# State Blue Sky Filing Requirements for Regulation D Offerings
# Reference data for sec-reg-d-compliance skill
# Last updated: 2024-2025 data
# IMPORTANT: State requirements change periodically. Always verify current
# requirements on NASAA (https://www.nasaa.org/) or individual state securities
# regulator websites before filing. This reference provides a planning baseline.
#
# Filing method key:
#   EFD  = Electronic Filing Depository (https://www.efd.nasaa.org/)
#   PAPER = Paper filing required (mail to state regulator)
#   STATE_PORTAL = State-specific electronic filing system
#   EFD_OR_PAPER = Either method accepted

---

# ============================================================
# ALL 50 STATES + DISTRICT OF COLUMBIA
# Organized alphabetically
# ============================================================

states:

  AL:
    name: Alabama
    regulator: Alabama Securities Commission
    filing_required: true
    form: Form D (copy of federal filing)
    deadline: "Within 15 days of first sale to AL resident"
    fee: $300
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: "Consent to service of process required with initial filing"

  AK:
    name: Alaska
    regulator: Alaska Division of Banking and Securities
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to AK resident"
    fee: $600
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  AZ:
    name: Arizona
    regulator: Arizona Corporation Commission - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to AZ resident"
    fee: $250
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  AR:
    name: Arkansas
    regulator: Arkansas Securities Department
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to AR resident"
    fee: $100
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  CA:
    name: California
    regulator: California Department of Financial Protection and Innovation (DFPI)
    filing_required: true
    form: "Form D + Filing Fee Transmittal Form"
    deadline: "Within 15 days of first sale to CA resident"
    fee_schedule:
      - range: "$0 - $499,999"
        fee: $300
      - range: "$500,000 - $999,999"
        fee: $500
      - range: "$1,000,000 - $4,999,999"
        fee: $1,200
      - range: "$5,000,000 - $9,999,999"
        fee: $2,500
      - range: "$10,000,000+"
        fee: "$2,500 + $500 per additional $1M (capped)"
    fee_basis: offering_amount
    filing_method: EFD
    annual_renewal: false
    notes: >
      California has historically been one of the more active state regulators.
      Filing fee is based on aggregate offering amount, not amount sold to CA residents.
      Consent to service of process required.

  CO:
    name: Colorado
    regulator: Colorado Division of Securities
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to CO resident"
    fee: $250
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  CT:
    name: Connecticut
    regulator: Connecticut Department of Banking - Securities Division
    filing_required: true
    form: "Form D + Form U-2 (Consent to Service of Process)"
    deadline: "Within 15 days of first sale to CT resident"
    fee: $150
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: "Consent to service of process (Form U-2) required with initial filing"

  DE:
    name: Delaware
    regulator: Delaware Division of Securities
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to DE resident"
    fee: $200
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: "Delaware is the most common state of organization for LLCs but filing is based on investor residence, not entity formation state"

  DC:
    name: District of Columbia
    regulator: DC Department of Insurance, Securities and Banking
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to DC resident"
    fee: $250
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  FL:
    name: Florida
    regulator: Florida Office of Financial Regulation
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to FL resident"
    fee_schedule:
      - range: "$0 - $499,999"
        fee: $100
      - range: "$500,000 - $999,999"
        fee: $300
      - range: "$1,000,000+"
        fee: $500
    fee_basis: offering_amount
    filing_method: EFD
    annual_renewal: false
    notes: "Relatively streamlined requirements for covered securities"

  GA:
    name: Georgia
    regulator: Georgia Secretary of State - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to GA resident"
    fee: $250
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  HI:
    name: Hawaii
    regulator: Hawaii Department of Commerce and Consumer Affairs
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to HI resident"
    fee: $100
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  ID:
    name: Idaho
    regulator: Idaho Department of Finance
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to ID resident"
    fee: $0
    fee_basis: none
    filing_method: EFD
    annual_renewal: false
    notes: "No filing fee for covered securities (Reg D offerings)"

  IL:
    name: Illinois
    regulator: Illinois Secretary of State - Securities Department
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to IL resident"
    fee: $100
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  IN:
    name: Indiana
    regulator: Indiana Secretary of State - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to IN resident"
    fee: $250
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: "Consent to service of process required"

  IA:
    name: Iowa
    regulator: Iowa Insurance Division - Securities Bureau
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to IA resident"
    fee: $100
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  KS:
    name: Kansas
    regulator: Kansas Office of the Securities Commissioner
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to KS resident"
    fee: $100
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  KY:
    name: Kentucky
    regulator: Kentucky Department of Financial Institutions
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to KY resident"
    fee: $250
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  LA:
    name: Louisiana
    regulator: Louisiana Office of Financial Institutions
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to LA resident"
    fee: $300
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  ME:
    name: Maine
    regulator: Maine Office of Securities
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to ME resident"
    fee: $300
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: "Consent to service of process required"

  MD:
    name: Maryland
    regulator: Maryland Office of the Attorney General - Securities Division
    filing_required: true
    form: "Form D + Maryland Form D Supplement"
    deadline: "Within 15 days of first sale to MD resident"
    fee: $200
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: "Maryland requires a state supplement form in addition to federal Form D"

  MA:
    name: Massachusetts
    regulator: Massachusetts Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to MA resident"
    fee: $300
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: >
      Massachusetts is one of the most active state regulators for enforcement.
      Has historically taken aggressive positions on Reg D compliance.

  MI:
    name: Michigan
    regulator: Michigan Department of Licensing and Regulatory Affairs
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to MI resident"
    fee: $100
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  MN:
    name: Minnesota
    regulator: Minnesota Department of Commerce
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to MN resident"
    fee: $100
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  MS:
    name: Mississippi
    regulator: Mississippi Secretary of State - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to MS resident"
    fee: $300
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  MO:
    name: Missouri
    regulator: Missouri Secretary of State - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to MO resident"
    fee: $100
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  MT:
    name: Montana
    regulator: Montana State Auditor - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to MT resident"
    fee: $200
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  NE:
    name: Nebraska
    regulator: Nebraska Department of Banking and Finance
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to NE resident"
    fee: $200
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  NV:
    name: Nevada
    regulator: Nevada Secretary of State - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to NV resident"
    fee: $500
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: "Higher fee than many states"

  NH:
    name: New Hampshire
    regulator: New Hampshire Bureau of Securities Regulation
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to NH resident"
    fee: $250
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  NJ:
    name: New Jersey
    regulator: New Jersey Bureau of Securities
    filing_required: true
    form: "Form D + Form U-2 (Consent to Service of Process)"
    deadline: "Within 15 days of first sale to NJ resident"
    fee_schedule:
      - range: "$0 - $499,999"
        fee: $100
      - range: "$500,000 - $4,999,999"
        fee: $500
      - range: "$5,000,000+"
        fee: $750
    fee_basis: offering_amount
    filing_method: EFD
    annual_renewal: false
    notes: "Requires Form U-2 consent to service of process in addition to Form D"

  NM:
    name: New Mexico
    regulator: New Mexico Regulation and Licensing Department - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to NM resident"
    fee: $350
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  NY:
    name: New York
    regulator: New York Attorney General - Investor Protection Bureau
    filing_required: true
    form: "Form 99 (NY-specific) + Form D + Consent to Service of Process"
    deadline: "Within 15 days of first sale to NY resident"
    fee_schedule:
      - range: "$0 - $499,999"
        fee: $1,200
      - range: "$500,000 - $4,999,999"
        fee: $1,800
      - range: "$5,000,000 - $24,999,999"
        fee: $3,600
      - range: "$25,000,000+"
        fee: "$3,600 + additional amounts"
    fee_basis: offering_amount
    filing_method: STATE_PORTAL
    annual_renewal: true
    renewal_notes: "Annual amendment filing required for ongoing offerings"
    notes: >
      New York has its own Form 99 (Further State Notice Filing) which must be
      filed in addition to the federal Form D. NY uses its own electronic filing
      system, not the national EFD. Filing fees are among the highest in the country.
      New York takes late filings seriously and may issue cease-and-desist orders.
      Consent to service of process is required.

  NC:
    name: North Carolina
    regulator: North Carolina Secretary of State - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to NC resident"
    fee: $350
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  ND:
    name: North Dakota
    regulator: North Dakota Securities Department
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to ND resident"
    fee: $100
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  OH:
    name: Ohio
    regulator: Ohio Division of Securities
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to OH resident"
    fee: $100
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  OK:
    name: Oklahoma
    regulator: Oklahoma Department of Securities
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to OK resident"
    fee: $250
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  OR:
    name: Oregon
    regulator: Oregon Division of Financial Regulation
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to OR resident"
    fee: $250
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  PA:
    name: Pennsylvania
    regulator: Pennsylvania Department of Banking and Securities
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to PA resident"
    fee: $500
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  RI:
    name: Rhode Island
    regulator: Rhode Island Department of Business Regulation
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to RI resident"
    fee: $300
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  SC:
    name: South Carolina
    regulator: South Carolina Office of the Attorney General - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to SC resident"
    fee: $300
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  SD:
    name: South Dakota
    regulator: South Dakota Division of Insurance - Securities Regulation
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to SD resident"
    fee: $200
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  TN:
    name: Tennessee
    regulator: Tennessee Department of Commerce and Insurance - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to TN resident"
    fee: $500
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  TX:
    name: Texas
    regulator: Texas State Securities Board
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to TX resident"
    fee_schedule:
      - range: "$0 - $499,999"
        fee: "$100 + 0.1% of offering (min $100, max $500)"
      - range: "$500,000+"
        fee: $500
    fee_basis: offering_amount
    filing_method: EFD
    annual_renewal: false
    notes: "Fee is 1/10 of 1% of the aggregate offering price, minimum $100, maximum $500"

  UT:
    name: Utah
    regulator: Utah Division of Securities
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to UT resident"
    fee: $100
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  VT:
    name: Vermont
    regulator: Vermont Department of Financial Regulation
    filing_required: true
    form: "Form D + Consent to Service of Process"
    deadline: "Within 15 days of first sale to VT resident"
    fee: $600
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: "Higher fee. Consent to service of process required."

  VA:
    name: Virginia
    regulator: Virginia State Corporation Commission - Division of Securities
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to VA resident"
    fee: $250
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  WA:
    name: Washington
    regulator: Washington Department of Financial Institutions - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to WA resident"
    fee: $300
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  WV:
    name: West Virginia
    regulator: West Virginia Auditor's Office - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to WV resident"
    fee: $300
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  WI:
    name: Wisconsin
    regulator: Wisconsin Department of Financial Institutions
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to WI resident"
    fee: $200
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

  WY:
    name: Wyoming
    regulator: Wyoming Secretary of State - Securities Division
    filing_required: true
    form: Form D
    deadline: "Within 15 days of first sale to WY resident"
    fee: $200
    fee_basis: flat
    filing_method: EFD
    annual_renewal: false
    notes: ""

# ============================================================
# SUMMARY STATISTICS
# ============================================================

summary:
  total_jurisdictions: 51
  filing_required_count: 51
  filing_not_required_count: 0
  fee_range: "$0 (Idaho) to $3,600+ (New York)"
  most_common_deadline: "Within 15 days of first sale to state resident"
  most_common_filing_method: EFD
  states_requiring_consent_to_service: ["AL", "CT", "IN", "ME", "NJ", "NY", "VT"]
  states_with_supplemental_forms: ["CA", "CT", "MD", "NJ", "NY", "VT"]
  states_with_annual_renewal: ["NY"]
  states_with_sliding_scale_fees: ["CA", "FL", "NJ", "NY", "TX"]
  zero_fee_states: ["ID"]
  high_fee_states: ["NY", "CA", "AK", "NV", "PA", "TN", "VT"]

# ============================================================
# HIGH-VOLUME CRE SYNDICATION STATES
# Quick reference for states with the most CRE syndication investors
# ============================================================

high_volume_states:
  tier_1_most_investors:
    - state: NY
      typical_fee: "$1,200 - $3,600+"
      complexity: HIGH
      notes: "Own form (Form 99), own portal, high fees, annual renewal, active enforcement"
    - state: CA
      typical_fee: "$300 - $2,500+"
      complexity: MODERATE
      notes: "Sliding scale fee, supplement form, active regulator"
    - state: TX
      typical_fee: "$100 - $500"
      complexity: LOW
      notes: "Straightforward, capped fee, EFD filing"
    - state: FL
      typical_fee: "$100 - $500"
      complexity: LOW
      notes: "Simplified requirements for covered securities"

  tier_2_common:
    - state: NJ
      typical_fee: "$100 - $750"
      complexity: MODERATE
      notes: "Requires Form U-2, sliding scale"
    - state: IL
      typical_fee: "$100"
      complexity: LOW
      notes: "Flat fee, simple filing"
    - state: CT
      typical_fee: "$150"
      complexity: LOW
      notes: "Requires Form U-2"
    - state: PA
      typical_fee: "$500"
      complexity: LOW
      notes: "Higher flat fee but simple process"
    - state: VA
      typical_fee: "$250"
      complexity: LOW
      notes: "Straightforward"
    - state: MA
      typical_fee: "$300"
      complexity: MODERATE
      notes: "Active enforcement state"
    - state: GA
      typical_fee: "$250"
      complexity: LOW
      notes: ""
    - state: NC
      typical_fee: "$350"
      complexity: LOW
      notes: ""

# ============================================================
# FILING COST ESTIMATOR
# For a typical CRE syndication with investors in 8-12 states
# ============================================================

cost_estimates:
  scenario_small:
    description: "50 investors across 5 states (NY, NJ, CT, FL, TX)"
    offering_amount: "$2,000,000"
    estimated_filing_fees: "$2,350 - $3,050"
    breakdown:
      NY: "$1,200 (Form 99)"
      NJ: "$500"
      CT: "$150"
      FL: "$300"
      TX: "$200"

  scenario_medium:
    description: "100 investors across 10 states (NY, NJ, CT, CA, FL, TX, PA, MA, VA, IL)"
    offering_amount: "$5,000,000"
    estimated_filing_fees: "$5,100 - $7,700"
    breakdown:
      NY: "$3,600"
      CA: "$1,200"
      NJ: "$500"
      PA: "$500"
      TX: "$500"
      FL: "$500"
      MA: "$300"
      NC: "$350"
      VA: "$250"
      CT: "$150"
      IL: "$100"

  scenario_large:
    description: "200 investors across 20 states"
    offering_amount: "$10,000,000"
    estimated_filing_fees: "$8,000 - $12,000"
    notes: "Fees scale primarily with NY and CA; other states are generally $100-$500 each"