VA HB1360 | 2015 | Regular Session
Status
Completed Legislative Action
Spectrum: Moderate Partisan Bill (Republican 7-2)
Status: Passed on March 23 2015 - 100% progression
Action: 2015-03-23 - Governor: Acts of Assembly Chapter text (CHAP0400)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Moderate Partisan Bill (Republican 7-2)
Status: Passed on March 23 2015 - 100% progression
Action: 2015-03-23 - Governor: Acts of Assembly Chapter text (CHAP0400)
Text: Latest bill text (Chaptered) [HTML]
Summary
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.
Title
Securities Act; crowdfunding exemption.
Sponsors
Sen. Jennifer McClellan [D] | Del. Scott Garrett [R] | Del. Mark Keam [D] | Del. Ron Villanueva [R] |
Sen. Chris Head [R] | Del. David Ramadan [R] | Del. Joseph Yost [R] | Del. Scott Taylor [R] |
Del. Glenn Davis [R] |
Roll Calls
2015-02-24 - House - House: VOTE: ADOPTION (99-Y 0-N) (Y: 101 N: 0 NV: 1 Abs: 0) [PASS]
2015-02-19 - Senate - Senate: Passed Senate with amendments (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2015-02-18 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2015-02-16 - Senate - Senate: Reported from Commerce and Labor with amendments (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2015-02-02 - House - House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (Y: 101 N: 0 NV: 1 Abs: 0) [PASS]
2015-01-27 - House - House: Reported from Commerce and Labor with substitute (22-Y 0-N) (Y: 23 N: 0 NV: 0 Abs: 0) [PASS]
2015-01-22 - House - House: Subcommittee recommends reporting with amendment(s) (10-Y 0-N) (Y: 10 N: 0 NV: 1 Abs: 0) [PASS]
2015-02-19 - Senate - Senate: Passed Senate with amendments (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2015-02-18 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2015-02-16 - Senate - Senate: Reported from Commerce and Labor with amendments (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2015-02-02 - House - House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (Y: 101 N: 0 NV: 1 Abs: 0) [PASS]
2015-01-27 - House - House: Reported from Commerce and Labor with substitute (22-Y 0-N) (Y: 23 N: 0 NV: 0 Abs: 0) [PASS]
2015-01-22 - House - House: Subcommittee recommends reporting with amendment(s) (10-Y 0-N) (Y: 10 N: 0 NV: 1 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2015-03-23 | Governor: Acts of Assembly Chapter text (CHAP0400) | |
2015-03-23 | Governor: Approved by Governor-Chapter 400 (effective 7/1/15) | |
2015-03-10 | Governor: Governor's Action Deadline Midnight, Sunday, March 29, 2015 | |
2015-03-10 | House | Enrolled Bill communicated to Governor on 3/10/15 |
2015-03-07 | Senate | Signed by President |
2015-03-06 | House | Signed by Speaker |
2015-03-06 | House | Bill text as passed House and Senate (HB1360ER) |
2015-03-06 | House | Enrolled |
2015-02-24 | House | VOTE: ADOPTION (99-Y 0-N) |
2015-02-24 | House | Senate amendments agreed to by House (99-Y 0-N) |
2015-02-23 | House | Passed by for the day |
2015-02-20 | House | Placed on Calendar |
2015-02-19 | Senate | Passed Senate with amendments (38-Y 0-N) |
2015-02-19 | Senate | Engrossed by Senate as amended |
2015-02-19 | Senate | Committee amendments agreed to |
2015-02-19 | Senate | Reading of amendments waived |
2015-02-19 | Senate | Read third time |
2015-02-18 | Senate | Constitutional reading dispensed (38-Y 0-N) |
2015-02-16 | Senate | Reported from Commerce and Labor with amendments (15-Y 0-N) |
2015-02-03 | Senate | Referred to Committee on Commerce and Labor |
2015-02-03 | Senate | Constitutional reading dispensed |
2015-02-02 | House | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) |
2015-02-02 | House | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
2015-01-30 | House | Engrossed by House - committee substitute HB1360H1 |
2015-01-30 | House | Committee substitute agreed to 15104116D-H1 |
2015-01-30 | House | Read second time |
2015-01-29 | House | Read first time |
2015-01-27 | House | Committee substitute printed 15104116D-H1 |
2015-01-27 | House | Reported from Commerce and Labor with substitute (22-Y 0-N) |
2015-01-22 | House | Subcommittee recommends reporting with amendment(s) (10-Y 0-N) |
2015-01-20 | House | Assigned C & L sub: Subcommittee #2 |
2014-12-03 | House | Referred to Committee on Commerce and Labor |
2014-12-03 | House | Prefiled and ordered printed; offered 01/14/15 15100473D |
Same As/Similar To
SB763 (Same As) 2015-03-19 - Governor: Acts of Assembly Chapter text (CHAP0354)