Senate File 2185 - Introduced



                                       SENATE FILE       
                                       BY  BOETTGER and HOUSER


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to limited offering transaction exemptions from
  2    securities registration.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 6000SS 81
  5 kk/sh/8

PAG LIN



  1  1    Section 1.  Section 502.202, subsection 14, paragraph a,
  1  2 Code 2005, is amended to read as follows:
  1  3    a.  Not more than thirty=five one hundred purchasers are
  1  4 present in this state during any twelve consecutive months,
  1  5 other than those designated in subsection 13.
  1  6                           EXPLANATION
  1  7    This bill relates to the exemption for limited offering
  1  8 transactions from the securities registration requirement of
  1  9 the Iowa uniform securities Act.  Under current law, it is
  1 10 unlawful to sell a security unless the security is a federally
  1 11 covered security, the security is registered under Code
  1 12 chapter 502, or unless the security, transaction, or offer is
  1 13 exempt from registration.  Under current law, a limited
  1 14 offering transaction is exempt from the securities
  1 15 registration requirement if the transaction is part of a
  1 16 single issue and not more than 35 purchasers are present in
  1 17 this state during any 12 consecutive months and if the
  1 18 transaction meets other requirements.  The bill increases the
  1 19 maximum allowed number of purchasers for a limited offering
  1 20 transaction from 35 to 100.  This change would allow more
  1 21 purchasers of the limited offering transaction without
  1 22 subjecting the transaction to the securities registration
  1 23 requirement.
  1 24 LSB 6000SS 81
  1 25 kk:nh/sh/8