June 15, 2022
Fee amounts to change for state-issued licenses and registrations from the Division of Securities and Division of Corporations and Commercial Code
SALT LAKE CITY (June 14, 2022) – The Utah Department of Commerce announces a reduction in fees for certain business filings and investor industry licensing. Fee reductions amount to an estimated savings of $5.2 million dollars to business owners and investment professionals.
“The Department of Commerce is committed to finding ways to make doing business in Utah easier while providing a high level of service,” said Department of Commerce executive director Margaret Busse. “This reduction in fees is an intentional step toward making business ventures more accessible to those who would do business in Utah.”
Last year, the Commerce’s Division of Securities and the Division of Corporations and Commercial Code conducted an extensive review of the licensing and filing fees in the State of Utah. The results showed that there was an opportunity to lower fees charged for certain filings and licensing, while still maintaining an excellent level of service to Utah’s business community.
Commerce leadership worked closely with Governor Spencer Cox and the Office of Planning and Budget to ensure these fee reductions could be supported by the state’s overall budget. Senator Jerry Stevenson and Representative Bradley Last were also instrumental in working with the Executive Appropriations Committee on this issue.
“Licensing fees help us with our efforts to protect Utah investors and make sure the public is educated on smart investing,” said Division of Securities division director Jason Sterzer. “When we identified an opportunity to reduce those fees and give back to the industry we serve, we were glad to be able to do that.”
The Utah legislature approved the new fee schedule this past legislative session through the passing of HB 8. These changes will significantly reduce licensing and filing fees for financial professionals and business entities operating in the state of Utah. The bill, sponsored by Representative Robert M. Spendlove and Senator Don L. Ipson, was signed by Governor Cox on March 24, 2022, and will become effective July 1, 2022.
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Media Contact:
Zach Whitney
Communications Director
Utah Department of Commerce
385-315-4536
zwhitney@utah.gov
Effective July 1, 2022, the Division of Securities will assess the following new licensing and filing fees:
| Agent | $40 |
| Broker/Dealer | $130 |
| Investment Advisor | $40 |
| Investment Advisor Representative | $30 |
| Federal Covered Adviser | $70 |
Effective July 1, 2022, the Division of Corporations and Commercial Code will assess the following new filing fees:
| Articles of Incorporation | |
| Domestic Profit | $54 |
| Foreign Profit | $54 |
| Certificate of Organization/Qualification | |
| Limited Liability Company | $54 |
| Annual Report | |
| Profit | $13 |
| Limited Partnership | $13 |
| Limited Liability Company | $13 |
| Other Foreign/Domestic | $13 |
| Change Form | $13 |
| Reinstatement | |
| Profit | $54 |
| Limited Partnership | $54 |
| Limited Liability Company | $54 |
| DBA | |
| Registration | $22 |
| Renewal | $13 |
| Business/Real Estate Investment Trust | $22 |