Texas 2015 - 84th Regular

Texas House Bill HB1629 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	By: Johnson, et al. (Senate Sponsor - West) H.B. No. 1629
2		-	(In the Senate - Received from the House May 11, 2015;
3		-	May 13, 2015, read first time and referred to Committee on Business
4		-	and Commerce; May 22, 2015, reported favorably by the following
5		-	vote: Yeas 6, Nays 0; May 22, 2015, sent to printer.)
6		-	Click here to see the committee vote
	1	+	H.B. No. 1629
7	2
8	3
9		-	A BILL TO BE ENTITLED
10	4		AN ACT
11	5		relating to crowdfunding portal regulations for small business
12	6		development.
13	7		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
14	8		SECTION 1. The Securities Act (Article 581-1 et seq.,
15	9		Vernon's Texas Civil Statutes) is amended by adding Section 44 to
16	10		read as follows:
17	11		Sec. 44. CROWDFUNDING. (a) The Board shall adopt rules to
18	12		regulate and facilitate online intrastate crowdfunding applicable
19	13		to authorized small business development entities. The Board may
20	14		create other requirements necessary to carry out this section.
21	15		(b) The rules for authorized small business development
22	16		entities must:
23	17		(1) allow authorized small business development
24	18		entities to list on their web portals offerings of securities by
25	19		issuers in which they are financially interested;
26	20		(2) allow authorized small business development
27	21		entities and their portals to list offerings of securities without
28	22		offering investment advice;
29	23		(3) allow authorized small business development
30	24		entities to subcontract the operations of a crowdfunding web portal
31	25		to a third party as permitted by Board rule; and
32	26		(4) limit the offerings of securities on an authorized
33	27		small business development entity's web portal to securities of
34	28		issuers located within the service area of the authorized small
35	29		business development entity.
36	30		(c) In this section, "authorized small business development
37	31		entity" means:
38	32		(1) a Type A corporation authorized under Chapter 504,
39	33		Local Government Code;
40	34		(2) a Type B corporation authorized under Chapter 505,
41	35		Local Government Code;
42	36		(3) a nonprofit organization authorized by an agency
43	37		or authority of the federal government to distribute housing and
44	38		community development block grants;
45	39		(4) a municipal corporation;
46	40		(5) the Texas Veterans Commission; or
47	41		(6) a nonprofit community development financial
48	42		institution certified by the Community Development Financial
49	43		Institutions Fund.
50	44		SECTION 2. This Act takes effect September 1, 2015.
51		-	* * * * *
	45	+	______________________________ ______________________________
	46	+	President of the Senate Speaker of the House
	47	+	I certify that H.B. No. 1629 was passed by the House on May 8,
	48	+	2015, by the following vote: Yeas 136, Nays 6, 2 present, not
	49	+	voting.
	50	+	______________________________
	51	+	Chief Clerk of the House
	52	+	I certify that H.B. No. 1629 was passed by the Senate on May
	53	+	24, 2015, by the following vote: Yeas 22, Nays 8.
	54	+	______________________________
	55	+	Secretary of the Senate
	56	+	APPROVED: _____________________
	57	+	Date
	58	+	_____________________
	59	+	Governor