Virginia House Bill 1360 (Prior Session Legislation)

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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]

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.

Securities Act; crowdfunding exemption.

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]

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]

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

SB763 (Same As) 2015-03-19 - Governor: Acts of Assembly Chapter text (CHAP0354)

Chapter	Article	Section	Citation Type	Statute Text
13	1	514.1:1	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?151+sum+HB1360
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+HB1360+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+HB1360H1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+HB1360ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+CHAP0400+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?151+vot+H1402V0001+HB1360
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?151+vot+H14V0049+HB1360
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?151+vot+HV1752+HB1360
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?151+vot+S02V0065+HB1360
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?151+vot+SV0559HB1360+HB1360
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?151+vot+SV0615HB1360+HB1360
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?151+vot+HV2701+HB1360