The Montana legislature recently passed a bill that changed the fee structure for securities
salespersons an
d investment adviser representatives. The filing fee for a securities salesperson
and an investment adviser representative that is not a Montana resident is now $100. The fee for
a Montana resident remains at $50. See Mont. Code Ann. § 30-10-209(2)(b).
The office of the Montana State Auditor, Commissioner of Securities and Insurance (CSI)
receives and processes all applications for securities salespeople and investment adviser
representatives through the Financial Industry Regulatory Authority (FINRA) Central
Registration Depository (CRD). The CRD only allows for a single fee setting for state
jurisdictions. Therefore, all Form U-4 applications processed through the CRD will be assessed
a $100 fee. Montana residents that register through the CRD must return this Affidavit to
the CSI within 30 days after the submission of a Form U-4. Upon receipt and acceptance
of the Affidavit the CSI will refund the Montana resident's firm $50.
I have submitted my Form U-4 through the CRD to register as a securities salesperson or
investment adviser representative in Montana and I am a resident of Montana as outlined above.
CRD#: Branch CRD #: Charge Description:
Charge Code: Billing Code: Amount: Trans. Date:
Note – the Affidavit must have all fields completed before a refund can be issued and the Montana
resident's firm must submit a form W-9.
A Montana resident is defined as a person who has physically resided in Montana
at the person's primary home for 180 consecutive days and who meets the following
criteria immediately before making application for any license:
(a) the person's principal or primary home is in Montana;
(b) the person files Montana state income tax returns as a resident (if required to
(c) the person licenses and titles in Montana any vehicles that the person owns and
operates in Montana; and
(e) if the person registers to vote, the person registers only in Montana.
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