Securities Act; equity crowdfunding exemption. (HB1339)

Introduced By

Del. Terry Kilgore (R-Gate City)

Progress

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

Description

Securities Act; crowdfunding exemption. Repeals the sunset provision on the existing measure that authorizes the State Corporation Commission to adopt an exemption for limited offerings of securities by small and startup companies, known as equity crowdfunding, from the registration provisions of the Securities Act. These crowdfunding provisions, which were enacted in 2015, are currently scheduled to expire on July 1, 2020. The measure also broadens the existing exemption to apply to offerings conducted in accordance with Rule 147A adopted by which the U.S. Securities Exchange Commission (SEC). Because Rule 147A does not require the issuer of the securities to be incorporated or organized in the same state where the offering occurs, the bill creates a carve-out for offerings under Rule 147A from the existing requirement that the issuer be formed, organized, or existing under the laws of the Commonwealth. Read the Bill »

Status

02/20/2020: Passed the Senate

History

DateAction
01/08/2020Committee
01/08/2020Prefiled and ordered printed; offered 01/08/20 20100232D
01/08/2020Referred to Committee on Labor and Commerce
01/13/2020Impact statement from SCC (HB1339)
01/23/2020House committee, floor amendments and substitutes offered
01/23/2020Reported from Labor and Commerce with substitute (16-Y 0-N) (see vote tally)
01/23/2020Committee substitute printed 20105903D-H1
01/27/2020Read first time
01/28/2020Read second time
01/28/2020Committee substitute agreed to 20105903D-H1
01/28/2020Engrossed by House - committee substitute HB1339H1
01/29/2020Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/29/2020VOTE: (98-Y 0-N) (see vote tally)
01/30/2020Constitutional reading dispensed
01/30/2020Referred to Committee on Commerce and Labor
02/17/2020Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
02/17/2020Committee substitute printed 20108459D-S1
02/19/2020Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/20/2020Read third time
02/20/2020Impact statement from SCC (HB1339S1)
02/20/2020Reading of substitute waived
02/20/2020Committee substitute agreed to 20108459D-S1
02/20/2020Engrossed by Senate - committee substitute HB1339S1
02/20/2020Passed Senate with substitute (40-Y 0-N) (see vote tally)
02/24/2020Placed on Calendar
02/24/2020Senate substitute agreed to by House 20108459D-S1 (97-Y 0-N)
02/24/2020VOTE: Adoption (97-Y 0-N) (see vote tally)

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