IL HB3429 | 2015-2016 | 99th General Assembly

Status

Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 46-27)
Status: Passed on July 29 2015 - 100% progression
Action: 2015-07-29 - Public Act . . . . . . . . . 99-0182
Text: Latest bill text (Chaptered) [HTML]

Summary

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 Act of 1933; (2) the aggregate purchase price of all securities sold by an issuer within any 12-month period does not exceed: (i) $3,000,000; or (ii) $5,000,000 if the issuer has undergone and made available certain financial statements to specified persons; 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. Defines terms.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

INTRASTATE OFFERINGS EXEMPTION

Sponsors

Rep. Carol Sente [D]Rep. Tom Demmer [R]Sen. Elgie Sims [D]Rep. Anna Moeller [D]
Sen. Brian Stewart [R]Rep. David McSweeney [R]Rep. Ed Sullivan [R]Rep. Ronald Sandack [R]
Rep. Dwight Kay [R]Rep. Keith Wheeler [R]Rep. Andre Thapedi [D]Rep. Katherine Cloonen [D]
Rep. Michael Zalewski [D]Rep. Jaime Andrade [D]Rep. Marcus Evans [D]Sen. Laura Fine [D]
Rep. Linda LaVia [D]Rep. Jerry Costello [D]Rep. Patrick Verschoore [D]Rep. Brandon Phelps [D]
Rep. Emanuel Welch [D]Rep. LaShawn Ford [D]Rep. Jay Hoffman [D]Rep. Patricia Bellock [R]
Rep. Reginald Phillips [R]Rep. John D'Amico [D]Rep. Joe Sosnowski [R]Sen. Robert Martwick [D]
Rep. Ann Williams [D]Rep. Jack Franks [D]Rep. Steven Andersson [R]Rep. Grant Wehrli [R]
Rep. Michael McAuliffe [R]Rep. Thomas Morrison [R]Rep. Pamela Reaves-Harris [D]Rep. Anthony DeLuca [D]
Rep. Sam Yingling [D]Rep. Camille Lilly [D]Rep. Mike Smiddy [D]Rep. Robyn Gabel [D]
Rep. Deborah Conroy [D]Rep. Stephanie Kifowit [D]Rep. Michelle Mussman [D]Rep. Peter Breen [R]
Rep. Martin Moylan [D]Rep. Christian Mitchell [D]Rep. David Harris [R]Sen. Sara Feigenholtz [D]
Sen. Thomas Cullerton [D]Sen. Michael Connelly [R]Sen. Martin Sandoval [D]Sen. Jennifer Bertino-Tarrant [D]
Sen. Melinda Bush [D]Sen. Chris Nybo [R]Sen. William Cunningham [D]Sen. Pat McGuire [D]
Sen. Dave Syverson [R]Sen. John Mulroe [D]Sen. Heather Steans [D]Sen. Jacqueline Collins [D]
Sen. Napoleon Harris [D]Sen. Matt Murphy [R]Sen. William Delgado [D]Sen. David Koehler [D]
Sen. Kyle McCarter [R]Sen. Michael Noland [D]Sen. Jason Barickman [R]Sen. Chapin Rose [R]
Sen. Neil Anderson [R]Sen. Tim Bivins [R]Sen. Pamela Althoff [R]Sen. Julie Morrison [D]
Sen. Dan Duffy [R]

Roll Calls

2015-05-20 - Senate - Third Reading in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]
2015-04-17 - House - Third Reading in House (Y: 105 N: 0 NV: 0 Abs: 1) [PASS]

History

DateChamberAction
2015-07-29HousePublic Act . . . . . . . . . 99-0182
2015-07-29HouseEffective Date January 1, 2016
2015-07-29HouseGovernor Approved
2015-06-18HouseSent to the Governor
2015-05-20HousePassed Both Houses
2015-05-20SenateThird Reading - Passed; 058-000-000
2015-05-20SenateAdded as Alternate Co-Sponsor Sen. Dan Duffy
2015-05-20SenateAdded as Alternate Co-Sponsor Sen. Julie A. Morrison
2015-05-20SenateAdded as Alternate Co-Sponsor Sen. Pamela J. Althoff
2015-05-20SenateAdded as Alternate Co-Sponsor Sen. Tim Bivins
2015-05-20SenateAdded as Alternate Co-Sponsor Sen. Neil Anderson
2015-05-20SenateAdded as Alternate Co-Sponsor Sen. Chapin Rose
2015-05-19SenateAdded as Alternate Co-Sponsor Sen. Jason A. Barickman
2015-05-19SenateAdded as Alternate Co-Sponsor Sen. Michael Noland
2015-05-18SenatePlaced on Calendar Order of 3rd Reading May 19, 2015
2015-05-18SenateSecond Reading
2015-05-18SenateAdded as Alternate Co-Sponsor Sen. Kyle McCarter
2015-05-13SenatePlaced on Calendar Order of 2nd Reading May 14, 2015
2015-05-13SenateDo Pass Financial Institutions; 009-000-000
2015-05-13SenateAdded as Alternate Co-Sponsor Sen. David Koehler
2015-05-12SenateAdded as Alternate Co-Sponsor Sen. William Delgado
2015-05-07SenateAdded as Alternate Co-Sponsor Sen. Matt Murphy
2015-05-06SenateAdded as Alternate Co-Sponsor Sen. Napoleon Harris, III
2015-05-05SenateAdded as Alternate Co-Sponsor Sen. Jacqueline Y. Collins
2015-05-04SenateAdded as Alternate Co-Sponsor Sen. Heather A. Steans
2015-05-04SenateAdded as Alternate Co-Sponsor Sen. John G. Mulroe
2015-05-04SenateAdded as Alternate Co-Sponsor Sen. Dave Syverson
2015-05-01SenateAdded as Alternate Co-Sponsor Sen. Pat McGuire
2015-04-30SenateAdded as Alternate Co-Sponsor Sen. Bill Cunningham
2015-04-30SenateAdded as Alternate Co-Sponsor Sen. Chris Nybo
2015-04-30SenateAdded as Alternate Chief Co-Sponsor Sen. Melinda Bush
2015-04-30SenateAdded as Alternate Chief Co-Sponsor Sen. Jennifer Bertino-Tarrant
2015-04-29SenateAssigned to Financial Institutions
2015-04-29SenateAdded as Alternate Chief Co-Sponsor Sen. Martin A. Sandoval
2015-04-21SenateReferred to Assignments
2015-04-21SenateFirst Reading
2015-04-21SenateAdded as Alternate Chief Co-Sponsor Sen. Michael Connelly
2015-04-21SenateChief Senate Sponsor Sen. Thomas Cullerton
2015-04-21SenatePlaced on Calendar Order of First Reading
2015-04-21SenateArrive in Senate
2015-04-17HouseAdded Co-Sponsor Rep. Sara Feigenholtz
2015-04-17HouseAdded Co-Sponsor Rep. David Harris
2015-04-17HouseThird Reading - Short Debate - Passed 105-000-000
2015-04-16HousePlaced on Calendar Order of 3rd Reading - Short Debate
2015-04-16HouseHouse Floor Amendment No. 3 Adopted
2015-04-16HouseHouse Floor Amendment No. 2 Adopted
2015-04-15HouseHouse Floor Amendment No. 3 Recommends Be Adopted Judiciary - Civil Committee; 011-000-000
2015-04-13HouseHouse Floor Amendment No. 3 Rules Refers to Judiciary - Civil Committee
2015-03-26HouseHouse Floor Amendment No. 3 Referred to Rules Committee
2015-03-26HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Carol Sente
2015-03-26HouseHeld on Calendar Order of Second Reading - Short Debate
2015-03-26HouseSecond Reading - Short Debate
2015-03-25HouseAdded Co-Sponsor Rep. Christian L. Mitchell
2015-03-19HouseAdded Co-Sponsor Rep. Martin J. Moylan
2015-03-19HouseAdded Co-Sponsor Rep. Peter Breen
2015-03-19HouseAdded Co-Sponsor Rep. Michelle Mussman
2015-03-19HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
2015-03-19HouseAdded Co-Sponsor Rep. Deb Conroy
2015-03-19HouseAdded Co-Sponsor Rep. Robyn Gabel
2015-03-19HouseAdded Co-Sponsor Rep. Mike Smiddy
2015-03-19HouseAdded Co-Sponsor Rep. Camille Y. Lilly
2015-03-19HouseAdded Co-Sponsor Rep. Sam Yingling
2015-03-19HouseAdded Co-Sponsor Rep. Anthony DeLuca
2015-03-19HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 003-000-000
2015-03-18HouseAdded Co-Sponsor Rep. Pamela Reaves-Harris
2015-03-18HouseAdded Co-Sponsor Rep. Thomas Morrison
2015-03-18HouseAdded Co-Sponsor Rep. Michael P. McAuliffe
2015-03-18HouseAdded Co-Sponsor Rep. Grant Wehrli
2015-03-18HouseAdded Co-Sponsor Rep. Steven A. Andersson
2015-03-18HouseHouse Floor Amendment No. 2 Referred to Rules Committee
2015-03-18HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Carol Sente
2015-03-18HousePlaced on Calendar 2nd Reading - Short Debate
2015-03-18HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
2015-03-18HouseDo Pass / Short Debate Judiciary - Civil Committee; 010-000-000
2015-03-18HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee
2015-03-17HouseAdded Co-Sponsor Rep. Jack D. Franks
2015-03-17HouseAdded Co-Sponsor Rep. Ann M. Williams
2015-03-17HouseHouse Committee Amendment No. 1 Referred to Rules Committee
2015-03-17HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Carol Sente
2015-03-11HouseAdded Co-Sponsor Rep. Robert Martwick
2015-03-11HouseAdded Co-Sponsor Rep. Joe Sosnowski
2015-03-11HouseAdded Co-Sponsor Rep. John C. D'Amico
2015-03-11HouseAdded Co-Sponsor Rep. Reginald Phillips
2015-03-11HouseAdded Co-Sponsor Rep. Patricia R. Bellock
2015-03-11HouseAdded Co-Sponsor Rep. Jay Hoffman
2015-03-11HouseAdded Co-Sponsor Rep. La Shawn K. Ford
2015-03-11HouseAdded Co-Sponsor Rep. Emanuel Chris Welch
2015-03-11HouseAdded Co-Sponsor Rep. Brandon W. Phelps
2015-03-11HouseAdded Co-Sponsor Rep. Patrick J. Verschoore
2015-03-11HouseAdded Co-Sponsor Rep. Jerry Costello, II
2015-03-10HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
2015-03-10HouseAdded Co-Sponsor Rep. Laura Fine
2015-03-10HouseAdded Co-Sponsor Rep. Marcus C. Evans, Jr.
2015-03-10HouseAdded Co-Sponsor Rep. Jaime M. Andrade, Jr.
2015-03-10HouseAdded Co-Sponsor Rep. Michael J. Zalewski
2015-03-10HouseAdded Co-Sponsor Rep. Katherine Cloonen
2015-03-10HouseAdded Co-Sponsor Rep. André Thapedi
2015-03-10HouseAdded Co-Sponsor Rep. Keith R. Wheeler
2015-03-10HouseAdded Co-Sponsor Rep. Dwight Kay
2015-03-10HouseAdded Co-Sponsor Rep. Ron Sandack
2015-03-10HouseAdded Co-Sponsor Rep. Ed Sullivan
2015-03-10HouseAdded Co-Sponsor Rep. David McSweeney
2015-03-10HouseAdded Chief Co-Sponsor Rep. Brian W. Stewart
2015-03-10HouseAdded Chief Co-Sponsor Rep. Anna Moeller
2015-03-10HouseAssigned to Judiciary - Civil Committee
2015-03-05HouseAdded Chief Co-Sponsor Rep. Elgie R. Sims, Jr.
2015-03-05HouseAdded Chief Co-Sponsor Rep. Tom Demmer
2015-02-26HouseReferred to Rules Committee
2015-02-26HouseFirst Reading
2015-02-26HouseFiled with the Clerk by Rep. Carol Sente

Code Citations

ChapterArticleSectionCitation TypeStatute Text
815511aAmended CodeCitation Text
815518.1Amended CodeCitation Text
81552.34New CodeSee Bill Text
81552.35New CodeSee Bill Text
81552.36New CodeSee Bill Text
81554Amended CodeCitation Text
81558dNew CodeSee Bill Text

Illinois State Sources


Bill Comments

LegiScan Search

View Top 50 Searches

Select area of search.
Find an exact bill number.
Search bill text and data. [help]
Reset

LegiScan Trends

View Top 50 National

CA AB2574 Alcoholism or drug abuse recovery or treatment programs and facilities:...
NH HB1591 Relative to fines for prohibited sales of tobacco.
US HB7762 Healthy Food Access for All Americans Act
US HB7592 To direct the Librarian of Congress to promote the more cost-effective,...
CA AB2081 Substance abuse: recovery and treatment programs.
NC S445 Recording of Court-Filed Documents
US HB9068 Child Care Workforce and Facilities Act of 2024
US HB9378 To direct the Secretary of Housing and Urban Development and the Administrator...
CA AB3067 Interscholastic athletics: California Interscholastic Federation: notice...
PA SB298 In equipment standards, further providing for unlawful activities; in other...
feedback