b'(i.e.,therighttoservetheout-of-stateissuerwithalawsuit)incasea securities violation is found to have occurred. If the Blue Sky notice isnt filed within the specified time (usually 15 days from the first sale in that state), the state may disallow the federal exemption, and the issuer may be found to have engaged in the unlicensed sale of securities as well as selling unregistered securities within the state. Thatcouldleavetheissueropentoprosecutionbythestatesattorney general or in its state courts for violating its state laws.BlueSkynoticefilingfeestypicallyrangefrom$0to$600each. However, only one notice must be filed in a state regardless of the number of investors from that state. Beware New York, however, as its Blue Sky filing fees are $1,200, and other northeast states have more expensive fees, depending on the amount of the offering. Other Federally Exempt Offerings Offerings qualifying for an exemption under Rule 147, or Regulation D, Rules 504 or 505 may require much more extensive filings with the states, rangingfromapre-reviewprocesstosendingacopyoftheoffering documents and/or filing additional state forms.Consequences for Failure to Timely File Most states wont allow late filings of securities notices. If an issuer fails to file the state notice within the required time frame, there may not be an opportunity to fix it later. In that case, the issuer is operating on a wing andprayerfortheentiredurationoftheinvestment.Ifsomethinggoes 86'