Sec. 12. 32 MRSA §10306, sub-§3-A is enacted to read:

3-A.__Duplicate branch fees.__Notwithstanding subsection 1, paragraph E and subsection 2, paragraph E, only one branch office fee is due if an office is a branch office of both a broker- dealer and an investment adviser affiliated by direct or indirect common control.

Sec. 13. 32 MRSA §10306, sub-§4, as amended by PL 1989, c. 542, §16, is further amended to read:

4. Fees nonrefundable. If an application is denied or, withdrawn or abandoned, or the license is terminated by revocation, cancellation or withdrawal, the administrator shall retain the fee paid.

Sec. 14. 32 MRSA §10308, sub-§1, as amended by PL 1989, c. 542, §18, is further amended to read:

1. Effective date of license. Unless a proceeding under section 10313 has been is instituted, the license of any broker- dealer, sales representative or, investment adviser or investment adviser representative becomes effective 30 days after an application for licensing and the last of any additional information requested by the administrator or the administrator's designee has been filed and provided that as long as all examination requirements imposed under section 10307 have been are satisfied. The administrator may, by order, authorize an earlier effective date of licensing.

Sec. 15. 32 MRSA §10311, sub-§2, as enacted by PL 1985, c. 400, §2, is amended to read:

2. Sales representatives; investment adviser representatives. Licensing of the sales representatives of the broker-dealer or investment adviser representatives of the investment adviser filing the application under subsection 1 shall continue continues upon licensing of the successor and no separate filing or fee shall be is required for the their continued licensing of the sales representatives.

Sec. 16. 32 MRSA §10313, sub-§7 is enacted to read:

7.__Abandonment of license application.__A pending license application may be considered abandoned if the administrator has not received a response to inquiries or deficiency notices for a