Securities Act; exemption for crowdfunding. (HB1384)

Introduced By

Del. Chris Head (R-Roanoke)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Securities Act; crowdfunding exemption. Creates an exemption from the securities, broker-dealer, and agent registration requirements of the Securities Act for an offer or sale of a security by an issuer, or an individual who represents an issuer in an offer or sale, for investments colloquially referred to as crowdfunding. To qualify for the exemption, the transaction is required to meet specific conditions, including the requirements of the federal exemption for intrastate offerings in 3(a)(11) of the Securities Act of 1933 and SEC Rule 147. The amount to be received for all sales of the security in reliance upon this exemption shall not exceed $2 million. The measure expires July 1, 2020. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/11/2014Committee
12/11/2014Prefiled and ordered printed; offered 01/14/15 15100942D
12/11/2014Referred to Committee on Commerce and Labor
01/12/2015Impact statement from SCC (HB1384)
01/20/2015Assigned C & L sub: Subcommittee #2
01/22/2015Subcommittee recommends laying on the table
02/10/2015Left in Commerce and Labor