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2015 SESSION

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HB 1384 Securities Act; exemption for crowdfunding.

Introduced by: Christopher T. Head | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

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.


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