Illinois General Assembly

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 Bill Status of HB3429  99th General Assembly


Short Description:  INTRASTATE OFFERINGS EXEMPTION

House Sponsors
Rep. Carol Sente - Tom Demmer - Elgie R. Sims, Jr. - Anna Moeller - Brian W. Stewart, David McSweeney, Ed Sullivan, Ron Sandack, Dwight Kay, Keith R. Wheeler, André Thapedi, Katherine Cloonen, Michael J. Zalewski, Jaime M. Andrade, Jr., Marcus C. Evans, Jr., Laura Fine, Linda Chapa LaVia, Jerry Costello, II, Patrick J. Verschoore, Brandon W. Phelps, Emanuel Chris Welch, La Shawn K. Ford, Jay Hoffman, Patricia R. Bellock, Reginald Phillips, John C. D'Amico, Joe Sosnowski, Robert Martwick, Ann M. Williams, Jack D. Franks, Steven A. Andersson, Grant Wehrli, Michael P. McAuliffe, Thomas Morrison, Pamela Reaves-Harris, Anthony DeLuca, Sam Yingling, Camille Y. Lilly, Mike Smiddy, Robyn Gabel, Deb Conroy, Stephanie A. Kifowit, Michelle Mussman, Peter Breen, Martin J. Moylan, Christian L. Mitchell, David Harris and Sara Feigenholtz

Senate Sponsors
(Sen. Thomas Cullerton - Michael Connelly - Martin A. Sandoval - Jennifer Bertino-Tarrant - Melinda Bush, Chris Nybo, Bill Cunningham, Pat McGuire, Dave Syverson, John G. Mulroe, Heather A. Steans, Jacqueline Y. Collins, Napoleon Harris, III, Matt Murphy, William Delgado, David Koehler, Kyle McCarter, Michael Noland, Jason A. Barickman, Chapin Rose, Neil Anderson, Tim Bivins, Pamela J. Althoff, Julie A. Morrison and Dan Duffy)

Last Action
DateChamber Action
  7/29/2015HousePublic Act . . . . . . . . . 99-0182

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 5/4from 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 Act of 1933; (2) the aggregate purchase price of all securities sold by an issuer within any 12-month period does not exceed: (i) $3,000,000; or (ii) $5,000,000 if the issuer has undergone and made available certain financial statements to specified persons; 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. Defines terms.

House Floor Amendment No. 2
Adds reference to:
815 ILCS 5/8from Ch. 121 1/2, par. 137.8
815 ILCS 5/11from Ch. 121 1/2, par. 137.11
815 ILCS 5/12from Ch. 121 1/2, par. 137.12
815 ILCS 5/13from Ch. 121 1/2, par. 137.13

Replaces everything after the enacting clause with provisions similar to those of the bill as introduced. Provides for registered, rather than qualified, Internet portals. Provides that exempt sales to accredited investors must be made without general solicitation. Reduces dollar limitations on exemptions relating to sales by means of registered Internet portals. Provides that the Secretary of State shall establish duties of issuers relating to sales by means of registered Internet portals by rule.

House Floor Amendment No. 3
Adds reference to:
815 ILCS 5/8from Ch. 121 1/2, par. 137.8
815 ILCS 5/11from Ch. 121 1/2, par. 137.11
815 ILCS 5/12from Ch. 121 1/2, par. 137.12
815 ILCS 5/13from Ch. 121 1/2, par. 137.13

Replaces everything after the enacting clause with provisions similar to those of the bill as introduced. Provides for registered, rather than qualified, Internet portals. Provides that exempt sales to accredited investors must be made without general solicitation. Reduces dollar limitations on exemptions relating to sales by means of registered Internet portals. Provides that the Secretary of State shall establish duties of issuers relating to sales by means of registered Internet portals by rule.

Actions 
DateChamber Action
  2/26/2015HouseFiled with the Clerk by Rep. Carol Sente
  2/26/2015HouseFirst Reading
  2/26/2015HouseReferred to Rules Committee
  3/5/2015HouseAdded Chief Co-Sponsor Rep. Tom Demmer
  3/5/2015HouseAdded Chief Co-Sponsor Rep. Elgie R. Sims, Jr.
  3/10/2015HouseAssigned to Judiciary - Civil Committee
  3/10/2015HouseAdded Chief Co-Sponsor Rep. Anna Moeller
  3/10/2015HouseAdded Chief Co-Sponsor Rep. Brian W. Stewart
  3/10/2015HouseAdded Co-Sponsor Rep. David McSweeney
  3/10/2015HouseAdded Co-Sponsor Rep. Ed Sullivan
  3/10/2015HouseAdded Co-Sponsor Rep. Ron Sandack
  3/10/2015HouseAdded Co-Sponsor Rep. Dwight Kay
  3/10/2015HouseAdded Co-Sponsor Rep. Keith R. Wheeler
  3/10/2015HouseAdded Co-Sponsor Rep. André Thapedi
  3/10/2015HouseAdded Co-Sponsor Rep. Katherine Cloonen
  3/10/2015HouseAdded Co-Sponsor Rep. Michael J. Zalewski
  3/10/2015HouseAdded Co-Sponsor Rep. Jaime M. Andrade, Jr.
  3/10/2015HouseAdded Co-Sponsor Rep. Marcus C. Evans, Jr.
  3/10/2015HouseAdded Co-Sponsor Rep. Laura Fine
  3/10/2015HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  3/11/2015HouseAdded Co-Sponsor Rep. Jerry Costello, II
  3/11/2015HouseAdded Co-Sponsor Rep. Patrick J. Verschoore
  3/11/2015HouseAdded Co-Sponsor Rep. Brandon W. Phelps
  3/11/2015HouseAdded Co-Sponsor Rep. Emanuel Chris Welch
  3/11/2015HouseAdded Co-Sponsor Rep. La Shawn K. Ford
  3/11/2015HouseAdded Co-Sponsor Rep. Jay Hoffman
  3/11/2015HouseAdded Co-Sponsor Rep. Patricia R. Bellock
  3/11/2015HouseAdded Co-Sponsor Rep. Reginald Phillips
  3/11/2015HouseAdded Co-Sponsor Rep. John C. D'Amico
  3/11/2015HouseAdded Co-Sponsor Rep. Joe Sosnowski
  3/11/2015HouseAdded Co-Sponsor Rep. Robert Martwick
  3/17/2015HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Carol Sente
  3/17/2015HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/17/2015HouseAdded Co-Sponsor Rep. Ann M. Williams
  3/17/2015HouseAdded Co-Sponsor Rep. Jack D. Franks
  3/18/2015HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee
  3/18/2015HouseDo Pass / Short Debate Judiciary - Civil Committee; 010-000-000
  3/18/2015HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
  3/18/2015HousePlaced on Calendar 2nd Reading - Short Debate
  3/18/2015HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Carol Sente
  3/18/2015HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  3/18/2015HouseAdded Co-Sponsor Rep. Steven A. Andersson
  3/18/2015HouseAdded Co-Sponsor Rep. Grant Wehrli
  3/18/2015HouseAdded Co-Sponsor Rep. Michael P. McAuliffe
  3/18/2015HouseAdded Co-Sponsor Rep. Thomas Morrison
  3/18/2015HouseAdded Co-Sponsor Rep. Pamela Reaves-Harris
  3/19/2015HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 003-000-000
  3/19/2015HouseAdded Co-Sponsor Rep. Anthony DeLuca
  3/19/2015HouseAdded Co-Sponsor Rep. Sam Yingling
  3/19/2015HouseAdded Co-Sponsor Rep. Camille Y. Lilly
  3/19/2015HouseAdded Co-Sponsor Rep. Mike Smiddy
  3/19/2015HouseAdded Co-Sponsor Rep. Robyn Gabel
  3/19/2015HouseAdded Co-Sponsor Rep. Deb Conroy
  3/19/2015HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
  3/19/2015HouseAdded Co-Sponsor Rep. Michelle Mussman
  3/19/2015HouseAdded Co-Sponsor Rep. Peter Breen
  3/19/2015HouseAdded Co-Sponsor Rep. Martin J. Moylan
  3/25/2015HouseAdded Co-Sponsor Rep. Christian L. Mitchell
  3/26/2015HouseSecond Reading - Short Debate
  3/26/2015HouseHeld on Calendar Order of Second Reading - Short Debate
  3/26/2015HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Carol Sente
  3/26/2015HouseHouse Floor Amendment No. 3 Referred to Rules Committee
  4/13/2015HouseHouse Floor Amendment No. 3 Rules Refers to Judiciary - Civil Committee
  4/15/2015HouseHouse Floor Amendment No. 3 Recommends Be Adopted Judiciary - Civil Committee; 011-000-000
  4/16/2015HouseHouse Floor Amendment No. 2 Adopted
  4/16/2015HouseHouse Floor Amendment No. 3 Adopted
  4/16/2015HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/17/2015HouseThird Reading - Short Debate - Passed 105-000-000
  4/17/2015HouseAdded Co-Sponsor Rep. David Harris
  4/17/2015HouseAdded Co-Sponsor Rep. Sara Feigenholtz
  4/21/2015SenateArrive in Senate
  4/21/2015SenatePlaced on Calendar Order of First Reading
  4/21/2015SenateChief Senate Sponsor Sen. Thomas Cullerton
  4/21/2015SenateAdded as Alternate Chief Co-Sponsor Sen. Michael Connelly
  4/21/2015SenateFirst Reading
  4/21/2015SenateReferred to Assignments
  4/29/2015SenateAdded as Alternate Chief Co-Sponsor Sen. Martin A. Sandoval
  4/29/2015SenateAssigned to Financial Institutions
  4/30/2015SenateAdded as Alternate Chief Co-Sponsor Sen. Jennifer Bertino-Tarrant
  4/30/2015SenateAdded as Alternate Chief Co-Sponsor Sen. Melinda Bush
  4/30/2015SenateAdded as Alternate Co-Sponsor Sen. Chris Nybo
  4/30/2015SenateAdded as Alternate Co-Sponsor Sen. Bill Cunningham
  5/1/2015SenateAdded as Alternate Co-Sponsor Sen. Pat McGuire
  5/4/2015SenateAdded as Alternate Co-Sponsor Sen. Dave Syverson
  5/4/2015SenateAdded as Alternate Co-Sponsor Sen. John G. Mulroe
  5/4/2015SenateAdded as Alternate Co-Sponsor Sen. Heather A. Steans
  5/5/2015SenateAdded as Alternate Co-Sponsor Sen. Jacqueline Y. Collins
  5/6/2015SenateAdded as Alternate Co-Sponsor Sen. Napoleon Harris, III
  5/7/2015SenateAdded as Alternate Co-Sponsor Sen. Matt Murphy
  5/12/2015SenateAdded as Alternate Co-Sponsor Sen. William Delgado
  5/13/2015SenateAdded as Alternate Co-Sponsor Sen. David Koehler
  5/13/2015SenateDo Pass Financial Institutions; 009-000-000
  5/13/2015SenatePlaced on Calendar Order of 2nd Reading May 14, 2015
  5/18/2015SenateAdded as Alternate Co-Sponsor Sen. Kyle McCarter
  5/18/2015SenateSecond Reading
  5/18/2015SenatePlaced on Calendar Order of 3rd Reading May 19, 2015
  5/19/2015SenateAdded as Alternate Co-Sponsor Sen. Michael Noland
  5/19/2015SenateAdded as Alternate Co-Sponsor Sen. Jason A. Barickman
  5/20/2015SenateAdded as Alternate Co-Sponsor Sen. Chapin Rose
  5/20/2015SenateAdded as Alternate Co-Sponsor Sen. Neil Anderson
  5/20/2015SenateAdded as Alternate Co-Sponsor Sen. Tim Bivins
  5/20/2015SenateAdded as Alternate Co-Sponsor Sen. Pamela J. Althoff
  5/20/2015SenateAdded as Alternate Co-Sponsor Sen. Julie A. Morrison
  5/20/2015SenateAdded as Alternate Co-Sponsor Sen. Dan Duffy
  5/20/2015SenateThird Reading - Passed; 058-000-000
  5/20/2015HousePassed Both Houses
  6/18/2015HouseSent to the Governor
  7/29/2015HouseGovernor Approved
  7/29/2015HouseEffective Date January 1, 2016
  7/29/2015HousePublic Act . . . . . . . . . 99-0182

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