Blue Sky laws are State laws that mandate issuers to provide notice and, in some cases, pay fees to the states in which investors reside. These laws serve as an additional regulatory framework to complement federal securities regulations. For example, when an SPV raises capital from investors in multiple states, such as California, Utah, and Massachusetts, the issuer is required to notify with filings each of these states within a specified time frame (typically 15 days after the close) and remit any applicable fees.