 for any late filing.

      (d)   Stop orders. Except with respect to a federal securityunder section 18(b)(1) of the securities act of 1933 (15 U.S.C.section 77r(b)(1)), if the administrator finds that there is afailure to comply with a notice or fee requirement of this section,the administrator may issue a stop order suspending the offer andsale of a federal covered security in this state. If thedeficiency is corrected, the stop order is void as of the time ofits issuance and no penalty may be imposed by the administratorother than a late filing fee.

      History:   L. 2004, ch. 154, § 12; July 1, 2005.