Fabio
99 lines
6.5 KiB
Markdown
99 lines
6.5 KiB
Markdown
---
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type: "Bill"
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title: "Securities Act; equity crowdfunding exemption."
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description: "Securities Act; crowdfunding exemption. Repeals the sunset provision on the existing measure that authorizes the State Corporation Commission to adopt an exemption for limited offerings of securities by small and startup companies, known as equity crowdfunding, from the registration provisions of the Securities Act. These crowdfunding provisions, which were enacted in 2015, are currently scheduled to expire on July 1, 2020. The measure also broadens the existing exemption to apply to offerings conducted in accordance with Rule 147A adopted by the U.S. Securities and Exchange Commission (SEC). Because Rule 147A does not require the issuer of the securities to be incorporated or organized in the same state where the offering occurs, the measure creates a carve-out for offerings under Rule 147A from the existing requirement that the issuer be formed, organized, or existing under the laws of the Commonwealth. This bill is identical to SB 542."
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jurisdiction: "us/states/va"
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legislature: "Virginia General Assembly"
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session: "2020"
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identifier: "HB 1339"
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citation: "Virginia HB 1339 (2020)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: ["Terry G. Kilgore"]
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version_count: 5
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action_count: 33
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vote_count: 6
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first_action: "2020-01-08"
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last_action: "2020-03-12"
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source: "openstates"
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source_identifier: "ocd-bill/e6b4c88f-0597-4848-b113-484cd38f8109"
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source_url: "https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB1339"
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source_hash: "d134b13b9d5ad65973072526d3bfdb5b7d533bc5159362d67cf406768cae978a"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-va"]
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---
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# Virginia HB 1339 (2020) — Securities Act; equity crowdfunding exemption.
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Securities Act; crowdfunding exemption. Repeals the sunset provision on the existing measure that authorizes the State Corporation Commission to adopt an exemption for limited offerings of securities by small and startup companies, known as equity crowdfunding, from the registration provisions of the Securities Act. These crowdfunding provisions, which were enacted in 2015, are currently scheduled to expire on July 1, 2020. The measure also broadens the existing exemption to apply to offerings conducted in accordance with Rule 147A adopted by the U.S. Securities and Exchange Commission (SEC). Because Rule 147A does not require the issuer of the securities to be incorporated or organized in the same state where the offering occurs, the measure creates a carve-out for offerings under Rule 147A from the existing requirement that the issuer be formed, organized, or existing under the laws of the Commonwealth. This bill is identical to SB 542.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Acts of Assembly Chapter text (CHAP0331)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP0331)
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2. **Bill text as passed House and Senate (HB1339ER)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1339ER)
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3. **Engrossed by House - committee substitute HB1339H1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1339H1)
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4. **Impact statement from SCC (HB1339)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1339)
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5. **Impact statement from SCC (HB1339S1)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1339S1)
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## Votes
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- VOTE: (98-Y 0-N) — **97–0** (pass) · lower
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- Passed Senate with substitute (40-Y 0-N) — **40–0** (pass) · upper
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- VOTE: Adoption (97-Y 0-N) — **96–0** (pass) · lower
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- Reported from Commerce and Labor with substitute (15-Y 0-N) — **15–0** (pass) · upper
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- Reported from Labor and Commerce with substitute (16-Y 0-N) — **16–0** (pass) · lower
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- Constitutional reading dispensed (39-Y 0-N) — **39–0** (pass) · upper
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## Sponsors
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- Terry G. Kilgore — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2020-01-08** Prefiled and ordered printed; offered 01/08/20 20100232D `introduction`
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- **2020-01-08** Referred to Committee on Labor and Commerce `referral-committee`
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- **2020-01-13** Impact statement from SCC (HB1339)
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- **2020-01-23** House committee, floor amendments and substitutes offered
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- **2020-01-23** Reported from Labor and Commerce with substitute (16-Y 0-N) `committee-passage`
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- **2020-01-23** Committee substitute printed 20105903D-H1 `substitution`
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- **2020-01-27** Read first time `reading-1`
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- **2020-01-28** Read second time `reading-2`
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- **2020-01-28** Committee substitute agreed to 20105903D-H1
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- **2020-01-28** Engrossed by House - committee substitute HB1339H1
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- **2020-01-29** Read third time and passed House BLOCK VOTE (98-Y 0-N) `passage, reading-3`
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- **2020-01-29** VOTE: (98-Y 0-N)
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- **2020-01-30** Constitutional reading dispensed
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- **2020-01-30** Referred to Committee on Commerce and Labor `referral-committee`
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- **2020-02-17** Reported from Commerce and Labor with substitute (15-Y 0-N) `committee-passage`
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- **2020-02-17** Committee substitute printed 20108459D-S1 `substitution`
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- **2020-02-19** Constitutional reading dispensed (39-Y 0-N)
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- **2020-02-20** Read third time `reading-3`
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- **2020-02-20** Impact statement from SCC (HB1339S1)
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- **2020-02-20** Reading of substitute waived
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- **2020-02-20** Committee substitute agreed to 20108459D-S1
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- **2020-02-20** Engrossed by Senate - committee substitute HB1339S1
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- **2020-02-20** Passed Senate with substitute (40-Y 0-N) `passage`
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- **2020-02-24** Placed on Calendar
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- **2020-02-24** Senate substitute agreed to by House 20108459D-S1 (97-Y 0-N)
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- **2020-02-24** VOTE: Adoption (97-Y 0-N)
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- **2020-02-28** Enrolled
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- **2020-02-28** Signed by Speaker
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- **2020-03-02** Signed by President
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- **2020-03-03** Impact statement from SCC (HB1339ER)
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- **2020-03-11** Enrolled Bill communicated to Governor on March 11, 2020
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- **2020-03-11** Governor's Action Deadline 11:59 p.m., April 11, 2020
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- **2020-03-12** Approved by Governor-Chapter 331 (effective 7/1/20) `executive-signature`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/e6b4c88f-0597-4848-b113-484cd38f8109`. Confidence: reported (aggregated from official Virginia legislature records).
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