MT House endorses increase in license fees for investment advisers, stockbrokers

HELENA – The Montana House Friday endorsed a bill increasing the license fee paid by most investment advisers and stockbrokers doing business in Montana — a bill that raises about $8 million a year and could be part of the final budget picture at the 2019 Legislature.

The House voted 59-40 to advance House Bill 694, which will have an additional hearing in the House Appropriations Committee before facing a final floor vote.

Rep. Jim Hamilton (D-Bozeman) a retired financial adviser and sponsor of the bill, said the $50 fee paid by stockbrokers or salespeople for investment firms hasn’t been changed since 1982. Industry officials in Montana also support the change, he added.