Senators gave final approval May 2 to a bill that changes provisions relating to small securities transactions.<\/p>\n
LB205, sponsored by Columbus Sen. Paul Schumacher, amends the Securities Act of Nebraska to exempt certain small offers and sales of securities.<\/p>\n
The bill exempts from registration a transaction by a Nebraska issuer selling solely to Nebraska residents when:
\n\u2022 the proceeds in any three-year period do not exceed $250,000;
\n\u2022 no commission is paid except to a registered agent of a registered broker-dealer;
\n\u2022 the issuer or a connected individual has not engaged in a state or federal securities law violation;
\n\u2022 the issuer files a notice with the director of Banking and Finance;
\n\u2022 the offeree receives a disclosure statement;
\n\u2022 the purchaser signs a subscription agreement; and
\n\u2022 the issuer files a statement with the director.<\/p>\n
No fine shall be imposed for a statement or omission of material fact related to an exempted transaction unless made with the intent to defraud or mislead.<\/p>\n
In addition, a person who sells a qualifying security by means of an untrue statement of material fact, made with intent to defraud or mislead, may be held liable to a buyer in a civil action to recover the consideration, interest and attorney fees. The burden of proof is on the claimant.<\/p>\n
LB205 passed on a 41-0 vote.<\/p>\n","protected":false},"excerpt":{"rendered":"
Senators gave final approval May 2 to a bill that changes provisions relating to small securities transactions. LB205, sponsored by<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6],"tags":[81],"class_list":["post-11745","post","type-post","status-publish","format-standard","hentry","category-banking-commerce-and-insurance","tag-sen-paul-schumacher"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/11745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11745"}],"version-history":[{"count":1,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/11745\/revisions"}],"predecessor-version":[{"id":11746,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/11745\/revisions\/11746"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}