Virginia Senate Bill 542 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on March 11 2020 - 100% progression
Action: 2020-03-11 - Governor: Acts of Assembly Chapter text (CHAP0279)
Text: Latest bill text (Chaptered) [HTML]

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.

Securities Act; equity crowdfunding exemption.

Sen. John Edwards [D]

Sen. Jennifer Boysko [D]

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

Date	Chamber	Action
2020-03-11		Governor: Acts of Assembly Chapter text (CHAP0279)
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
2020-03-04	Senate	Enrolled Bill Communicated to Governor on March 4, 2020
2020-02-27	House	Signed by Speaker
2020-02-27	Senate	Signed by President
2020-02-26	Senate	Bill text as passed Senate and House (SB542ER)
2020-02-26	Senate	Enrolled
2020-02-21	House	VOTE: Block Vote Passage (98-Y 0-N)
2020-02-21	House	Passed House BLOCK VOTE (98-Y 0-N)
2020-02-21	House	Read third time
2020-02-20	House	Read second time
2020-02-18	House	Reported from Labor and Commerce (21-Y 0-N)
2020-02-14	House	Referred to Committee on Labor and Commerce
2020-02-14	House	Read first time
2020-02-14	House	Placed on Calendar
2020-02-11	Senate	Passed Senate (40-Y 0-N)
2020-02-11	Senate	Constitutional reading dispensed (40-Y 0-N)
2020-02-11	Senate	Engrossed by Senate - committee substitute SB542S1
2020-02-11	Senate	Committee substitute agreed to 20106798D-S1
2020-02-11	Senate	Reading of substitute waived
2020-02-11	Senate	Read second time
2020-02-11	Senate	Constitutional reading dispensed (40-Y 0-N)
2020-02-10	Senate	Committee substitute printed 20106798D-S1
2020-02-10	Senate	Reported from Commerce and Labor with substitute (15-Y 0-N)
2020-01-07	Senate	Referred to Committee on Commerce and Labor
2020-01-07	Senate	Prefiled and ordered printed; offered 01/08/20 20102490D

HB1339 (Same As) 2020-03-12 - Governor: Acts of Assembly Chapter text (CHAP0331)

Chapter	Article	Section	Citation Type	Statute Text
13	1	514	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+SB542
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB542+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB542S1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB542ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP0279+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S02V0138+SB0542
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0591SB0542+SB0542
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0592SB0542+SB0542
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0593SB0542+SB0542
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H14V0282+SB0542
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV1196+SB0542