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2015 SESSION
SB 763 Securities Act; crowdfunding exemption.
Introduced by: John S. Edwards | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
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 unless they are 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, which may include requirements that proceeds from purchasers be placed in escrow in a depository institution located in the Commonwealth. The SCC may assess a filing fee not to exceed $500. The SCC is required to report annually on the implementation of the measure. The measure will expire on July 1, 2020. This bill is identical to HB 1360.
FULL TEXT
- 12/23/14 Senate: Prefiled and ordered printed; offered 01/14/15 15101158D pdf | impact statement
- 01/26/15 Senate: Committee substitute printed 15104165D-S1 pdf | impact statement
- 02/18/15 Senate: Bill text as passed Senate and House (SB763ER) pdf | impact statement
- 03/19/15 Governor: Acts of Assembly Chapter text (CHAP0354) pdf
AMENDMENTS
HISTORY
- 12/23/14 Senate: Prefiled and ordered printed; offered 01/14/15 15101158D
- 12/23/14 Senate: Referred to Committee on Commerce and Labor
- 01/26/15 Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
- 01/26/15 Senate: Committee substitute printed 15104165D-S1
- 01/27/15 Senate: Incorporates SB1207
- 01/28/15 Senate: Constitutional reading dispensed (38-Y 0-N)
- 01/29/15 Senate: Read second time
- 01/29/15 Senate: Reading of substitute waived
- 01/29/15 Senate: Committee substitute agreed to 15104165D-S1
- 01/29/15 Senate: Engrossed by Senate - committee substitute SB763S1
- 01/30/15 Senate: Read third time and passed Senate (38-Y 0-N)
- 02/06/15 House: Placed on Calendar
- 02/06/15 House: Read first time
- 02/06/15 House: Referred to Committee on Commerce and Labor
- 02/10/15 House: Reported from Commerce and Labor with amendments (22-Y 0-N)
- 02/11/15 House: Read second time
- 02/12/15 House: Read third time
- 02/12/15 House: Committee amendments agreed to
- 02/12/15 House: Engrossed by House as amended
- 02/12/15 House: Passed House with amendments BLOCK VOTE (99-Y 0-N)
- 02/12/15 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/16/15 Senate: Passed by temporarily
- 02/16/15 Senate: House amendments agreed to by Senate (37-Y 0-N)
- 02/18/15 Senate: Enrolled
- 02/18/15 Senate: Bill text as passed Senate and House (SB763ER)
- 02/18/15 House: Signed by Speaker
- 02/20/15 Senate: Signed by President
- 02/23/15 Senate: Enrolled Bill Communicated to Governor on 2/23/15
- 02/23/15 Governor: Governor's Action Deadline Midnight, Sunday, March 29, 2015
- 03/19/15 Governor: Approved by Governor-Chapter 354 (effective 7/1/15)
- 03/19/15 Governor: Acts of Assembly Chapter text (CHAP0354)