republic-os/legislation/us/states/va/2020/sb-542.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	Securities Act; equity crowdfunding exemption.	Securities Act; crowdfunding exemption.Repeals the sunset provision on the existing measure that authorizesthe State Corporation Commission (the Commission) to adopt an exemption for limited offerings of securities by small and startup companies,known as equity crowdfunding, from the registration provisions ofthe Securities Act. These crowdfunding provisions, which were enactedin 2015, are currently scheduled to expire on July 1, 2020. The measurealso broadens the existing exemption to apply to offerings conductedin accordance with Rule 147A adopted by the U.S. Securities ExchangeCommission (SEC). Because Rule 147A does not require the issuer ofthe securities to be incorporated or organized in the same state where the offering occurs, the measure creates a carve-out for offeringsunder Rule 147A from the existing requirement that the issuer beformed, organized, or existing under the laws of the Commonwealth. Additionally, the measure provides that the crowdfunding exemptionis available for both equity securities and debt offerings, includingsubordinated debt. Current Commission regulations prohibit the useof the exemption for debt offerings.	us/states/va	Virginia General Assembly	2020	SB 542	Virginia SB 542 (2020)	bill		enacted	John S. Edwards	4	28	6	2020-01-07	2020-03-11	openstates	ocd-bill/9be9313a-da38-4b42-87e0-7749a70fdaa4	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+SB542	e4cf4c7ffd6040055536870515bae02c5c1f759c2cec952389f3a96f6e0da28f	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-va

Virginia SB 542 (2020) — Securities Act; equity crowdfunding exemption.

Securities Act; crowdfunding exemption.Repeals the sunset provision on the existing measure that authorizesthe State Corporation Commission (the Commission) to adopt an exemption for limited offerings of securities by small and startup companies,known as equity crowdfunding, from the registration provisions ofthe Securities Act. These crowdfunding provisions, which were enactedin 2015, are currently scheduled to expire on July 1, 2020. The measurealso broadens the existing exemption to apply to offerings conductedin accordance with Rule 147A adopted by the U.S. Securities ExchangeCommission (SEC). Because Rule 147A does not require the issuer ofthe securities to be incorporated or organized in the same state where the offering occurs, the measure creates a carve-out for offeringsunder Rule 147A from the existing requirement that the issuer beformed, organized, or existing under the laws of the Commonwealth. Additionally, the measure provides that the crowdfunding exemptionis available for both equity securities and debt offerings, includingsubordinated debt. Current Commission regulations prohibit the useof the exemption for debt offerings.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. Acts of Assembly Chapter text (CHAP0279) (committee substitute) — source
2. Bill text as passed Senate and House (SB542ER) (committee substitute) — source
3. Engrossed by Senate - committee substitute SB542S1 (committee substitute) — source
4. Impact statement from SCC (SB542) (committee substitute) — source

Votes

• Passed Senate (40-Y 0-N) — 40–0 (pass) · upper
• VOTE: Block Vote Passage (98-Y 0-N) — 97–0 (pass) · lower
• Constitutional reading dispensed (40-Y 0-N) — 40–0 (pass) · upper
• Constitutional reading dispensed (40-Y 0-N) — 40–0 (pass) · upper
• Reported from Labor and Commerce (21-Y 0-N) — 21–0 (pass) · lower
• Reported from Commerce and Labor with substitute (15-Y 0-N) — 15–0 (pass) · upper

Sponsors

• John S. Edwards — primary (person)
• Jennifer B. Boysko — cosponsor (person)

Timeline

The legislative action history — every referral, reading, and vote.

• 2020-01-07 Prefiled and ordered printed; offered 01/08/20 20102490D introduction
• 2020-01-07 Referred to Committee on Commerce and Labor referral-committee
• 2020-01-14 Impact statement from SCC (SB542)
• 2020-02-10 Reported from Commerce and Labor with substitute (15-Y 0-N) committee-passage
• 2020-02-10 Committee substitute printed 20106798D-S1 substitution
• 2020-02-11 Constitutional reading dispensed (40-Y 0-N)
• 2020-02-11 Read second time reading-2
• 2020-02-11 Reading of substitute waived
• 2020-02-11 Committee substitute agreed to 20106798D-S1
• 2020-02-11 Engrossed by Senate - committee substitute SB542S1
• 2020-02-11 Constitutional reading dispensed (40-Y 0-N)
• 2020-02-11 Passed Senate (40-Y 0-N) passage
• 2020-02-14 Placed on Calendar
• 2020-02-14 Read first time reading-1
• 2020-02-14 Referred to Committee on Labor and Commerce referral-committee
• 2020-02-18 Reported from Labor and Commerce (21-Y 0-N) committee-passage
• 2020-02-19 Impact statement from SCC (SB542S1)
• 2020-02-20 Read second time reading-2
• 2020-02-21 Read third time reading-3
• 2020-02-21 Passed House BLOCK VOTE (98-Y 0-N) passage
• 2020-02-21 VOTE: Block Vote Passage (98-Y 0-N)
• 2020-02-26 Enrolled
• 2020-02-26 Impact statement from SCC (SB542ER)
• 2020-02-27 Signed by President
• 2020-02-27 Signed by Speaker
• 2020-03-04 Enrolled Bill Communicated to Governor on March 4, 2020
• 2020-03-04 Governor's Action Deadline 11:59 p.m., March 11, 2020
• 2020-03-11 Approved by Governor-Chapter 279 (effective 7/1/20) executive-signature

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/9be9313a-da38-4b42-87e0-7749a70fdaa4. Confidence: reported (aggregated from official Virginia legislature records).