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]
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.
Title
INTRASTATE OFFERINGS EXEMPTION
Sponsors
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]
2015-04-17 - House - Third Reading in House (Y: 105 N: 0 NV: 0 Abs: 1) [PASS]
History
Date | Chamber | Action |
---|---|---|
2015-07-29 | House | Public Act . . . . . . . . . 99-0182 |
2015-07-29 | House | Effective Date January 1, 2016 |
2015-07-29 | House | Governor Approved |
2015-06-18 | House | Sent to the Governor |
2015-05-20 | House | Passed Both Houses |
2015-05-20 | Senate | Third Reading - Passed; 058-000-000 |
2015-05-20 | Senate | Added as Alternate Co-Sponsor Sen. Dan Duffy |
2015-05-20 | Senate | Added as Alternate Co-Sponsor Sen. Julie A. Morrison |
2015-05-20 | Senate | Added as Alternate Co-Sponsor Sen. Pamela J. Althoff |
2015-05-20 | Senate | Added as Alternate Co-Sponsor Sen. Tim Bivins |
2015-05-20 | Senate | Added as Alternate Co-Sponsor Sen. Neil Anderson |
2015-05-20 | Senate | Added as Alternate Co-Sponsor Sen. Chapin Rose |
2015-05-19 | Senate | Added as Alternate Co-Sponsor Sen. Jason A. Barickman |
2015-05-19 | Senate | Added as Alternate Co-Sponsor Sen. Michael Noland |
2015-05-18 | Senate | Placed on Calendar Order of 3rd Reading May 19, 2015 |
2015-05-18 | Senate | Second Reading |
2015-05-18 | Senate | Added as Alternate Co-Sponsor Sen. Kyle McCarter |
2015-05-13 | Senate | Placed on Calendar Order of 2nd Reading May 14, 2015 |
2015-05-13 | Senate | Do Pass Financial Institutions; 009-000-000 |
2015-05-13 | Senate | Added as Alternate Co-Sponsor Sen. David Koehler |
2015-05-12 | Senate | Added as Alternate Co-Sponsor Sen. William Delgado |
2015-05-07 | Senate | Added as Alternate Co-Sponsor Sen. Matt Murphy |
2015-05-06 | Senate | Added as Alternate Co-Sponsor Sen. Napoleon Harris, III |
2015-05-05 | Senate | Added as Alternate Co-Sponsor Sen. Jacqueline Y. Collins |
2015-05-04 | Senate | Added as Alternate Co-Sponsor Sen. Heather A. Steans |
2015-05-04 | Senate | Added as Alternate Co-Sponsor Sen. John G. Mulroe |
2015-05-04 | Senate | Added as Alternate Co-Sponsor Sen. Dave Syverson |
2015-05-01 | Senate | Added as Alternate Co-Sponsor Sen. Pat McGuire |
2015-04-30 | Senate | Added as Alternate Co-Sponsor Sen. Bill Cunningham |
2015-04-30 | Senate | Added as Alternate Co-Sponsor Sen. Chris Nybo |
2015-04-30 | Senate | Added as Alternate Chief Co-Sponsor Sen. Melinda Bush |
2015-04-30 | Senate | Added as Alternate Chief Co-Sponsor Sen. Jennifer Bertino-Tarrant |
2015-04-29 | Senate | Assigned to Financial Institutions |
2015-04-29 | Senate | Added as Alternate Chief Co-Sponsor Sen. Martin A. Sandoval |
2015-04-21 | Senate | Referred to Assignments |
2015-04-21 | Senate | First Reading |
2015-04-21 | Senate | Added as Alternate Chief Co-Sponsor Sen. Michael Connelly |
2015-04-21 | Senate | Chief Senate Sponsor Sen. Thomas Cullerton |
2015-04-21 | Senate | Placed on Calendar Order of First Reading |
2015-04-21 | Senate | Arrive in Senate |
2015-04-17 | House | Added Co-Sponsor Rep. Sara Feigenholtz |
2015-04-17 | House | Added Co-Sponsor Rep. David Harris |
2015-04-17 | House | Third Reading - Short Debate - Passed 105-000-000 |
2015-04-16 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
2015-04-16 | House | House Floor Amendment No. 3 Adopted |
2015-04-16 | House | House Floor Amendment No. 2 Adopted |
2015-04-15 | House | House Floor Amendment No. 3 Recommends Be Adopted Judiciary - Civil Committee; 011-000-000 |
2015-04-13 | House | House Floor Amendment No. 3 Rules Refers to Judiciary - Civil Committee |
2015-03-26 | House | House Floor Amendment No. 3 Referred to Rules Committee |
2015-03-26 | House | House Floor Amendment No. 3 Filed with Clerk by Rep. Carol Sente |
2015-03-26 | House | Held on Calendar Order of Second Reading - Short Debate |
2015-03-26 | House | Second Reading - Short Debate |
2015-03-25 | House | Added Co-Sponsor Rep. Christian L. Mitchell |
2015-03-19 | House | Added Co-Sponsor Rep. Martin J. Moylan |
2015-03-19 | House | Added Co-Sponsor Rep. Peter Breen |
2015-03-19 | House | Added Co-Sponsor Rep. Michelle Mussman |
2015-03-19 | House | Added Co-Sponsor Rep. Stephanie A. Kifowit |
2015-03-19 | House | Added Co-Sponsor Rep. Deb Conroy |
2015-03-19 | House | Added Co-Sponsor Rep. Robyn Gabel |
2015-03-19 | House | Added Co-Sponsor Rep. Mike Smiddy |
2015-03-19 | House | Added Co-Sponsor Rep. Camille Y. Lilly |
2015-03-19 | House | Added Co-Sponsor Rep. Sam Yingling |
2015-03-19 | House | Added Co-Sponsor Rep. Anthony DeLuca |
2015-03-19 | House | House Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 003-000-000 |
2015-03-18 | House | Added Co-Sponsor Rep. Pamela Reaves-Harris |
2015-03-18 | House | Added Co-Sponsor Rep. Thomas Morrison |
2015-03-18 | House | Added Co-Sponsor Rep. Michael P. McAuliffe |
2015-03-18 | House | Added Co-Sponsor Rep. Grant Wehrli |
2015-03-18 | House | Added Co-Sponsor Rep. Steven A. Andersson |
2015-03-18 | House | House Floor Amendment No. 2 Referred to Rules Committee |
2015-03-18 | House | House Floor Amendment No. 2 Filed with Clerk by Rep. Carol Sente |
2015-03-18 | House | Placed on Calendar 2nd Reading - Short Debate |
2015-03-18 | House | House Committee Amendment No. 1 Tabled Pursuant to Rule 40 |
2015-03-18 | House | Do Pass / Short Debate Judiciary - Civil Committee; 010-000-000 |
2015-03-18 | House | House Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee |
2015-03-17 | House | Added Co-Sponsor Rep. Jack D. Franks |
2015-03-17 | House | Added Co-Sponsor Rep. Ann M. Williams |
2015-03-17 | House | House Committee Amendment No. 1 Referred to Rules Committee |
2015-03-17 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Carol Sente |
2015-03-11 | House | Added Co-Sponsor Rep. Robert Martwick |
2015-03-11 | House | Added Co-Sponsor Rep. Joe Sosnowski |
2015-03-11 | House | Added Co-Sponsor Rep. John C. D'Amico |
2015-03-11 | House | Added Co-Sponsor Rep. Reginald Phillips |
2015-03-11 | House | Added Co-Sponsor Rep. Patricia R. Bellock |
2015-03-11 | House | Added Co-Sponsor Rep. Jay Hoffman |
2015-03-11 | House | Added Co-Sponsor Rep. La Shawn K. Ford |
2015-03-11 | House | Added Co-Sponsor Rep. Emanuel Chris Welch |
2015-03-11 | House | Added Co-Sponsor Rep. Brandon W. Phelps |
2015-03-11 | House | Added Co-Sponsor Rep. Patrick J. Verschoore |
2015-03-11 | House | Added Co-Sponsor Rep. Jerry Costello, II |
2015-03-10 | House | Added Co-Sponsor Rep. Linda Chapa LaVia |
2015-03-10 | House | Added Co-Sponsor Rep. Laura Fine |
2015-03-10 | House | Added Co-Sponsor Rep. Marcus C. Evans, Jr. |
2015-03-10 | House | Added Co-Sponsor Rep. Jaime M. Andrade, Jr. |
2015-03-10 | House | Added Co-Sponsor Rep. Michael J. Zalewski |
2015-03-10 | House | Added Co-Sponsor Rep. Katherine Cloonen |
2015-03-10 | House | Added Co-Sponsor Rep. André Thapedi |
2015-03-10 | House | Added Co-Sponsor Rep. Keith R. Wheeler |
2015-03-10 | House | Added Co-Sponsor Rep. Dwight Kay |
2015-03-10 | House | Added Co-Sponsor Rep. Ron Sandack |
2015-03-10 | House | Added Co-Sponsor Rep. Ed Sullivan |
2015-03-10 | House | Added Co-Sponsor Rep. David McSweeney |
2015-03-10 | House | Added Chief Co-Sponsor Rep. Brian W. Stewart |
2015-03-10 | House | Added Chief Co-Sponsor Rep. Anna Moeller |
2015-03-10 | House | Assigned to Judiciary - Civil Committee |
2015-03-05 | House | Added Chief Co-Sponsor Rep. Elgie R. Sims, Jr. |
2015-03-05 | House | Added Chief Co-Sponsor Rep. Tom Demmer |
2015-02-26 | House | Referred to Rules Committee |
2015-02-26 | House | First Reading |
2015-02-26 | House | Filed with the Clerk by Rep. Carol Sente |
Code Citations
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 | 4 | Amended Code | Citation Text |
815 | 5 | 8d | New Code | See Bill Text |