HB2615 H SB AM 1-21

Rose 3348

The Committee on Small Business, Entrepreneurship and Economic Development moves to amend the bill:

            On page one, section five hundred three, subsection (a), subdivision (4), line eight, after the word “entity” and the semicolon, by inserting the word “and”;

On page two, section five hundred four, subsection (c), line six, after the word “not” by striking out the word “issue" and inserting the word “receive";

            On page two, section five hundred four, subsection (c), line six, after the word “than,” by striking out the number “$25,000" and inserting the number “$10,000";

On page two, section five hundred four, subsection (c), line six, after the word “annum” by striking out the word “to" and inserting the word “from";

            On page two, section five hundred four, subsection (h), line eighteen, after the words “sale of,” by striking out the words “the twenty-fifth security” and inserting in lieu thereof the words “securities to the twenty-fifth person”;

            On page three, section five hundred four, subsection (h), line twenty-one, after the word “agent” and after the period, by inserting a new sentence to read as follows:

            “When the Secretary of State receives a Notice of Issuer, he or she shall promptly forward a copy of it to the auditor of the State of West Virginia.”

            On page three, after subsection (h), after line twenty-one, by inserting a new section to read as follows:

“§32-5-505.  Misleading filings, criminal penalties and civil liabilities.

Notwithstanding the provisions of section five hundred two of this article, an issuer under this article shall be subject to the provisions of sections four hundred four, four hundred nine and four hundred ten of article four of this chapter.”; and

            On page three, after the new section five hundred five, by inserting a new section to read as follows:

“§32-5-506.  Anti-fraud provisions preserved.

            Notwithstanding the provisions of this article, nothing in this exemption shall be construed to alleviate any person from the anti-fraud provisions of articles one, two, three or four of this chapter.”

Adopted

Rejected