Securities Act; registration exemptions. (HB1227)

Introduced By

Del. Glenn Davis (R-Virginia Beach) with support from co-patron Del. Mark Keam (D-Vienna)

Progress

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

Description

Securities Act; registration exemptions. Establishes an exemption for any offer or sale of a security that is conducted in accordance with Tier 2 of federal Regulation A promulgated under 3(b)(2) of the Securities Act of 1933. The measure requires the State Corporation Commission (SCC) to prescribe any filings with it of notices, renewals, and other materials. The measure authorizes the SCC to assess a filing fee. The Commission is further required to provide information on its website regarding the differences between this exemption and the crowdfunding exemption enacted in 2015. Amends § 13.1-514, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/19/2016Committee
01/19/2016Presented and ordered printed 16103815D
01/19/2016Impact statement from SCC (HB1227)
01/19/2016Referred to Committee on Commerce and Labor
02/11/2016Reported from Commerce and Labor with amendment (22-Y 0-N) (see vote tally)
02/13/2016Read first time
02/15/2016Read second time
02/15/2016Committee amendment agreed to
02/15/2016Engrossed by House as amended HB1227E
02/15/2016Printed as engrossed 16103815D-E
02/16/2016Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/16/2016VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/17/2016Constitutional reading dispensed
02/17/2016Referred to Committee on Commerce and Labor
02/22/2016Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/24/2016Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/24/2016Impact statement from SCC (HB1227E)
02/25/2016Read third time
02/25/2016Passed Senate (40-Y 0-N) (see vote tally)
02/29/2016Enrolled
02/29/2016Bill text as passed House and Senate (HB1227ER)
02/29/2016Signed by Speaker
03/01/2016Impact statement from SCC (HB1227ER)
03/03/2016Signed by President
03/04/2016Enrolled Bill communicated to Governor on 3/4/16
03/04/2016G Governor's Action Deadline Midnight, March 11, 2016
03/07/2016G Approved by Governor-Chapter 260 (effective 7/1/16)
03/07/2016G Acts of Assembly Chapter text (CHAP0260)

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 35 seconds.

Transcript

This is a transcript of the video clips in which this bill is discussed.

SEK TIZ ACT. AND MR. SPEAKER, I MOVE AMENDMENT. THOSE IN FAVOR SAY AYE. HOUSE BILL 1227 ADDRESSES CROWD FUNDING THAT JUST PASSED REFERRED TO AS REGULATION A. THERE IS A SECOND TIER THERE. THIS DISCUSSES HOW COMPANIES WILL PUT PROTECTIONS IN PLACE