VA SB542 | 2020 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on March 11 2020 - 100% progression
Action: 2020-03-11 - Governor: Approved by Governor-Chapter 279 (effective 7/1/20)
Text: Latest bill text (Enrolled) [HTML]

Summary

Securities Act; crowdfunding exemption. Repeals the sunset provision on the existing measure that authorizes the State Corporation Commission to adopt an exemption for limited offerings of securities by small and startup companies, known as equity crowdfunding, from the registration provisions of the Securities Act. These crowdfunding provisions, which were enacted in 2015, are currently scheduled to expire on July 1, 2020. The measure also broadens the existing exemption to apply to offerings conducted in accordance with Rule 147A adopted by the U.S. Securities and Exchange Commission (SEC). Because Rule 147A does not require the issuer of the securities to be incorporated or organized in the same state where the offering occurs, the measure creates a carve-out for offerings under Rule 147A from the existing requirement that the issuer be formed, organized, or existing under the laws of the Commonwealth.

Tracking Information

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Title

Securities Act; equity crowdfunding exemption.

Sponsors


Roll Calls

2020-02-21 - House - House: VOTE: Block Vote Passage (98-Y 0-N) (Y: 97 N: 0 NV: 2 Abs: 0) [PASS]
2020-02-18 - House - House: Reported from Labor and Commerce (21-Y 0-N) (Y: 21 N: 0 NV: 1 Abs: 0) [PASS]
2020-02-11 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-11 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-11 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-10 - Senate - Senate: Reported from Commerce and Labor with substitute (15-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2020-03-11 Governor: Approved by Governor-Chapter 279 (effective 7/1/20)
2020-03-04 Governor: Governor's Action Deadline 11:59 p.m., March 11, 2020
2020-03-04SenateEnrolled Bill Communicated to Governor on March 4, 2020
2020-02-27HouseSigned by Speaker
2020-02-27SenateSigned by President
2020-02-26SenateBill text as passed Senate and House (SB542ER)
2020-02-26SenateEnrolled
2020-02-21HouseVOTE: Block Vote Passage (98-Y 0-N)
2020-02-21HousePassed House BLOCK VOTE (98-Y 0-N)
2020-02-21HouseRead third time
2020-02-20HouseRead second time
2020-02-18HouseReported from Labor and Commerce (21-Y 0-N)
2020-02-14HouseReferred to Committee on Labor and Commerce
2020-02-14HouseRead first time
2020-02-14HousePlaced on Calendar
2020-02-11SenatePassed Senate (40-Y 0-N)
2020-02-11SenateConstitutional reading dispensed (40-Y 0-N)
2020-02-11SenateEngrossed by Senate - committee substitute SB542S1
2020-02-11SenateCommittee substitute agreed to 20106798D-S1
2020-02-11SenateReading of substitute waived
2020-02-11SenateRead second time
2020-02-11SenateConstitutional reading dispensed (40-Y 0-N)
2020-02-10SenateCommittee substitute printed 20106798D-S1
2020-02-10SenateReported from Commerce and Labor with substitute (15-Y 0-N)
2020-01-07SenateReferred to Committee on Commerce and Labor
2020-01-07SenatePrefiled and ordered printed; offered 01/08/20 20102490D

Same As/Similar To

HB1339 (Same As) 2020-03-12 - Governor: Approved by Governor-Chapter 331 (effective 7/1/20)

Code Citations

ChapterArticleSectionCitation TypeStatute Text
131514(n/a)See Bill Text

Virginia State Sources


Bill Comments

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