Recent Changes to the Act
Text as changed by the 84th Texas Legislature, Regular Session, 2015
Italic faced type indicates amendments by the 84th Legislature
Repeal of Section 41 contained in House Bill 7, that became effective on September 1, 2015.
Sec. 41. Repealed. House Bill 7, Chapter 448, Acts of the 84th Legislature, Regular Session, 2015.
Addition of Section 44 contained in House Bill 1629 that became effective on September 1, 2015:
Sec. 44. Crowdfunding.
(A) The Board shall adopt rules to regulate and facilitate online intrastate crowdfunding applicable to authorized small business development entities.
The Board may create other requirements necessary to carry out this section.
(B) The rules for authorized small business development entities must:
(1) allow authorized small business development entities to list on their web portals offerings of securities by issuers in which they are financially interested;
(2) allow authorized small business development entities and their portals to list offerings of securities without offering investment advice;
(3) allow authorized small business development entities to subcontract the operations of a crowdfunding web portal to a third party as permitted by Board rule; and
(4) limit the offerings of securities on an authorized small business development entity's web portal to securities of issuers located within the service area of the authorized small business development entity.
(C) In this section, “authorized small business development entity” means:
(1) a Type A corporation authorized under Chapter 504, Local Government Code;
(2) a Type B corporation authorized under Chapter 505, Local Government Code;
(3) a nonprofit organization authorized by an agency or authority of the federal government to distribute housing and community development block grants;
(4) a municipal corporation;
(5) the Texas Veterans Commission; or
(6) a nonprofit community development financial institution certified by the Community Development Financial Institutions Fund.
The full text of the bills listed here may be obtained on the Texas Legislature Online website.