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Regular Session, 2014
HOUSE BILL NO. 1234
BY REPRESENTATIVE PONTI
AN ACT1
To amend and reenact R.S. 51:709(5)(a)(introductory paragraph) and (ii) and to enact R.S.2
51:705(H), relative to the registration of securities; to remove the exemption from3
registration under the Louisiana Securities Law, relative to Regulation A securities4
of the Federal Securities Act of 1933; to require registration under the Louisiana5
Securities Law of Regulation A securities of the Federal Securities Act of 1933; and6
to provide for related matters.7
Be it enacted by the Legislature of Louisiana:8
Section 1. R.S. 51:709(5)(a)(introductory paragraph) and (ii) are hereby amended9
and reenacted and R.S. 51:705(H) is hereby enacted to read as follows:10
§705. Registration of securities; when and how required; delivery of prospectus11
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H. Registration of Regulation A Securities. (1) Any security that qualifies13
under Regulation A adopted under Section 3(b) of the Federal Securities Act of14
1933, as now or hereafter amended, may be registered under the terms and15
conditions provided in this Subsection by filing all of the following:16
(a) A notice of intention to sell executed by the issuer, any other person on17
whose behalf the offering is to be made, a dealer registered under this Part, or any18
duly authorized agent of any such person who sets forth the name and address of the19
applicant, the name and address of the issuer, and the title of the securities to be20
offered in this state.21
(b) A copy of the notification on Form 1-A or any form substituted therefor,22
and related offering circular or offering sheet, including other exhibits, filed with the23
Securities and Exchange Commission.24
(c) A filing fee of one-tenth of one percent of the aggregate price of the25
securities to be offered to be sold in this state. In no case shall the fee be less than26 ENROLLEDHB NO. 1234
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one hundred dollars nor more than one thousand dollars. In addition there shall be1
a charge of two hundred fifty dollars to be used to defray the expenses of the2
commissioner. All fees and charges paid in accordance with this Subparagraph,3
whether paid at the time of filing or at the time of renewal, shall be transmitted to the4
state treasurer for credit to the state general fund, except that the two hundred fifty5
dollar fee required pursuant to this Subparagraph shall be retained by the6
commissioner to be used for the enforcement of this Part generally.7
(d) A consent to service of process in the form prescribed by R.S. 51:7188
that has been executed by the person who executed the notice of intention to sell,9
unless the person has previously filed with the commissioner an irrevocable consent10
to service of process in the form prescribed by R.S. 51:718.11
(2) A registration pursuant to this Subsection becomes effective when12
ordered by the commissioner.13
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§709. Exempt transactions15
Except as expressly provided in this Section, R.S. 51:703 shall not apply to16
any offer or sale of a security in connection with any transaction described in17
Paragraph (1), (2), (6), (7), (8), (9), (11), (12), (13), or (17) of this Section, and R.S.18
51:705 shall not apply to any offer or sale of or subscription for any security in19
connection with any of the following transactions: 20
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(5)(a) Any transaction in securities pursuant to a registration statement22
effective under the Securities Act of 1933, as now or hereafter amended, or of23
securities exempt from the registration requirements of such Act pursuant to24
Regulation A, B, E, or F adopted under Section 3(b) or 3(c) thereof or pursuant to25
any other exemption under such sections which the commissioner has, by rule or26
regulation, approved, but only during the continuance of such exemption, provided27
that the commissioner has received prior to such sale:28
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(ii) A copy of the initial registration statement, excluding exhibits, or the1
notification on Form 1-A, 1-B, 1-E, or 1-F, or any form substituted therefor, and2
related offering circular or offering sheet, but excluding other exhibits, filed with the3
Securities and Exchange Commission or, in the case of an exemption under Section4
3(b) or 3(c) of such Securities Act of 1933 which has been approved by the5
commissioner under this Paragraph, copies of such information or documents as the6
commissioner may, by rule or regulation, require.7
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SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: