Securities Act; crowdfunding exemption. (SB763)

Introduced By

Sen. John Edwards (D-Roanoke) with support from co-patron Sen. Frank Wagner (R-Virginia Beach)

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 any security issued by a Virginia entity if (i) the offering is conducted in accordance with the federal exemption for intrastate offerings in 3(a)(11) of the Securities Act of 1933 and Securities Exchange Commission Rule 147; (ii) the offer and sale are made only to Virginia residents; (iii) the aggregate price of the securities offered under the exemption does not exceed $2 million or such other amount as the State Corporation Commission (SCC) establishes by rule or order; (iv) the maximum amount that may be invested by a purchaser who is not an accredited investor is $10,000 or such other amount as the SCC establishes by rule or order; (v) compensation is not paid to employees, agents, or other persons for the solicitation or based on the sale of such securities, who are not registered as a broker-dealer or agent except as permitted by the SCC; (vi) neither the issuer nor any related person is subject to disqualification; and (vii) the security is sold in an offering conducted in compliance with conditions established by rule or order of the SCC. The SCC may assess a filing fee not to exceed $500. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
12/23/2014Prefiled and ordered printed; offered 01/14/15 15101158D
12/23/2014Referred to Committee on Commerce and Labor
01/12/2015Impact statement from SCC (SB763)
01/26/2015Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
01/26/2015Committee substitute printed 15104165D-S1
01/27/2015Incorporates SB1207
01/28/2015Constitutional reading dispensed (38-Y 0-N) (see vote tally)
01/29/2015Read second time
01/29/2015Reading of substitute waived
01/29/2015Committee substitute agreed to 15104165D-S1
01/29/2015Engrossed by Senate - committee substitute SB763S1
01/30/2015Read third time and passed Senate (38-Y 0-N) (see vote tally)
02/06/2015Placed on Calendar
02/06/2015Read first time
02/06/2015Referred to Committee on Commerce and Labor
02/10/2015Reported from Commerce and Labor with amendments (22-Y 0-N) (see vote tally)
02/11/2015Read second time
02/12/2015Read third time
02/12/2015Committee amendments agreed to
02/12/2015Engrossed by House as amended
02/12/2015Passed House with amendments BLOCK VOTE (99-Y 0-N)
02/12/2015VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/16/2015Passed by temporarily
02/16/2015House amendments agreed to by Senate (37-Y 0-N) (see vote tally)
02/18/2015Enrolled
02/18/2015Bill text as passed Senate and House (SB763ER)
02/18/2015Impact statement from SCC (SB763S1)
02/18/2015Impact statement from SCC (SB763ER)
02/18/2015Signed by Speaker
02/20/2015Signed by President
02/23/2015G Governor's Action Deadline Midnight, Monday, March 30, 2015
02/23/2015Enrolled Bill Communicated to Governor on 2/23/15
02/23/2015G Governor's Action Deadline Midnight, Sunday, March 29, 2015
03/19/2015G Approved by Governor-Chapter 354 (effective 7/1/15)
03/19/2015G Acts of Assembly Chapter text (CHAP0354)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 40 seconds.