Illinois House Bill 3091 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on February 24 2015 - 25% progression, died in chamber
Action: 2015-03-12 - Tabled
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Securities Law of 1953. Creates an exemption from certain filing and registration requirements under the Act for intrastate securities offerings that meet certain conditions, including that (1) the offering meets all of the requirements of the federal exemption for intrastate offerings provided under the Securities Exchange Act of 1933; (2) the aggregate purchase price of all securities sold by an issuer within any 12-month period does not exceed certain monetary limitations; and (3) the aggregate amount sold to any purchaser in an offering of securities made within any consecutive 12-month period does not exceed certain monetary limitations. Provides that an issuer may make an offering or sale of securities through the use of one or more qualified Internet portals, subject to certain requirements, including that (i) the Internet portal shall at all times be owned by a corporation or other legal entity which is either organized under the laws of, or is otherwise qualified to do business in, this State; (ii) the Internet portal shall establish and maintain commercially reasonable measures to limit access to any information concerning an offering or sale of the subject securities to residents of this State; and (iii) the Internet portal shall establish and maintain a secure method of communication through the Internet portal itself that will permit potential investors to communicate with one another and with representatives of the issuer about the offering. Requires the Secretary of State to collect a $100 fee for securities offered or sold under the exemption created under this amendatory Act; and a $300 fee for the registration and renewal of a qualified Internet portal.

INTRASTATE OFFERINGS EXEMPTION

Rep. Tom Demmer [R]

Rep. David McSweeney [R]

Date	Chamber	Action
2015-03-12	House	Tabled
2015-03-12	House	Motion Prevailed
2015-03-11	House	Motion Filed - Table Bill/Resolution Pursuant to Rule 60(b), Rep. Tom Demmer
2015-03-10	House	Assigned to Judiciary - Civil Committee
2015-02-26	House	Added Chief Co-Sponsor Rep. David McSweeney
2015-02-25	House	Referred to Rules Committee
2015-02-25	House	First Reading
2015-02-24	House	Filed with the Clerk by Rep. Tom Demmer

Chapter	Article	Section	Citation Type	Statute Text
815	5	11a	Amended Code	Citation Text
815	5	18.1	Amended Code	Citation Text
815	5	2.34	New Code	See Bill Text
815	5	2.35	New Code	See Bill Text
815	5	2.36	New Code	See Bill Text
815	5	2.37	New Code	See Bill Text
815	5	4	Amended Code	Citation Text
815	5	8d	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3091&GAID=13&DocTypeID=HB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/HB/09900HB3091.htm