Bill Status of HB 3847   99th General Assembly

Short Description:  INTRASTATE OFFERINGS EXEMPTION

House Sponsors
Rep. Elgie R. Sims, Jr.

Last Action  View All Actions

DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
815 ILCS 5/2.34 new
815 ILCS 5/2.35 new
815 ILCS 5/2.36 new
815 ILCS 5/2.37 new
815 ILCS 5/4from Ch. 121 1/2, par. 137.4
815 ILCS 5/8d new
815 ILCS 5/11afrom Ch. 121 1/2, par. 137.11a
815 ILCS 5/18.1

Synopsis As Introduced
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 Exchange Act of 1933; (2) the aggregate purchase price of all securities sold by an issuer within any 12-month period does not exceed certain monetary limitations; 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.

Actions 
DateChamber Action
  2/27/2015HouseFiled with the Clerk by Rep. Elgie R. Sims, Jr.
  2/27/2015HouseFirst Reading
  2/27/2015HouseReferred to Rules Committee
  3/12/2015HouseAssigned to Judiciary - Civil Committee
  3/19/2015HouseTo General Law Subcommittee
  3/27/2015HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2017HouseSession Sine Die

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