[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2930 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2930

To amend the securities laws to provide for registration exemptions for 
        certain crowdfunded securities, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2011

 Mr. McHenry introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the securities laws to provide for registration exemptions for 
        certain crowdfunded securities, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Entrepreneur Access to Capital 
Act''.

SEC. 2. CROWDFUNDING EXEMPTION.

    (a) Securities Act of 1933.--Section 4 of the Securities Act of 
1933 (15 U.S.C. 77d) is amended by adding at the end the following:
            ``(6) transactions involving the issuance of securities for 
        which--
                    ``(A) the aggregate annual amount raised through 
                the issue of the securities is $5,000,000 or less; and
                    ``(B) individual investments in the securities are 
                limited to an aggregate annual amount equal to the 
                lesser of--
                            ``(i) $10,000; and
                            ``(ii) 10 percent of the investor's annual 
                        income.''.
    (b) Verification of Income.--For purposes of section 4(6) of the 
Securities Act of 1933, an issuer may rely on certifications provided 
by investors.

SEC. 3. EXCLUSION OF CROWDFUNDING INVESTORS FROM SHAREHOLDER CAP.

    Section 12(g)(5) of the Securities Exchange Act of 1934 (15 U.S.C. 
78l(g)(5)) is amended--
            (1) by striking ``For the purposes'' and inserting:
                    ``(A) In general.--For the purposes''; and
            (2) by adding at the end the following:
                    ``(B) Exclusion for persons holding certain 
                securities.--For purposes of this subsection, the term 
                `held of record' shall not include holders of 
                securities issued pursuant to transactions described 
                under section 4(6) of the Securities Act of 1933.''.

SEC. 4. PREEMPTION OF STATE LAW.

    Section 18(b)(4) of the Securities Act of 1933 (15 U.S.C. 
77r(b)(4)) is amended--
            (1) by redesignating subparagraphs (C) and (D) as (D) and 
        (E), respectively; and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) section 4(6);''.
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