What's forgot is that securities existed and traded, under state or even colonial law, long before the birth of federal regulation and the SEC during the Great Depression. Early securities were usually bonds, not stock. So federal securities regulatory power arises from statue and is strictly limited. (way too limited most of us here would say)
I know that penalties vary among the states for not paying SOS fees. Usually the penalties are minor. In some states a delinquent corp can't bring a lawsuit.
I doubt the overworked SEC sees its mission to be helping states collect what amounts to parking ticket revenue.
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