Action Packet — Insurance & Banking Subcommittee (Thursday, January 11, 2024)
Summary
Action Packet of the Insurance & Banking Subcommittee for its meeting on Thursday, January 11, 2024, at Morris Hall (HOB), with Wyman Duggan as Chair and Paul Renner listed as Speaker. The Committee Meeting Report summary lists HB 85 as Favorable With Committee Substitute with Amendment 928623 adopted without objection, HB 311 as Temporarily Postponed with Amendment 165013 adopted without objection, HB 611 as Favorable, and HB 817 as Favorable With Committee Substitute with Amendment 354967 adopted without objection. The report also gives attendance, vote tables with Yea and Nay columns for each bill, and appearance lists.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
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“Action Packet — Insurance & Banking Subcommittee (Thursday, January 11, 2024).”
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Insurance & Banking Subcommittee
Thursday, January 11, 2024
2:00 PM - 5:00 PM
Morris Hall (17 HOB)
Action Packet
Paul Renner Wyman Duggan
Speaker Chair
COMMITTEE MEETING REPORT
Insurance & Banking Subcommittee
1/11/2024 2:00PM
Location: Morris Hall (17 HOB)
Summary:
Insurance & Banking Subcommittee
Thursday January 11, 2024 02:00 pm
HB 85 Favorable With Committee Substitute Yeas: 17 Nays: 0
Amendm en t 928623 Adopted Without Obj ection
HB 311 Temporarily Postponed
Amendment 165013 Adopted Without Objection
HB 611 Favorable Yeas: 15 Nays : 2
HB 817 Favorable With Committee Substitute Yeas: 15 Nays : 3
Amendment 354967 Adopted Without Objection
Committee meeting was reported out: Thursday, January 11, 2024 6:36PM
Print Date: 01/11/2024 06:36 pm Leagls ® Page 1 of 7
COMMITTEE MEETING REPORT
Insurance & Banking Subcommittee
1/11/2024 2:00PM
Location: Morris Hall (17 HOB)
Attendance:
Present Absent Excused
Wyman Duggan (Chair) X
Shane Abbott X
Adam Anderson X
Christopher Benjamin X
David Borrero X
Adam Botana X
Jennifer Canady X
Tom Fabricio X
Gallop Franklin II X
Phil ip Griffitts, Jr. X
Christine Hunschofsky X
Rachel Plakon X
Joel Rudman X
Kevin Steele X
Cyndi Stevenson X
Allison Tant X
John Temple X
Chase Tramont X
Marie Woodson X
Totals: 17 0 2
Committee meeting was reported out: Thursday, January 11, 2024 6:36PM
Print Date: 01/11/2024 06 : 36 pm Leagls ® Page 2 of 7
COMMITTEE MEETING REPORT
Insurance & Banking Subcommittee
1/11/2024 2:00PM
Location: Morris Hall (17 HOB)
HB 85 : Pub. Rec./State Banks and State Trust Companies
0 Favorable With Committee Substitute
Yea Nay No Vote Absentee Absentee
Yea Nay
Shane Abbott X
Adam Anderson X
Christopher Benjamin X
David Borrero X
Adam Botana X
Jennifer Canady X
Tom Fabricio X
Gallop Franklin II X
Philip Griffitts, Jr. X
Christine Hunschofsky X
Rachel Plakon X
Joel Rudman X
Kevin Steele X
Cyndi Stevenson X
Allison Tant X
John Temp le X
Chase Tramont X
Marie Woodson X
Kelly Skidmore (Ex Officio) X
Wyman Duggan (Chair) X
Total Yeas: 17 Total Nays: 0
HB 85 Amendments
Amendment 928623
0 Adopted Without Objection
Appearances:
Pub. Rec. / State Banks and State Trust Companies
Mason, Ashley (Ash) (Lobbyist) (Lobbyist Appearance Form Submitted) - Waive In Support
Office of Financial Regulation
200 E Gaines St., Ste 504 S
Tallahassee, FL
Phone : (850) 410-9789
DIMarco, Anthony - Wa ive In Support
Florida Bankers Association
Executive Vice President of Government Affairs
1001 Thomasville Rd.
Tallahassee, 32301
Phon e: 850-224-2265
Committee meeting was reported out: Thursday, January 11, 2024 6:36PM
Print Date: 01/11/2024 06 :36 pm Leagis ® Page 3 of 7
COMMITTEE MEETING REPORT
Insurance & Banking Subcommittee
1/11/2024 2:00PM
Location: Morris Hall (17 HOB)
HB 311 : Securities and Securities Transactions
0 Temporarily Postponed
HB 311 Amendments
Amendment 165013
0 Adopted Without Objection
Appearances:
Securities and Securities Transactions
Mason , Ashley (Ash) (Lobbyist) (State Employee) (Lobbyist Appearance Form Submitted) - Waive In
Support
Office of Financial Regu lation
200 E. Gaines St, Ste 504
Tallahassee, FL
Phone: 850- 410-9789
Wagoner, Samuel (Sam) (Lobbyist) (Lobbyist Appearance Form Submitted) - Waive In Support
Florida League of Cities, Inc
P.O. Box 1757
Tallahassee FL
Phone : 325- 584-8647
Nungesser, Timothy (Lobbyist) (Lobbyist Appearance Form Subm itted) - Waive In Support
National Federation of Independent Business
Legislative Director
110 E Jefferson St
Tallahass ee, FL
Phone: 850- 681-0416
Johnson, Carolyn - Waive In Opposition
FL Chamber of Commerce
Vice President
136 S. Bronaugh St.
Tallahassee, FL
Phone : 521-1200
Cohn, Stuart - Proponent
The Business Law Section of the Florida Bar
651 E. Jefferson Street
Tallahassee, FL 32399
Phone : 850-561-5600
Committee meeting was reported out: Thursday, January 11, 2024 6:36PM
Print Date : O1/11/202 4 06: 36 pm Leagls ® Pag e 4 of 7
COMMITTEE MEETING REPORT
Insurance & Banking Subcommittee
1/11/2024 2:00PM
Location: Morris Hall (17 HOB)
HB 611 : Public Deposits
0 Favorable
Yea Nay No Vote Absentee Absentee
Yea Nay
Shane Abbott X
Adam Anderson X
Christopher Benjamin X
David Borrero X
Adam Botana X
Jennifer Canady X
Tom Fabricio X
Gallop Franklin II X
Philip Griffitts, Jr. X
Christine Hunschofsky X
Ra chel Plakon X
Joel Rudman X
Kevin Steele X
Cyndi Stevenson X
Allison Tant X
John Temple X
Chase Tramont X
Marie Woodson X
Kelly Skidmore (Ex Officio) X
Wyman Duggan (Cha ir) X
Total Yeas: 15 Total Nays: 2
Appearances:
Public Deposits
Hodge, Christopher (Lobbyist) (Lobbyist Appearance Form Submitted) - Proponent
League of Southeastern Credit Unions & Affiliates
Sr. Director of Government Affairs
3692 Coolidge Court
Tallahassee, FL
Phone: 850-558 - 1027
Bacot, Brett (Lobbyist) (Lobbyist Appearance Form Submitted) - Waive In Support
Calhoun County Board of County Commissioners
Lobbyist
215 South Monroe Street, #301
Tallahassee, FL
Phone : 850-681-0411
Barber, Terrance (At Request of Member, Committee or Staff) - Waive In Support
Loyalty Credit Union
Director of Community Development
1827 Capitol Circle NE
Tallahassee, FL 32308
Phone : 850- 339-6191
Committee meeting was reported out: Thursday, January 11, 2024 6:36PM
Print Date: 01/ 11/ 2024 06:36 pm Leagls ® Page 5 of 7
COMMITTEE MEETING REPORT
Insurance & Banking Subcommittee
1/11/2024 2:00PM
Location: Morris Hall ( 17 HOB)
HB 611: Public Deposits (continued)
Appearances: (continued)
Petronia, Daniel (General Public) - Opponent
Capitol City Bank
Senior Vice President, Bankers Executive
304 E. Tennessee, St.
Tallahassee, FL 32310
Phone: 850 -402-7954
DiMarco, Anthony (Lobbyist) - Opponent
Florida Bankers Association
Executive Vice President of Government Affairs
1001 Thomasville Rd.
Tallahassee, FL 32303
Phone : 850- 224 - 2265
Homison, Cecila (General Public) - Proponent
First Commerce Credit Union
CEO
Tallahassee, FL
Phone : 850-410-3552
Peddie, Kyle (General Public) - Proponent
Liberty County School District
Superintendent of Schools
11051 NW SR 20
Bristol, FL 32334
Phone: 850-556-1881
Flowers, Thomas, G. (General Public) - Proponent
Calhoun Liberty Credit Union
CEO
16076 SR 71 50th
Blountstown, FL 32424
Phone : 850-643- 6200
Brockelman, Matt - Waive In Support
VyStar Credit Union
Taylor, Darryl - Proponent
Calhoun County School Board
Superintendent
20859 Central Ave . E
Blountstown, FL 32424
Phone : 850 - 624- 5827
Committee meeting was reported out: Thursday, January 11, 2024 6:36PM
Pr int Da te : 0 1/ 11/ 2024 06: 36 pm Leagis ® Page 6 of 7
COMMITTEE MEETING REPORT
Insurance & Banking Subcommittee
1/11/2024 2:00PM
Location: Morris Hall (17 HOB)
HB 817 : Authorized Agents of Tax Collectors
0 Favorable With Committee Substitute
Yea Nay No Vote Absentee Absentee
Yea Nay
Shane Abbott X
Adam Anderson X
Christopher Benjamin X
David Borrero X
Adam Botana X
Jennifer Canady X
Tom Fabricio X
Gallop Franklin II X
Philip Griffitts, Jr. X
Christine Hunschofsky X
Rachel Plakon X
Joel Rudman X
Kevin Steele X
Cyndi Stevenson X
Allison Tant X
John Temple X
Chase Tramont X
Marie Woodson X
Kelly Skidmore (Ex Officio) X
Wyman Duggan (Cha ir) X
Total Yeas: 15 Total Nays: 3
HB 817 Amendments
Amendment 354967
0 Adopted Without Objection
Appearances:
Authorized Ag ents of Tax Collectors
Roberts, Will (Appearing in Official Capacity) - Waive In Opposition
Florida Tax Collector's Association
Volusia County Tax Collector
123 W. Indiana Ave, Room 103
Deland, FL 32720
Phone : 386-740-5265
Committee meeting was reported out: Thursday, January 11, 2024 6:36PM
Print Date: 0 1/11/2024 06: 36 pm Leagis ® Page 7 of 7
•
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 85 ( 2024)
Amendment No . 1
COMMITTEE/SUBCOMMITTEE ACTION
ADOPTED (Y / N)
ADOPTED AS AMENDED - - ./
(Y / N)
./'
ADOPTED W/0 OBJECTION ...L_ (Y/N)
FAILED TO ADOPT (Y / N)
WITHDRAWN (Y / N)
OTHER
1 Committee/Subcommittee hearing bill : Insurance & Banking
2 Subcommittee
3 Representative Barnaby offered the following :
• 4
5
6
7
Amendment (with title amendment)
Remove everything after the enacting clause and insert :
Section 1 . Present subsections (5) through (13) of section
8 655 . 057 , Florida Statutes , are redesignated as subsections (6)
9 through (14) , respectively , and a new subsection (5) is added to
10 that section , to read : 655 . 057 Records ; limited restrictions
11 upon public access . -
12 (5 ) (a) Except as otherwise provided in this se c tion and
13 except for those portions that are otherwise public record, the
14 following information received by the office pursuant to an
15 application for authority to organize a new state bank or new
16 state trust company under chapter 658 is confidential and exempt
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Page 1 of 5
•
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 85 ( 2024 )
Amendment No . 1
17 fro m s . 119.07(1) ands . 24 (a) , Art . I of the State
18 Constitution :
19 1. Personal financial i nformation .
20 2. A driver license number , a passport number , a military
21 identification number , or any ot her number or code issu ed on a
22 government document used to verify identity .
23 3. Books and records of a current or pr op osed financial
24 institution .
25 4. The p ropos ed state bank ' s or prop osed state trust
26 company ' s proposed business plan .
27 (b ) The personal identifying information of a proposed
28 of ficer or propos ed director who is currently employed by , or
29
30
31
32
ac tively participate s in the affairs of , another financial
instituti o n received by the office pursuant to an application
for authority to organize a new state bank or new state trust
company under c hapt er 658 is confidential and exempt from s .
•
33 119 . 07(1 ) ands . 24 (a) , Art . I of the State Constitution until
34 the application is approved and the charter is issued . As used
35 in this paragr a ph , the term " personal identifying information "
36 means names , home addresses , e - mail addresses , telephone
37 numbers , names of relatives , work experience , professional
38 licensing and educational backgrounds , and photographs .
39 (c ) This subsection is subject to the Open Government
40 Sunset Review Act in accordance withs. 119.15 a nd is repealed
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Page 2 of 5
•
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 85 ( 2024 )
Amendment No . 1
41 Octobe r 2 , 2029 , unless reviewed and saved from repeal through
42 reenactment by the Legislature .
43 Section 2 . The Legislature finds that it is a public necessity
44 that certain information received by the Office of Financial
45 Regulation pursuant to an application for authority to organize
46 a new state bank or new state trust company under chapter 658 ,
47 Florida Statutes , be made conf idential and exempt from s .
48 119 . 07 ( 1 ), Florida Statute s , ands . 24(a) , Article I of the
49 State Constitution to the extent that disclosure would reveal
50 p ersonal financial information ; reveal a driver license number ,
51 a passport number , a military identification number , or any
52 other number or code issued on a governme nt document used to
• 53
54
55
56
verify identity ; reveal books and records of a current or
pr op osed financial institution ; or reveal a prop osed state
bank ' s or proposed state trust company ' s business plan and any
attached supporting documentation . Th e Legislature further finds
57 that it is a publi c necessity that the pers onal identifyin g
58 information of a pro po sed officer or proposed director who is
59 currently employed by , o r actively participa tes in the affairs
60 of , another financial institution be made confidential and
61 exempt from s . 119 . 07(1 ), Florida Statutes , ands . 24 (a) ,
62 Article I of the State Constitution for the duration of the
63 application proces s , until the application is approved and a
64 charter is issued . The office ma y receive sensitive personal ,
65 financial , and business information in conjunction with its
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•
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 85 (2024)
Amendment No . 1
66 duties related to the review of applications for the
67 organization or establishment of new state banks and new state
68 trust companies . These exemptions from public records
69 requirements are necessary to ensure the office ' s ability to
70 administer its regulatory duties while preventing unwarranted
71 damage to the proposed state bank or proposed state trust
72 company , or certain proposed officers or proposed directors of
73 the proposed state bank or proposed state trust company , and
74 other financial institutions in this state . The release of
75 information that could lead to the identification of an
76 individual involved in the potential establishment of a new
77 state bank or new state trust company may subject such
78
79
80
81
individual to retribution and jeopardize his or her current
employment with , or participation in the affairs of , another
financial institution . Thus , the public availability of such
information has a chilling effect on the establishment of new
•
82 state banks and new state trust companies . Further , the public
83 availability of the books and financial records of a current or
84 proposed financial institution in this state presents an
85 unnecessary risk of harm to the business operations of such
86 institution. Finally , the public availability of a proposed
87 state bank ' s or proposed state trust company ' s business plan may
88 cause competitive harm to such bank ' s or trust company ' s future
89 business operations and presents an unfair competitive advantage
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I Amendment No . 1
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No. HB 85 ( 2024 )
90 for existing finan cia l institutions that are not required to
91 release such information .
92 Section 3 . This act shall take effect July 1 , 2024 .
93
94
95 T I T L E A ME N D ME N T
96 Remove everything before the enacting clause and insert :
97 An act relating to public records ; amending s . 655 . 057 , F . S .;
98 providing an exemption from public records requirements for
99 certain information received by the Office of Financial
100 Regulation relating to an application for authority to organize
101 a new state bank or new state trust company ; providing an
1 102 exemption from public records requirements for certai n
103 information received by the office relating to an application
104 for aut hority to organ ize a new state bank or new state trust
105 company until specified condi tions are met; defining the term
106 " personal identifying information "; providing for future
107 legislative review and repeal of the exemptions ; providing a
108 statement of public necessity ; providing an effective date .
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Page 5 of 5
•
•
•
• Amendment No . 1
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 31 1 ( 2024 )
COMMITTEE/SUBCOMMITTEE ACTION
ADOPTED (Y /N )
ADOPTED AS AMENDED ( Y /N )
ADOPTED W/O OBJECTION ViY/ N)
FAILED TO ADOPT (Y /N )
WITHDRAWN (Y/N )
OTHER
1 Committee/Subcommittee hearing bill : Insurance & Ban k ing
2 Subcommittee
•
3 Representative Barnaby offered the following :
4
5 Amendment (with title amendment)
6 Remove everything after the enacting clause and insert :
7 Section 1 . Present subsections ( 3 ) , ( 4 ) , and ( 5 ) and
8 subsections (6 ) through ( 25 ) of section 517 . 021 , Florida
9 Statutes , a re redesignated as subsections ( 4 ), ( 5 ) , and (6 ) and
10 subsections (8 ) through (27 ), respectively , new subsections ( 3 )
11 and ( 7 ) are added to that section , and subsection (1) and
12 present subsections (4) , (8 ) , (9 ), and (14) of that section are
13 amended , to read :
14 517 . 021 Definitions . -When used in this chapter , unless the
15 context otherwise indicates , the following terms have the
16 following respective meanings :
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• Page 1 of 114
CO1'1MITTEE/SUBCO1'1MITTEE AMENDMENT •
Bill No . HB 311 ( 2024 )
Amendment No . 1
17 (1 ) "Accredited investor " shall be defined by rule of the
18 commission in accordance with Securities and Exchange Commission
19 Rule 50 1 , 17 C . F . R . s . 230 . 501 , as amended .
20 ( 3) "Angel investor group " means a g roup of accredited
21 investors who hold regular meetings and have defined p rocesses
22 and p rocedures for making investment decisions , individually or
23 among the membership of the group , and who are not associated
24 p ersons , affiliates , or agents of a dealer or investment
25 adviser .
26 ill-f--4+- " Boiler room " means an enterprise in which two or
27 more persons in a common scheme or enterprise sol i cit p otential
•
28 investors through telephone calls , e-mail , text messages , social
29 media , chat rooms , or other electronic means engage in telephone
30 communications .vith members of the public using two or more
1
31 telephones at one location , or at more than one location in a
32 common scheme or enterprise .
33 (7 ) " Business entity " means any corporation , partnership ,
34 limited p artnershi p , limited liability company , pr o p rietorship ,
35 firm , enterprise , franchise , association , self - employed
36 individual , or trust , which may or ma y not be fictitiously
37 named , doing business in this state .
38 (1 0) (a)-+&+- " Dealer " includes , unless otherwise specified ,
39 a person , other than an associated person of a dealer , that
40 engages , for all or part of t he person ' s time , directly or
41 indirectly , as agent or principal in the business of offering ,
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Page 2 of 114
•
• Amendment No . 1
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 311 ( 2024 )
42 buying , selling , or otherwise dealing or trading in securities
43 issued by another person .
44 J.l:2.l The term " dealer " does not include any of the
45 following :
46 .L_-fa+ A licensed prac ticing attorney who renders or
47 per forms any such services in connection with the regular
48 practice of the attorney ' s profession .
49 I..:_-+e+- A bank authorized to do business in this state ,
50 except nonbank subsidiaries of a bank .
51 l..:_-f-e+- A trust company having trust powers that it is
52 authorized to exercise in this state , which renders or performs
•
53 services in a fiduciary capacity inci dental to the exercise of
54 its trust powers .
55 i...:_-f-4+- A wholesaler selling exclusively to dealers .
56 i..:_-fe+- A person buying and selling for the person ' s own
57 account exclusively through a registered dealer or stock
58 exchange .
59 ~+H- An issuer .
60 2....:_~ A natural person representing an issuer in the
61 purchase , sale , or distribution of the issuer ' s own securities
62 if such person :
63 a .h Is an officer , a director , a limited liability
64 company manager or managing member , or a bona fide employee of
65 the iss uer ;
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• Page 3 of 114
COMMITTEE/SUBCOMMITT EE AMENDMENT •
Bill No . HB 31 1 ( 2024)
Amendment No . 1
66 b . -&. Has not participated in the distribution or sale of
67 securities for any issuer for which such person was , within the
68 preceding 12 months , an officer , a director , a limited liability
69 company manager or managing member , o r a bona fide emp l oyee ;
70 c . -h Primarily performs , or is intended to perform at the
71 end of the distribution , substant ial duties for , or on beha l f
72 of , the issuer other than in connection with transactions in
73 securities ; and
74 d .+.-- Does not receive a commission , compensation , or other
75 consideration for the completed sale of the issuer ' s secur i ties
76 apart from the compensation received for regular duties to the
•
77 issuer .
78 JJJJ_-f-9+- " Federal covered adviser " means a person that is
79 registered or required to be registered under s . 203 of the
80 Investment Advisers Act of 1940 , as amended . The term does not
81 include any person that is excluded from the definition of
82 investment adviser under subparagraphs ( 16 ) (b ) 1. - 7 . and 9
83 (14) (b) 1. 8.
84 ( 16 ) (a ) (14) (a) " Investment adviser " means a person , other
85 than an associate d person of an investment adviser or a federal
86 covered adviser , that receives compensation , d i rectly or
87 indirectly , and engages for all or part of the person ' s time ,
88 directly or indirectly , or through publications or writi ngs , in
89 the business of advising others as to the value of securities or
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Page 4 of 114
•
• Amendment No . 1
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 311 ( 2024 )
90 as to the advisability of investments in , purchasing of , or
91 selling of securities .
92 (b ) The term does not i nclude an y of the follow i ng :
93 1. A dealer or an associated person of a dealer whose
94 perfo r mance of services in paragraph (a ) is solely incidental to
95 the conduct of the dealer ' s or associated person ' s business as a
96 deale r and who does not receive special compensation for those
97 services .
98 2. A licensed practicing attorney or certified public
99 accountant whose performance of such services is solely
100 incidental to the practice of the attorney ' s or accountant ' s
101 profession .
• 102 3. A bank authorized to do business in this state .
103 4. A bank holding company as defined in the Bank Holding
104 Company Act of 1956 , as amended , authorized to do business in
105 this state .
106 5. A trust company having trust powers , as defined ins .
107 658 . 12 , which it is aut horized to e xercise in this state , wh i ch
108 trust company renders or performs investment advisory services
109 in a fiduciary capacity incidental to the exercise of its trust
110 po wers .
111 6. A person that renders investment advice exclusively to
112 insurance or investment companies .
113 7. A person that , during the p recedin g 12 months , has
114 fe wer than six clients who are res i dents of this state . As used
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COMMITT EE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 311 ( 2024 )
Amendment No . 1
115 in this subp aragra p h , the term " client " has the same meaning as
116 p rovided in Securities and Exchan ge Commission Rule 275 . 222 - 2 ,
1 17 17 C . F . R. s . 275 . 222 - 2 , as amended do e s not ho l d i ts elf out to
118 the general publi c as an inv e stme nt advis e r and has no more than
119 15 clients ,J i thin 12 consecu t ive months in this state .
1
120 8. A person whose transa c t i ons i n this sta t e a r e l i mi ted
121 to those transa c t i ons d e s c ri b ed ins . 222 (d ) of t h e I nv e stme n t
122 Advisers Ac t o f 194 0 , as amend e d . Those cli e nts liste d in
123 subparagraph 6 . may no t be includ e d r.,hen determining the numb e r
124 of cli e nts o f an i nv e stme nt adv i ser fo r purpos e s o f s . 222 (d) o f
125 the I nvestment Ad v isers Act o f 1940 , as a mended .
•
126 -9--,- A federal covered adviser .
127 9. The United States , a state , or an y p olitical
128 s u bdivision of a state , or an y a g e n c y , authorit y , or
12 9 instr ume ntalit y of any such entit y ; a bus i ness entit y that is
130 wholl y owned directly or indirectl y b y such a g overnmental
131 entit y ; or an y officer , a ge n t , or emp lo yee of an y such
132 g o ve rnmen ta l or business e n tit y who i s act i ng wi thin the sco p e
133 of h i s or her official duties .
134 Section 2 . Present subsections ( 9 ) and (10 ) of section
135 5 1 7 . 0 51 , Florida Statutes , are redesigna t e d as sub sec t ions ( 10 )
136 and ( 11 ), respectively , a nd amended , a n e w s ub section (9) i s
137 added to that sect i on , and sub sections (1) , (3) , ( 4 ) , and (8 ) of
138 tha t s ection are amended , to r ead :
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•
• Amendment No . 1
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 311 ( 2024)
139 517 . 051 Exempt securities . -The exemptions provided herein
140 from the registration requirements of s . 517 . 07 are self -
1 41 executing and do not require any filing with the office prior to
1 42 claiming such exemption . Any person wh o c laims entitlement to
143 any of these exemptions bea rs the burden of proving such
144 entitlement in any proceeding brought under this chapter . The
145 registration provisions of s . 517 . 07 do not apply to any of the
1 46 following securities :
147 (1 ) A security issued or guaranteed by the United States
1 48 or any territory or insular possession of the United States , by
1 49 the District of Columbia , or by any state of the United States
150 or by any political subdivisio n or agency or other
. 151 instrumentality thereof ~ ; provided that
1 52 (a) Exce p t as p rovided i n pa ragraph (b) , a fl-e person may
153 not shall directly or indirectly offer or sell securities , other
154 than general obligation bonds , described under this subsection
155 if the issuer or guarantor is in default or has been in default
156 any time after December 31 , 1975 , as to principal or interest :
157 l..:_-+a+- With respect to an obligation issued by the issuer
158 or successor of the issuer ; or
159 1-..:_-+a+- With respect to an obligation guaranteed by the
160 guarantor or successor of the guarantor ,
161
162 except by an offering circular containing a full and fair
163 disclosure as prescribed by rule of the commission .
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164 (b ) Paragraph (a ) does not apply to a security that is an
165 indus t rial or commercial develop ment bond unless p a ym ents a r e
1 66 made or unconditiona ll y g uaranteed b y a person whose securities
167 are exemp t from re g istration under s . 18 (b ) (1 ) of the Securities
168 Act of 1933 , as amended .
169 (3) A security issued b y and which re p resents or will
170 re p resent an interest in or a direct obli g ation of or be
171 g uaranteed b y a ny of the follo wing :
172 (a ) An international bank of which the United States is a
1 73 membe r .
174 (b ) A bank organized under the laws of the United States .
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175 (c ) A membe r bank of the Federal Reserve S ystem .
176 (d ) A de p ositor y institution , when a substantial p ortion
1 77 of its business consists of or will consist of receivi ng
178 de p osits or share accounts that are insured to the ma x i mum
179 amoun t authorized b y statute b y the Federal Dep osit Insurance
180 Corp o r atio n or the National Credit Union Share Insurance Fund e-r
181 guarante e d by :
182 (a ) l't national bank , a federally chartered savings and
183 loan ass oe iat io n , or a fede r al ly cha r t e r e d s a v i ngs ban k , or the
184 init i al subs c ript i on f or equity s e curities in su c h national
185 bank , federally c h a r tered savings and l oan ass o cia t i o n , or
186 federally chartered savings bank ;
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187 (b) Any federal land bank , joint stock land bank , or
188 national farm loan association under the provisions of the
1 89 Federal Farm Loan Act of July 17 , 1916 ;
190 (c ) An international bank of which the United States is a
19 1 member ; or
1 92 (d ) A corporation created and acting as an instrumentality
193 of the go v ernment of the United States .
1 94 ( 4) A security issued or guaranteed , as to principa l ,
195 interest , or dividend , by a business entity corporation owning
1 96 or operating a railroad , another common carrier , or any other
1 97 public service ut i lity ; provided that such business entity
198 corporation is subject to regulation or supervision whether as
. 199 to its rates and charges or as to the issue of its own
200 securities by a public commission , board , or officer of the
201 government of the United States , of any state , territory , or
202 insular possessi on of the United States , of any municipality
203 located therein , of t he District of Columbia , or of the Dominion
204 of Canada or of any province thereof ; also equipment securities
205 based on chattel mortgages , leases , or agreements for
206 conditional sale of cars , motive power , or other rolling stock
207 mortgaged , leased , or sold to or furnished for the use of or
208 upon such railroad or other public service uti l ity corporation
209 or where the ownership or title of such equipment is p l edged or
210 retained in accordance with the p rovisio ns of the laws of the
211 United States or of any state or o f the Dominion of Canada to
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212 secu r e t h e p ayment of such equipme n t securities ; and also b o n ds ,
213 note s , or other evidences of indebtedness issued by a holding
214 corp ora tion and secu red by collateral consistin g of any
215 secu r ities hereinabove described ; provided , further , that the
216 co l l a t era l securitie s e qu a l i n f a i r v a lue a t le a st 12 5 p e rcen t
217 of the p a r value of the bonds , notes , or other evidences of
218 in de b tedness so secured .
219 (8 ) Shares or other e q uit y interests of a bus i ness entit y
220 wh i c h r e p rese n t o wnersh ip or entitle the h olde r s of s u c h s hares
221 or other e qu it y interests to p ossession and occu p anc y of
222 s pe cific a p ar tm ent u nit s in p rop er ty o wned by s u c h bu si n ess
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223 entit y a n d org anized and op era t ed on a coo p erative basis , s olel y
224 for r e s i d e nt ial purp o s es A note , draft , bill of eicchange , or
225 banker ' s acceptance having a unit amount of $ 2 5 , 000 or more
226 ,rhich arises out of a curren t transaction , or t he proceeds of
227 Hhich have been or are to be used for current transactions , and
22 8 ,vhich has a maturi t y period at the time of issuance not
229 eicceeding 9 months eicclusive of days of grace , or any renewal
230 thereof which has a maturity period likewise limited . This
231 subsection applies only to prime quality negotiable commercial
232 paper of a type not ordinari l y purchased by the general public ;
233 that is, paper issued to facilitate ,.,ell recognized types of
23 4 current operational business requirements and of a type eligible
235 for discounting by Federal Reserve banks .
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236 (9) A member ' s or owner ' s interest in , or a retention
237 certificate or like securit y g iven in lieu of a cash p atrona g e
238 dividend issued b y , a not - for -p rofit membersh i p entity o perated
239 either as a coo perative under the cooperative laws of a state or
240 in accordance with the coop erative p rovisions of subcha p ter T of
241 chapter 1 of subt i tle A of the United States Internal Revenue
242 Code , as amended , but not a member ' s or owner ' s interest ,
243 retention certificate , or like securit y sold or transferred to a
244 p erson other than :
245 (a ) A bona fide member of the not - for -p rofit membershi p
246 entit y ; or
247 (b ) A person who becomes a bona fide member of the not -
. 248 for -p rofit membershi p entit y at the time of or in connection
249 with the sale or transfer .
250 ll.Ql_-f--9+- A security issued by a business entity c orp o rati o n
251 organized and operated exclusively for religious , educational ,
252 benevolent , fraternal , charitable , or reformatory purposes and
253 not for pecuniary profit , no part of the net earnings of which
254 corporation inures to the benefit of any private stockholder or
255 individual , or any security of a fund that is excluded from the
256 definition of an investment company under s . 3 ( c ) ( 10) (B) of the
257 Investmen t Comp a ny Act of 1940 , as amended ; p rovided that a -n-e
258 p erson ma y not shall directly or indirectly offer or sell
259 securities unde r this subsection except by an offering circular
260 co ntaining full and fai r disclosure , as prescribed by the rules
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Amendment No . 1
261 of the commission , of all material information , including , but
262 not limited to , a description of the securities offered and
263 terms of the offering , a descript i on of the nature of the
264 issuer ' s business , a statement of the purpose of the offering
265 and the intended application by the issuer of the proceeds
266 thereof , and financial statements of the issuer p r epared in
267 conformance with United States generally accepted accounting
268 principles . Section 6(c ) of the Philanthro p y Protection Act of
269 1995 , Pub . L . No . 104 - 62 , does shall not preempt any provision
270 of this chapter .
271 J . .!JJ_-f-1-G+ Any insurance or endowment policy or annuity
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272 contract or optional annuity contract or self - insurance
273 agreement issued by a business entity corpora t i o n , insurance
274 company , reciprocal insurer , or risk retention group subject to
275 the supervision of the insurance regulator or bank regulator , or
276 any agency or officer performing like functions , of any state or
277 territory of the United States or the District of Columbia .
278 Section 3 . Section 517 . 061 , Florida Statutes , is amended
279 to read :
280 (Substantial rewordin g of section . See
281 s . 517 . 061 , F . S ., for p resent text . )
282 517 . 061 Exemp t transact i ons . -Excep t as otherwise p rovided
283 in subsection ( 11 ) , the exemp tions p rovided herein from the
284 re g istration re quirements of s . 517 . 07 are self - executin g and do
285 not re q uire an y filin g with the office before b ei ng claimed . An y
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286 pers on who claims entitlement to an exemption under this section
287 bears the burden of proving such entitlement in any proceedin g
288 brought under this chapter . The registrat ion provisions of s .
289 517 . 07 do not apply to any of the following transactions ;
2 90 however , such transactions are subject to s . 517 . 301 :
291 ( 1) (a) Any judic ial sale or any sale by an executor , an
292 administrator , a g uardian , or a conservator ; any sale by a
2 93 receiver or trustee in insolvency or bankruptcy ; any sale by an
294 assignee as defined ins . 727 . 103 with respect to an assignment
295 as defined in that section ; or any transaction incident to a
296 judiciall y approved reorganization in which a security is issued
297 in exchange for one or more ou tstanding securities , claims , or
. 298 pr operty interests.
299 (b) Except for a security exchanged in a case brought
300 under Title 11 of the United States Code , a security that is
301 issued in exchange for one or more bona fide outstandin g
302 securities , claims , or pr operty interests , or pa rt ly in such
303 exchange and partly for cash , if the terms and conditions of
304 such issuance and exchange are approved :
305 1. By a court , an official or agency of the United States ,
306 a banking or insurance commission of a state or territory of the
307 United States , or another governmental authority expressly
308 authorized by law to grant such approval .
309 2. After a hearing upon the fairness of such terms and
310 conditions and at which all persons to whom issuance of
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Amendment No . 1
311 securities in such exchange is p rop osed have the right to
312 a ppear .
313 (2 ) The issuance of notes or bonds in connection with the
314 acquisition of real p ro pert y or renewals thereof , if such notes
315 or bonds are issued to the sellers of , and are secured by all or
316 pa rt of , the real p roperty so acquired .
317 (3) A transaction involving a stock dividend or equivalent
318 equity distribution , regardless of whether the business entity
319 distributing the dividend or equivalent equity distribution is
320 the issuer , if nothing of value is given by stockholders or
321 other e qu it y holders for the dividend or equivalent equity
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322 distribution other than the surrender of a right to a cash or
323 pr op ert y dividend in the event that each stockholder or other
324 equity holder may elect to take the dividend or equiva l ent
325 equity distrib ution in cash , property , or stock .
326 (4 ) A transaction under an offer to existing security
327 holders of the issuer , including persons that at the date of the
328 transaction are holders of convertible securities , opt ions , or
32 9 warrants , if a commission or other remuneration is not pai d or
330 gi ven , directly or indirectly , for soliciting a securit y ho lde r
331 in this state .
332 (5 ) The issuance of securities to such equity security
333 holders or creditors of a business entit y in the pr ocess of a
334 reorganization of such business entit y , made in g ood faith and
335 not for the purpose of evading this chapter , either in exchange
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336 for t he securities of such equity security holders or claims of
337 such creditors or partly for cash and pa rtl y in exchange for the
338 securities or claims of such equity security holders or
339 creditors .
340 ( 6) A transaction involving the distribution of the
341 securities of an issuer to the security holders of another
342 pers o n in connection with a merger , consolidation , exchange of
343 securities , sale of assets , or other reorganization to which the
344 issuer , or the issuer ' s parent or subsidiary , and the other
345 pers on , or the pers on ' s par ent or subsidiary , are p arties .
346 (7 ) The offer or sale of securities , solely in connection
347 with the transfer of ownership of an eligible privately held
. 348 company , through a merger and acquisition broker in accordance
349 with s . 51 7 . 12 ( 21 ) .
350 ( 8) The offer or sale of securities under a bona fide
351 employee stock purchase , savings , o ption , p rofit -sharing ,
352 pen sion , or similar employee benefit plan , including any
353 securities , plan interests , and guarante es issued under a
354 compensatory benefit plan or compensation contract , contained in
355 a record , established by the issuer , its pare nts , its majority -
356 owned subsidiaries , or the majority - owned subsidiaries of the
357 issuer ' s parent for the participation of their employees . This
358 includes offers or sales of such securities to all of the
359 following persons :
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360 (a ) Directors , managers , managing members , general
361 partners , officers , consultants , and advisors .
362 (b) If the issuer is a business trust , trustees and former
363 trustees .
364 (c ) Family members who acqu ire such securities from
365 persons d escribed in this section through g ifts or domestic
366 relations orders .
367 (d) Former employees , directors , managers , managing
368 members , g eneral p artners , officers , consultants , and advisors ,
369 if those individuals were employed by or p r oviding services to
370 the i ssuer when the secur i ties were offe r ed.
•
371 (e ) Insurance agents who are exclusive insurance a gents of
372 the issuer , or of the issuer ' s pa rents or subsidiaries , or who
373 der i ve more than SO percent of t heir annual i ncome f rom such
374 p ersons .
375 (9) The offer or sale of securities to a bank , trust
376 comp an y , sav i ngs institution , insurance compa ny , dealer ,
377 investment comp an y as defined in the Investment Compa ny Act of
378 1940 , 15 U. S . C . s . 80a -3 , as amended , p ension or pr ofit - sharing
379 trust , or qu alified institutional buyer , whether any of such
380 entities is actin g in its individual or fiduciary capacity .
381 (1 0) (a ) The offer or sale , by or on behalf of an issuer ,
382 of its own securities if the offer or sale is pa rt of an
383 offering made in accordance with all of the f ollowing
384 conditions :
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385 1. There are no more than 35 purcha sers , or the issuer
386 reasonably believes that there are no more than 35 purchasers ,
387 of the securities of the issuer in this state during an offering
388 made in reliance upon this subsection or , if such offering
389 continues for a period in excess of 12 months , in any
390 consecutive 12 - month period .
391 2. Neither the issuer nor any pers on acting on behalf of
392 the i ssuer offers or sells securities pursuant to this
393 subsection by means of any form of general solicitation or
394 general advertising in this state .
395 3. Before the sale , each purchaser or the purc haser ' s
396 representative , if any , is provided with , or given reasonable
. 397 access to , full and fair d is clos ure of all material information ,
398 which must include written notification of a pur chaser ' s right
399 to vo id the sale under s ubparagraph 4 .
400 4. Any sale made pursuant t o this subsection is voidable
401 by the purchaser within 3 days after the first tender of
402 consideration is made by such pur chaser to the issuer by
403 notifying the issuer that the pur chase r expressly voids the
404 purchase . The p urchaser ' s no t ice to the issuer must be sent b y
405 e - mail to the issuer ' s e - mail address set forth in the
406 disclosure document provided to the purchaser or purchaser ' s
407 re p resentative or b y hand delivery , courier service , or other
408 method b y which written proof of deliver y to the issuer of the
409 p urchaser ' s election to rescind the purchase is evidenced .
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Amendment No . 1
410 ( b) The following purchasers are excluded from the
411 calculation of the number of pu rchasers under subpa ra g ra p h
412 ( a ) 1. :
413 1. Any s p ouse or child of the purchaser or an y related
414 fa mil y member who has the same principal residence as such
415 purchaser .
416 2. A trust or estate in which a p urchaser , an y of the
417 p ersons related to such p urchaser s pecified in subparagraph 1 .,
418 and an y business entity s pe cifie d in subparag ra ph 3 .
419 collectivel y have more than 50 percent of the beneficial
420 in terest , excluding any contingent interest .
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421 3. A b usine ss entity in which a purchaser , any of the
422 p ersons related to such purchase r s pecified in subparagraph 1 .,
423 and any trust or estate specified in subparagra p h 2 .
424 collectivel y are beneficial owners of more than 50 percent of
425 the equity securities or equity interest .
426 4. An accredited inves tor .
427
428 A business entity must be counted as one p urchaser . However , if
429 the business entit y is or ga nized for the s p ecific p ur p ose of
430 acquiring the securities offered and is not an accredited
431 investor , each beneficial owner of equity secur itie s or equity
432 interests in the bu siness en t i t y must be counted as a se p arate
433 purchaser . A noncontributory employee benefit plan within the
434 meaning of Title I of the Employee Retirement Inco me Security
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435 Act of 1974 must be counted as one purchaser if the trustee
436 makes all investment decisions for the pl an .
437 ( 11) Offers or sales of securities by an issuer in a
438 transaction that meets all of the following conditions :
439 (a ) The offers or sales of securities are made only to
440 p ersons who are , or who the issuer reasonably believes are ,
441 accredited investors .
442 (b) The issuer is not a business entity that has an
443 undefined business o peration , lacks a business p lan , lacks a
444 stated investment goal for the funds being raised , or p lans to
445 engage in a merger or acquisition with an unspecified business
44 6 entity .
• 447 (c ) The issuer reasonabl y believes that all purchasers are
448 p urchasin g for investment and not with the view to or for sale
449 in connection with a distribution of the securit y . Any resale of
450 a security sold in reliance on this exemption within 12 months
451 after sale is presumed to be with a view to distribution and not
452 for investment , exce p t a resale p ursuant to a registration
453 statement effective under this chap ter or p ursuant to an
454 exemption available under this chap ter , the Securities Act of
455 1933 , as amended , or the rules and regulations adopted
456 thereunder .
457 (d) l . A gener al announcement of the p ro p osed offerin g ,
458 made by any means , includes onl y the following information:
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459 a. The name , address , and telephone number of the issu er
4 60 of the securities .
461 b. The name , a brief description , and p rice , if known , of
462 any se c urity to be issued .
463 c. A br i ef description of the business .
4 64 d. The type , number , and aggregate amount of securit i es
465 b e ing offered .
466 e. The name , address , and telephone number of the p erson
467 t o contact for additional information .
4 68 f . A statement that :
469 (I ) Sales wil l be made on l y to accred i ted i nvestors ;
•
470 ( II ) Money or other consideration is not being solicited
471 and wi ll not be accepted by way of this genera l announcement ;
472 and
473 ( III ) The securities have not been registered with or
474 ap p roved by any state securities agenc y or the Securities and
475 Exchange Commission and are being offered and sold pursuant to
476 an exemp tion from reg i strati o n .
477 2. The issuer , in connection with an offer , ma y p rovide
478 information in addition to the information pr ovi ded in the
479 g e neral anno uncement as specified in subparag ra ph 1 . if such
480 information is delivered :
481 a. Through an electronic database that is restricted to
482 p ersons who have been p regualified as accredited investors ; or
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483 b. After the issuer reasonably believes that the
484 pros p ective purchaser is an accredited investor .
485 (e ) The issuer does not use tele phone sol ic itation unless ,
486 before p lacing the call , the issuer reasonably believes that the
487 prospective purchaser to be solicited is an accredited investor .
488 (f ) The issuer files with the office a notice of
489 transaction , a consent to service of p rocess , and a copy of the
4 90 general announcement within 15 days after the first sale is made
491 in this state . The commission may adopt by rule procedures for
492 filing documents by electronic means .
493 (g ) Dissemination of the general announcement of the
4 94 proposed offering to p ersons who are not accredited investors
. 495 does not disqualif y the issuer from claiming the exemp tion under
496 this subsect i on .
4 97 ( 12 ) The isolated sale or offer for sale of securities
4 98 when made b y or on behalf of a bona fide owner , not the issuer
499 or underwriter , of the securities , who dis p oses of such
500 securities for the owner ' s own account , and such sale is not
501 made directly or indirectl y for the benefit of the issuer or an
502 underwriter of such securities or for the direct or indirect
503 p romotion of an y scheme or enter p rise with the intent of
504 violating or evading this chap ter . For p ur p oses of this
505 subsection , isolated offers or sales include , but are not
506 limited to , an isolated offer or sale made by or on behalf of a
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Amendment No . 1
507 bona fide owner , rather than the issuer or underwriter , of the
508 securities if :
509 (a ) The offer or sale of securities is in a transaction
510 satisf y ing all of the conditions specified in subp aragraphs
511 (1 0 ) (a ) 1. , 2 ., and 3 . and p aragra p h ( 10 ) (b) ; or
512 (b) The offer or sale of securities is in a transaction
513 exemp t under s . 4 (a ) (1) of the Securities Act of 1933 , as
514 amended , or under Securities and Exchange Commission rules or
515 regulations .
516 ( 13 ) By or for the account of a p ledgeholder , a secured
517 party as defined i n s . 679 . 1021 (1) (ttt ) , or a mortgagee sel l ing
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518 or offerin g for sale or deliver y in the ordinar y course of
519 business and not for the purposes of avoiding the p rovisions of
520 this chap ter , to li quidate a bona fide debt , a security p ledged
521 in good faith as securit y for such debt .
522 ( 14) An unso l icited pu rchase or sale of securities on
523 order of , and as the agent for , another solel y and e x clusivel y
524 b y a dealer registered pursuant to s . 517 . 12 ; p rovided that this
525 exemp tion applies solel y and exclusivel y to such registered
526 dealers and does not authorize or p ermit the p urchase or sale of
527 securities at the direction of , and as a gent for , another by an y
528 p erson other than a dealer so re g istered ; and p rovided further
52 9 that such p urchase or sale ma y not be directly or indirectl y for
530 the benefit of the issuer or an underwriter of such securities
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531 or for the direct or indirect promotion of any scheme or
532 enterprise with the intent of violating or evading this chapter .
533 ( 15) A nonissuer transaction with a federal covered
534 adviser with investments under management in excess of $100
535 million acting in the exercise of discretionary authority in a
536 signed record for the account of others .
537 ( 16) The sale by or through a registered dealer of any
538 securities option if , at the time of the sale of the option :
539 (a) The perf ormance of the terms of the option is
540 guaranteed by any dealer registe red under the Securities
541 Exchange Act of 1934 , as amended , which guara nt y and dealer are
542 in compliance with such requirements or rules as may be approved
. 543 or adopted by the commission ; o r
544 (b) 1 . Such options transactions are cleared by the Opt ions
545 Clearing Corporation or any other clearing house recognized by
54 6 commission rule ;
547 2. The o ption is not sold by or for the benefit of the
548 issuer o f the underlying security ; and
549 3. The underlying security may be purchased or sold on a
550 reco gnized securities exchange registered under the Securities
551 Exchange Act of 1934 , as amended .
552 ( 1 7) (a) The offer or sale of securities , as agent or
553 principal , by a dealer registered pursuant to s . 517 . 12 , when
554 such securities are offered or sold at a price reasonably
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555 related to the current market price of such securities , p rovided
556 t h at such securities are :
557 1. Securities of an i ssuer for whi c h reports are re qu ired
558 to be filed bys . 13 ors . 15(d) of the Securities Exchange Act
559 of 1934 , as amended ;
560 2. Securities of a company registered under the Investment
561 Company Act of 19 40 , as amended ;
562 3. Securities of an insurance compan y , as that term is
563 defined ins . 2 (a) (17) of the Investment Company Act of 1940 , as
564 amended ; or
565 4. Securities , other than any securit y that is a federal
•
566 covered security and is not subject to any registration or
567 filing requirements under this chapter , that have been listed or
568 approved for list i ng upon notice of issuance by a securities
569 exchange registered under the Securities Exchange Act of 1934 ,
570 as amended ; and all securities senior to any securities so
571 listed or approved for listing upon notice of issuance , or
572 represented by subscription rights which have been so listed or
573 approved for listing upon notice of issuance , or evidences of
574 indebtedness g uaranteed by an issuer with a class of securities
575 listed or approved for listing upon notice of issuance by such
576 securities exchange , such securities to be exempt only so long
577 as such listings o r approvals remain in effect . The exemption
578 prov i ded in this subparagraph does not apply when the securities
579 are suspended from listin g approval for listing or trading .
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580 (b) The exemp tion p rovided in this subsection does not
581 a pp l y if the sale is made for the direct or indirect benefit of
582 an issuer or a control person of such issuer or if such
583 securities constitute the whole or part of an unsold allotment
584 to , or subscri p tion or participation by , a dealer as an
585 underwriter of such securities .
586 (c ) The exemp tion p rovided in this subsection is not
587 available for an y securities that have been denied registration
588 p ursuant to s . 517 . 111 . Addi t ionally , the office ma y den y this
589 exemption with reference to any p articular security , other than
590 a federal covered security , b y order pub lished in such manner as
591 the office finds pro per .
. 592 ( 18 ) An y non i ssuer transaction b y a registered dealer , and
593 an y resale transaction b y a s p onsor of a unit investment trust
594 registered under the Investment Company Act of 1940 , as amended ,
595 in a securit y of a class that has been outstanding in the hands
596 of the public for at least 90 days ; pr ovided that , at the time
597 of the transaction , the followin g conditions in parag ra p hs (a ) ,
598 (b) , and (c ) and either p aragrap h (d) or (e) are met :
599 (a ) The issuer of the securit y is actuall y engage d in
600 business and is not in t h e org anizationa l sta ge o r i n bankrupt c y
601 or receivers h i p and is not a b lank chec k , b lind pool , or s he ll
602 co mp an y whose p rimary pl an of business is to en g a g e in a merger
603 or combination of the business with , or an ac quisition of , an
604 unidentified p erson .
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No. HB 31 1 ( 2024 )
Amendment No . 1
605 (b ) The security is sold at a p rice reasonabl y related to
606 the current market price of the security .
607 (c ) The security does not constitute the who l e or part of
608 an unsold allotment to , or a subscription or parti cipat ion by ,
609 the dealer as an underwriter of the security .
610 (d ) The security is listed in a national l y recognized
611 securities manual desi gn ated by rule of the commission or a
612 document filed with and publicl y viewable through the Securities
613 and Exchange Commission electronic data gathering and retrieval
614 system and contains :
615 1. A description of the business and oper ations of the
•
616 issuer ;
617 2. The names of the issuer ' s officers and directors , if
618 an y , or , in the case of an issuer not domiciled in the United
619 States , the corporate equivalents of such persons in the
62 0 issuer ' s country of domicile ;
621 3. An audited balance shee t of the issuer as of a date
622 within 18 months before such transaction or , in the case of a
623 reorganization or merger in which p arties to the reorganization
62 4 or merge r had such audited balance sheet , a p roforma balance
625 sheet ; and
62 6 4. An audited income statement for each of the issuer ' s
627 i mmediate ly p receding 2 fiscal years , o r for the p eriod of
628 existence of the issuer , if in existence for less than 2 years
62 9 or , in the case of a reorganization or merger in which the
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63 0 p arties to the reorganization or merger had such audited income
631 statement , a pr oforma income statement .
63 2 (e ) l . The issuer of the security has a class of equit y
633 securities listed on a national securities exchange registered
634 under the Securities Exchange Act of 1934 , as amended ;
635 2. The class of security is quoted , offered , p urchased , or
636 sold through an alternative trading system registered under
637 Securities and Exchange Commission Re g ulation ATS , 17 C . F . R. s .
638 242 . 301 , as amended . and the issuer of the securit y has made
639 current information p ublicly available in accordance with
64 0 Securities and Exchange Commission Rule 15c 2 - l l , 17 C . F . R. s .
641 240 . 15c2 - ll , as amended ;
. 642 3. The issuer of the securit y is a unit investment trust
64 3 re g istered under the Investment Compan y Act of 1940 , as amended ;
644 4. The issuer of the securit y has been engaged in
645 continuous business , including p redecessors , for at least 3
64 6 y ears ; or
647 5. The issuer of the securit y has total asse t s of at least
648 $2 million based on an audited balance sheet as of a date within
64 9 18 months before such transaction or , in the case of a
650 reorganization or merger in which p arties to the reorganization
651 or merger had such audited balance sheet , a proforma balance
652 sheet .
653 ( 19) The offer or sale of any security effected by or
654 through a person in compliance withs . 517 . 12 (16 ).
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bi ll No . HB 31 1 ( 2 024)
Amendment No . 1
655 (20 ) A nonissuer transaction in an outstanding securit y b y
656 or throu g h a dealer re g iste r ed or exemp t from re g istration under
657 this chap te r , if all of the followin g are true :
658 (a ) The issuer is a re p ort i ng issuer in a forei g n
659 jurisdiction designa t ed by this subsection or by comm i ssion
660 rule , and the issuer has been sub j ect to continuous re p orting
661 re qu irements in such forei g n j urisdiction for not less than 180
662 da ys before the transaction .
663 (b ) The securit y is listed on the securities exchang e
664 desi g nated by this subsection or by commission rule , i s a
665 security of the same issuer which is of senior or substantially
•
666 e q ual rank to the listed securit y , or is a warrant or ri g ht to
667 p urchase or subscribe to an y such securit y .
668
669 For p ur p oses of this subsection , Canada , to gether with its
670 p rovinces and territories , is desi g nated as a forei gn
671 j urisdiction , a nd The Toronto Stock Ex chan g e , I n c ., is
672 desi g nated as a securities exchange . If , after an adm i nistrative
673 hearing in comp liance wi th ss . 120 . 569 and 120 . 57 , the office
67 4 fin ds that revocation is necessar y or app ro p riate in furt h erance
675 of the public interest and for the p rotection of investors , it
676 ma y revo ke t he designation of a securit i es exchang e under this
67 7 su b section .
678 (21 ) Other transactions exemp ted b y commission rule up on a
679 fi ndin g by the office that the a pp lication of s . 517 . 07 to a
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680 p articular tra n saction is not necessar y or a ppro p riate i n
681 furtherance of the p ublic interest and for the p rotection of
682 inves t ors due to the s mall dollar amount of the securities
683 involved or the limited character of the offerin g . In
684 conjunction with its adop tion b y rule of such exemp tions , the
685 commission ma y e x e mp t p ersons selling or offerin g for sale
686 secur i ties in such a transaction from the re g istration
687 re qui r ements of s . 517 . 12 . A rule ado p ted b y the comm i ssion
688 under this subsection ma y not have the effect of narrowing or
689 limitin g an y exemp tion s p ecified in this section .
690 Section 4 . Section 517 . 0611 , Florida Statutes , is amended
691 to read :
. 692 517 . 0611 The Florida Limited Offerin g Exe mp tio n Intras t ate
693 cror.r d f u nding . -
694 (1) This section may be cited as 4=-R-e " The Fl orida Limited
695 Offerin g Intrastate Cror.rdfunding Exemption ."
696 (2 ) The registration p rovisions of s . 517 . 07 do not a pp l y
697 to a securities t r ansaction co nducted in accord a nce with this
698 section ; however , such transaction is sub j ect to s . 5 17 . 301
699 Not,.· i thstand i ng any other provisi on of this chapt e r , an o f fer or
700 sal e of a se c urity by an i ssuer is an eJcempt transaction under
701 s . 517 . 0 61 if the offer or sale is c ondu ct ed in accordance r.rith
7 02 this section . The eJCemption provided in this seetion may not be
703 used in con j un c tion ·,r ith any other e He mption under s . 517 . 051 or
704 s . 5 17 . 0 61 .
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 31 1 ( 2024 )
Amendment No . 1
705 (3 ) The offer or sale of securities under this section
706 must be conducted in accordance with the requirements of the
707 federal exemption for intrastate offerings ins . 3 (a ) (11 ) of the
708 Securities Act of 1933 , 15 U. S . C . s . 77c (a ) (11 ) , as amended , a-R-e
709 United States Securities and Exchange Commission Rule 147 , 17
710 C . F . R . s . 230 . 147 , as amend e d , or Securities an d Exchan g e
711 Commission Rule 147A , 17 . C . F . R. s . 230 . 147A, as amended ado p t ed
712 pursuant to the Securities Act of 1933 .
713 (4) An issuer mu-s-t :
714 (a ) Must be a for - profit business entity that maintains
715 f orFRed under the la .; s of the state , be registered
1 ·ith the
1..
•
716 Se cretary of State , FRaintain its principal place of business -i-n-
717 the state , and de r ives deri v e its revenues primarily fro m
718 opera t ions in this -t-h-e state .
719 (b ) Must conduct transactions for an -t-h-e offering of $2 . 5
720 million or more through a dea l er registered with the office or
721 an in t ermediary registered under s . 517 . 12 s . 517 . 12 ( 19 ). Fo r an
722 of f e r i ng of l ess t han $2 . 5 million , the issuer may , but i s not
723 r e qu i r ed to , use such a d ealer or intermediar y .
724 (c ) Ma y not be , either before or as a result of the
725 offer in g , an investment company as defined ins . 3 o f the
726 Inves t ment Company Act of 1940 , 15 U. S . C . s . 80a - 3 , as a mended ,
7 27 o r s ub ject to the re porti ng requireme nt s o f s . 13 ors . 15 (d ) of
728 the Securities Ex change Act of 193 4 , 15 U. S . C . s . 78m ors .
729 78o (d ), a s a mended .
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• Amendment No. 1
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Bill No . HB 31 1 ( 2024)
730 (d) May not be a business entity that has company r.;ith an
731 undefined business operation , a company that lacks a business
732 plan , a company that lacks a stated investment goal for the
733 funds being raised , or a company that plans to engage in a
734 merger or acquisition with an unspecified business entity .
735 (e) May not be subject to a disqualification established
736 by the commission or office or a disqualification described in
737 s . 517 . 06 16 ors. 517 . 1611 or United States Securities and
738 8Hchange Commission Rule 506(d ), 17 C . F . R . 230 . 506(d) , adopted
739 pursuant to the Securities Act of 1933 . Each director , officer ,
740 manager , managing member , or genera l partne r , or person
741 occupying a similar status or performing a similar function , or
. 742 person holding more than 20 percent of the equity interest
743 shares of the issuer , is subject to this pa ra graph requirement .
744 ( f) Must deposit all funds received from investors in an
745 account in EJCecute an escror.r agreement r.rith a federally insured
746 financial institution authorized to do business in this -t+t--e
747 state , and maintain all such funds in the account until the
748 target offerin g amount has been reached or the offering has been
749 term inated or has expired . If the target offering amount has not
750 been reached within the peri od specified by the issuer in the
751 disclosure statement provided to investors , or if the offerin g
752 is terminated or expires , the issuer must refund invested funds
753 to all investors within 10 business days after such occurrence
754 for the deposit of investor funds , and ensure that all offering
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COMMITTEE/SUBCOMM ITTEE AMENDMENT •
Bi 11 No . HB 31 1 (20 24 )
Amendment No . 1
755 proceeds are provided to the issuer only 1n1hen the aggregate
756 capital raised from all investors is equal to or greater than
757 the target offering amount .
758 (g) Must use all funds in accordance with the use o f
759 p roceeds as disclosed to pr os p ective investors Allow investors
760 to cancel a commitment to invest r,.iithin 3 business days before
761 the offering deadlin e , as stated i n the disclosure statement ,
762 and issue refunds to all investors if the target offering amount
763 is not reached by the offering deadline .
764 (5 ) The issuer must file a notice of the offe ring with the
765 office , in writing or in electron i c form , in a for mat prescribed
•
766 by commission rule , together with a nonrefundable filing fee of
767 $200 . The filing fee must shall be deposited into the Regula t ory
768 Trust Fund of the office . The commission may adopt rules
769 establishing procedures for the deposit of fees and the filing
770 of documents by electronic means i f the procedures provide the
771 office wi th the information and data required by this section . A
772 notice is effective upon receipt , by the o ffice , of the
773 completed form , filing fee , and an irrevocable written consent
774 to service of civil process , similar to that provided for ins .
775 517 . 101 . The notice may be terminated by filing with the office
776 a notice of termination . The notice and offering expire 12
777 mon ths after filing the notice with the office and are n o t
778 eligible for renewal . The notice must :
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• Amendme nt No . 1
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Bill No . HB 311 ( 2024 )
779 (a ) Be filed with the office at least 10 days before the
780 issuer commences an offering of securities or the offering is
781 displayed on a website of an intermediary in reliance upon the
782 exemp t ion provided by this section .
783 ( b) Indicate that the issuer is conducting an offering in
784 reliance upon the exemption provided by this section .
785 (c ) Contain the name and contact information , includin g an
786 e - mail address , of the issue r .
787 (d ) Identify any predecessors , owners , officers ,
788 directors , g eneral p artners , mana gers , mana ging members , -a-H€i-
789 control persons or an y person occupying a similar status or
790 perf o rming a similar function of the issuer , including that
. 791 person ' s title , his or her status as a partner , trustee , or sole
792 proprietor or a similar role , and his or he r ownership
793 percentage .
794 (e ) Identify the federally insured financial institution
795 into , authorized to do business in the state , in which investor
796 funds will be deposi t ed , in accordance with the e scrow
797 agreement .
798 (f ) Require an attestation under oath that the issuer , its
799 predecessors , affiliated i ssuers, directors, officers , and
800 control persons , or any other person occupying a similar status
801 or performing a similar function , are not currently and have not
802 been within the past 10 years the subject of regulatory or
803 criminal actions involving fraud or deceit .
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 311 ( 2024 )
Amendment No . 1
804 (g) Include documentation verifying that the issuer is
805 organi zed under the l a.JS of the state and authorized to do
806 business i n the state .
807 +R-t- If a pp licable , include the intermediary ' s website
808 address where the issuer ' s securities will be offered .
809 j__gJ_-f-i--)- State Include the target offering amount and the
810 date , not to exceed 365 da y s , b y whi ch the targ et amount must be
811 reached in order to avoid termination of the offering .
812 (6) The issuer must amend the notice form within 10
813 business -3-G days after any material information containe d in the
814 notice becomes inaccurate for any reason . The commission may
•
815 require , by rule , an issuer who has filed a notice under this
816 section to file amendments with the office .
817 (7 ) The issuer ma y engage in general advertising and
818 g eneral solicitation of the offerin g to prospective investors .
819 Any o r al or written statements in advertising or solicitation of
820 the offering which contain a material misstatement , or which
821 fail to disclose material information , are sub j ect to
822 enforcement under this chap ter . Any g eneral adve rtising or other
823 g eneral announcement must state that the o f ferin g is l imited and
824 o p en onl y to residents of this state .
825 ill The issuer must provide a d i sclosure statement to
826 investors and the dealer or intermediary , along \Jit h a espy to
827 the office at the time that the notice is filed , and make
828 availabl e to potent ial investors through the dealer o r
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• Amendment No . 1
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82 9 intermediary , as applicable ; to the office at the time that the
830 notice is filed ; and to each p rospective investo r at l east 3
831 days before the investor ' s commitment to pu rchase or p a ymen t of
832 any cons ideration . The,-------a- disclosure statement must contain
833 containing material information about the i ssuer and the
834 offering , including all of the following :
835 (a ) The name , legal status , physical address , e - mail
836 address , and website address of the issuer .
837 (b) The names of the directors , officers , managers ,
838 managing members , and genera l pa rtners and any person occupying
839 a similar status or performing a similar function , and the name
840 and ownershi p p ercentage of each person holding more than 20
. 841 percent of the issuer ' s e quit y interests shares of the issuer .
842 (c ) A description of the current business of the issuer
843 and 4=-Re- anticipated business plan of the i ssuer .
844 (d) A description of the stated purpose and intended use
845 of the proceeds of the offering .
846 (e ) The target offering amount and 7 the deadline to reach
847 the target offering amount , and regular updates regarding the
848 progress of the issuer in meeting the target offering amount.
849 (f ) The price to the public of the securities or the
850 method for determining the price . However, before the sale , each
851 investor must receive in wri ting the final price and all
852 required disclosures and have an opportunity to rescind the
853 commitment to purchase the securities .
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COMMITTEE/SU BCOMMITT EE AMENDMENT •
Bill No . HB 311 ( 2024 )
Amendment No . 1
854 (g ) A description of the ownership and capital structure
855 of the issuer , including :
856 1. Terms of the securities being offered and each class of
857 security of the issuer , including how those terms may be
858 modified , and a su mm ary of the differences between such
859 securities , i ncluding how the rights of the securities being
860 offered may be materially limited , diluted , o r qualified by
861 rights of any other c l ass of security of the issuer .
862 2. A descripti on of how the e xercise of the rights held by
863 the principal e quit y h olders shareholders of the issuer could
864 negatively impact the purchasers of the securities being
•
865 offered .
866 3. The name and mmership level of each eHisting
867 shareho l der r.:ho O'n'ns more than 20 percent of any class of the
868 securities of the issuer .
869 4. Hor.v the securities being offered are being valued , and
870 eHamples of methods of ho·,., such securities may be valued by the
871 issuer in the future , including during subsequent corporate
872 actions .
873 5. The risks to purchasers of the securities relating to
874 minority ownership in the issuer , the risks associated 1.v ith
875 corporate action , including additional issuances of shares , a
876 sale of the issuer or of assets of the issuer , or transactions
877 'dith r elated parties .
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• Amendment No . 1
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878 (h ) A statement that the security being offered is not
879 registered under federal or state securities laws and that the
880 securities are subject to the limitation on resale contained in
881 Securities and Exchange Commission Rule 147 or Rule 147A .
882 (i ) Any issuer plans , formal or informal , to offer
883 additional securities in the future .
884 (j ) The risks to purchasers of the securities relating to
885 minority ownershi p in the issuer .
886 ill-BB- A description of the financial condition of the
887 issuer .
888 1. For offerings that , in combination with a l l other
889 offerings of the issuer within the preceding 12 - month period ,
. 890 have target offering amounts of $500 , 000 $100 , 000 or less , the
891 financial statements of the issuer may be , but are not required
8 92 to be , included description must include the most recent income
893 taJE return filed by t he issuer, if any , and a financial
894 statement that must be certified by the principal eHecutive
895 officer of the issuer as true and complete in all material
896 respects .
897 2. For offerings that , in combination with all other
898 offerings of the issuer within the preceding 12 - month period ,
899 have offering amounts of more than $500 , 000 $100 , 000 , but not
900 more than $2 . 5 million $500 , 000 , the description must include
901 financial statements prepared in accordance with generally
902 accepted accounting principles and reviewed by a certified
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 311 ( 2024 )
Amendment No . 1
903 public accountant , as defined ins . 473 . 302 , who is independent
904 of the issuer , using professional standards and procedures -£-e-r
905 such rev ie w or standards and procedures established by
906 commission the office , by rule 7 for such purpose .
907 3. For offerings that , in combination wi th all other
908 offerings of the issuer within the preceding 12 - month period ,
909 have targe t offering amounts of more than $2 . 5 million $ 500 , 000 ,
910 the description must include audited financial statements
911 prepared in accordance with generally accepted accounting
912 principles by a certified public accountant , as defined ins .
913 473 . 302 , who is independent of the issuer , and other
•
914 requi rements as the commission may establish by rule .
915 fil+i+ The following statement in boldface , conspicuous
916 type on the front page of the disclosure statement :
917
918 Neither the Securities and Exchange Commission nor any
919 state securities commission has approved or
920 disa ppr oved these securities o r determined if this
921 disclosure statement is truthful or comp lete . Any
922 representation to the contrary is a criminal offense .
923
924 These securities are offered under , and will be sold
925 in reliance upon , an exemption from the registration
92 6 requirements of federal and Florida securities laws .
927 Consequently , Neither the Federal Government nor the
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• Amendment No . 1
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Bi ll No . HB 31 1 ( 2024)
928 State of Florida has reviewed the accuracy or
92 9 completeness of any offering materials . In making an
930 i nvestment decision , i nvestors must rely on their own
931 examination of the issuer and the terms of the
932 offering , including the merits and risks involved .
933 These securities are subject to restr i ctions on
934 transferability and resale and may not be transferred
935 or resold except as specifically authorized by
936 appl icable federal and state securities laws .
937 Investing in these securities involves a speculative
938 risk , and investors shou l d be able to bear the loss of
939 their entire investment .
• 940 ( 8) The issuer shall provide to the office a copy of the
941 esero\J agreement wi th a fina ncia l institution author ize d to
942 conduct business in this state . All investor funds must be
943 deposited in the escrow account . The escrow agreement must
944 require that all offering proceeds be rel e ased to the issuer
945 only when the aggregate c api t al raised from all investors is
94 6 equal to or greater than the minimum target offering amount
947 specified in the disclosure statement as necessary to implement
948 the business plan, and that all investors r.,1 ill receive a full
94 9 return of their investment commitment if that target offering
950 amount is not raised by the date stated in the disclosure
951 statement .
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COMMITTEE/SUBCOMM ITT EE AMENDMENT •
Bill No . HB 31 1 ( 2024 )
Amend ment No . 1
952 (9) The sum of all cash and other consi deration rece i v ed
953 fo r s a l es of a security under this section may not exceed $5 ~
954 mill i on , less the aggregate amount receive d for all sa l es of
955 secu r ities b y the issuer within the 12 months preceding the
956 first offer or sale ma de in reliance u p o n this exemp t i o n . Offers
957 or sa l es to a person o wn ing 20 percent or more of the
958 outstanding e q uit y interests shar e s of any class or classes of
959 secur i tie s or to an officer , director , mana ger , manag in g member ,
960 g eneral partner , or trustee , or a person occupying a si mi l a r
961 st a tus , do not count toward this limitation .
962 ( 10 ) Unless the investor is an accredited inves t or , or the
•
963 issue r r easo nabl y b elieves that the investor is an accredited
964 inves t or as defined by Rule 501 of Regulation D, adopted
965 pursuant to th e Securities Act of 1933 , the aggregate amount of
966 securities sold by an issuer to an i n vestor in transactions
967 e>cempt from registration requirements under this subsection in a
968 12 - month perio d ma y not e x ceed $10 , 000 +
969 (a) The great e r of $2 , 00 0 or 5 p e r c ent of the annual
970 income or net worth of such investor , if the annual income or
971 the net worth of the investor is less than $100 , 000 .
972 (b ) Ten percent of the annual income or net r.wrth of such
973 investor , not t o C)cceed a maHimum aggregate amount sold of
974 $100 , 000 , if either the annual income or net worth of the
975 investor is equal to or eHceeds $100 , 000 .
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• Ame n dment No . 1
CO MM I TTEE /SU BCOMMITT EE AM ENDME NT
Bill No . HB 31 1 (2024 )
976 ( 11) The issuer shall file ,Jith the office and provide to
977 investors free of charge an annual report of the results of
978 operations and financial statements of the issuer within 45 days
97 9 after the end of its fiscal year , until no securities under this
98 0 offering are outstanding . The annual reports must meet the
98 1 follo,. ing requirements :
1
982 (a) Include an analysis by management of the issuer of the
983 business operations and the financial condition of the issuer ,
98 4 and disclose the compensation received by each director ,
985 eJce c utive offic e r, and person having an ownersh i p inter e st of 20
986 percent or more of the issuer , including cash compensation
987 earned since the previous report and on an annual basis , and any
. 988 bonuses , stock options , other rights to receive securities of
989 the i ssuer, or any affiliate of the issuer , or other
99 0 compensation received .
99 1 (b) Disclose any material change to information contained
992 in the disclosure statements which .Jas not disclosed in a
1
993 previous report .
9 94 J..l.1.l.(12) (a) A no ti ce - fil ing unde r thi s s e c t ion mu s t shall
995 b e s umma ril y susp e nded by the office if :
996 ~ The p a yment f o r the f ili ng i s d i s hono r ed by t h e
997 f i nanc i a l institution u p on whi c h t h e fun d s a r e d rawn . Fo r
998 pu r p oses o f s . 12 0 . 60 ( 6 ) , f a ilu r e t o p ay t h e req ui r e d n o t i c e
999 fil ing fe e constitute s an imme dia t e and s e r i ous da n g e r t o th e
1000 p u b lic he alt h , s a fety , and welf a r e . Th e of f ice shall e n ter a
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Amendment No . 1
1001 final order revoking a notice - filing in which the payment for
1002 the filing is dishonored by the f inanc ial institution upon which
1003 the funds are drawni........2..!:_7
1004 (b ) A notice filing under this section shall be summarily
1005 suspended by the office if The issuer made a material false
1006 state ment in the issuer ' s notice - filing . The summary suspension
1007 remains shall remain in effect until a final order is entered by
1008 the office . For purposes of s . 120 . 60 (6) , a material false
1009 statement made in the issuer ' s notice - filing constitutes an
1010 immediate and serious danger to the publi c health , safet y , and
1011 welfare . If an issuer made a material false statement in the
•
1012 issuer ' s notice - filing , the office must shall enter a fin a l
1013 order revoking the notice - filing , issue a fine as prescribed by
1014 s . 517 . 19 1(9) s . 517 . 221 ( 3 ), and iss ue permanent bars under s .
1015 517 . 191 (10 ) s . 517 . 221 ( 4) to the issuer and all owners ,
1016 officers , directors , general p artners , and control persons , or
1017 any person occupying a similar status or performing a similar
1018 function of the issuer , including title ; status as a partner ,
1019 trustee , sole proprietor , or similar role ; and ownership
1020 percentage .
1021 J.l.1. .L·H:-3-+ If the issuer empl o y s the services of an
1022 intermediary , the AFt intermediary must :
1023 (a ) Take measures , as established by commission rule , to
1024 reduce the risk of fraud with respect to the transactions ,
1025 including veri fying that the issuer is in compliance ',Jith the
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Bill No . HB 31 1 ( 2024 )
1026 requirements of this section and , if necessary , denying an
1027 issuer access to its platform if the intermediary believes it is
1028 unable to adequately assess the risk of fraud of the issuer or
1029 its potential offering .
1030 (b) Provide basic information on its website regarding the
1031 high risk of investment in and limitation on the resale of
1032 exempt securities and the potential for loss of an entire
1033 investment . The basic information must include , but need not be
1034 limited to , all of the following :
1035 1. A description of the financial institution into which
1036 investor funds wi l l be deposited escro,J agreement that the
1037 issuer has el(ecuted and the conditions for t he use release of
. 038 such funds !2_y -t-e the issuer in accordance with the agreement and
1039 subsection ( 4).
1040 2. A description of whether financia l information provided
1041 by the issuer has been audited by an independent certified
1042 public accountant , as defined ins . 473 . 302 .
1043 (c ) Obtain from each prospe ctive investor a zip code or
1044 residence address , a co py of a driver license , and an y other
1045 pr oof of residency in order for the issuer or intermediary to
1046 reasonably believe that the potential investor is a resident of
1047 this state . Th e commission may adopt rul es authorizing
1048 additional forms of identification and p rescribing the p rocess
1049 for verifying any identification pre sented by the pros pe ctive
1050 investor .
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bi ll No . HB 31 1 ( 2024)
Amendment No . 1
1051 (d) Obtain information sufficient for the issuer or
1052 intermediary to reasonably believe that a particular p ros p ective
1053 investor is an accredited investor
1054 (c) Obtain a zip code or residence address from each
1055 potential investor \Jh o seeks to v ie\1 information regarding
1056 specific investment opportunities , in order to confirm that the
1057 potential investor is a resident of the state .
1058 (d) Obtain and v erify a valid Florida driver license
1059 number or Florida identification card number from each investor
1060 before purchase of a security to confirm that the investor is a
1061 resident of the state . The commission may adopt rules
•
1062 authorizing additional forms of identification and prescribing
1063 the process for verifying any identification prese n ted by the
1064 investor .
1065 (e ) Obtain an affidavit from each in v estor stating that
1066 the investment being made by the investor is consistent ·.,ith the
1067 income requirements of subsection (1 0 ).
1068 (f ) Direct the release of investor funds in escro w in
1069 accordance •.. ith subsection ( 4) .
1
1070 (g) Di r ect in v estors to transmit funds directly to the
1071 fin ancial institution designated in the escro w agreement to hold
1072 the fu nds for the benefit of the in ves tor .
1073 M-f-h+ Provide a monthly update for each offering , after
1074 the first full month after the date of the offering . The update
1075 must be accessible on the intermediary ' s website and mus t
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Bill No . HB 31 1 ( 2024)
1076 display the date and amount of each sale of securities , and each
1077 cancellation of commitment to invest , in the previous calendar
1078 month .
1079 ( i) Require each investor t o certify in writing , including
1080 as part of such c e rtifica t ion his or her signa t ure and his or
1081 her init i als next to each paragraph of the certification , as
1082 follows :
1083 I understand and acknor,,ledge that:
1084 I am investing in a high risk , speculative business
1085 venture . I may lose all of my investment , and I can a f ford th e
1086 l oss o f my i nvestment .
1087 This offering has not been revier,;ed or approv e d by any
. 088 state or federal se c urities commission or other regulatory
1089 authority and no regulatory authority has con f i r med the ac curacy
1090 or determined the adequacy of any disclosure made to me relating
109 1 to this offering .
1 092 The securities I am acquiring in this offering are illiquid
1093 and are subject to possible dilution . There is no ready market
1 094 for the sale of the securities . It may be difficult or
1 095 impossible for me to sell or othen,ise dispose of the
1 096 securities , and I may be required to hold the securities
1 0 97 indefinitely .
10 9 8 I may be subject to ta>c on my share of the taHable income
1 09 9 and losses of the issuer , whether or not I have sold or
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Bill No . HB 311 ( 20 2 4 )
Amendment No . 1
1100 othen,ise disposed of my i nvestment o r received any dividends or
1101 o ther distributions from the issuer .
110 2 By enter i ng into this transa c tion with the issuer , I am
1103 affirmatively representing myself as being a Florida resident at
1 10 4 the time this contract is formed , and if this representation is
1105 subsequently shmrn to be false , the contract is void .
1106 If I resell any o f the se c uriti e s I am acquiring in this
1107 offering to a person that is not a Florida resident ·,,ithin 9
1 108 months after the elosing of t he offering , my contract with the
1109 issuer for the purchase of these securities is void .
1110 (j ) Require each investor to ansr.:er quest i ons
•
1111 demonstrating an understanding of the level of risk generally
11 1 2 applicable to investments in startups , emerging businesses , and
1113 small issuers , and an understanding of the risk of illiquidity .
11 1 4 ill-f-k-+ Take reasonable ste p s to pro t ect p ersona l
111 5 i nfo rma t io n col l ec t ed f r om investors , as re qui r e d by s . 5 0 1 . 171 .
111 6 ls.l-+-1-+ Pr ohibi t its d ir e ctors L a-n-4 off i c er s , ma nag e r s ,
1117 managing me mbers , ge ner al p ar t ne r s , e mp lo y ees , and ag e n ts from
1118 hav i n g a n y fi n a nci a l i n t e r est in t h e iss uer us in g its serv ices .
1119 (m) Implement ,,.ritten policies and procedures that are
1120 reasonably designed to achieve compliance r.:ith federal and state
1 1 21 securities la;. s ; comply r.:ith the anti money laundering
1
1 122 requirements of 31 C.F.R. chapter X applicable to registered
1123 brokers ; and comply •.. ith the privacy requirements of 17 C . F . R .
1
1124 part 248 relating to brokers .
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Bill No . HB 31 1 ( 2024)
1125 ll.ll_+l-4+ An intermediary not registered as a dealer under
1126 s. 517 . 12 ( 5) may not :
1127 (a ) Offer investment adv i ce or recommendations . A refusal
1128 by an intermediary to post an offering that it deems not
1129 cred i ble or that represents a potential for fraud may not be
1130 construed as an offer of i nvestment advice or recommendation .
1131 (b ) Solicit purchases , sales , or offers to buy securities
1132 offered or displayed on its website .
11 33 (c ) Compensate employees , agents , or other persons for the
1134 solicitation of , or based on the sale of , securities offered or
1135 displayed on its website .
1136 (d ) Hold , ma nage , possess , or otherwise handle investor
. 137 funds or securities .
1138 (e ) Compensate promoters , finders , or lead generators fo r
1139 prov i ding the intermediary with the personal identifying
1140 information of any p ros p ective potential investor .
1141 (f ) Engage in any other activities set forth by commission
1142 rule .
1143 ( 14) If the issuer does not employ a dealer or an
1144 intermediary for an offerin g p ursuant to the exemp tion created
1145 under this section , the issuer must fulfill each of the
1146 obligations s p ecified in paragraphs (12) (c ) - (f) .
1147 ( 15 ) Any sale made p ursuant to the exempt ion created under
1148 this section is voidable by the purchaser within 3 days after
1149 the first tender of consideration is made by such p urchaser to
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 31 1 ( 202 4)
Amendment No . 1
1150 the issuer by notif y ing the issuer that the purchaser ex p ressly
1151 voids the purchase . The p urchaser ' s notice to the issuer must be
1152 sent by e - mail to the issuer ' s e - mai l address set forth in the
1153 disclosure statement that is p rovided to the pur chaser or
1154 p urchaser ' s re p resentative or by certified mail or overnight
1155 del i very service with p roof of delivery to the mailing address
11 56 set forth in the dis closu re statement All funds reeeived from
1157 investors must be direc ted to the financial institution
1158 designated in the escrow agreement to hold the funds and must be
1159 used in accordance \Jith representations made to investors by the
1160 intermediary . If an investor cancels a commitment to invest , the
•
1161 intermediary must direct the financial institution designated to
1162 hold the funds to promptly refund the funds of the investor .
1163 Section 5 . Section 517 . 0612 , Florida Statutes , i s created
1164 to read :
11 65 517 . 0612 Florida Invest Local Exemp tion . -
1166 (1 ) Th is section ma y be cited as the " Florida Invest Local
1167 Exem p tion ."
1168 (2 ) The registration provisions of s . 517 . 07 do not a pp l y
1169 to a securities transaction conducted in accordance with this
1170 section ; however , such transaction is sub j ect to s . 517 . 301 .
1171 (3) The offer or sale of securities under this section
1172 mu s t meet the re q uirements of the f ederal exemp tion for
1173 intrastate offerin g s in s . 3 (a ) (1 1 ) of the Secur ities Act of
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117 4 1933 , Securities and Exchange Commission Rule 147 , or Securities
1175 and Exchange Commission Rule 147A , as amended .
1176 (4) The issuer must be a for -p rofit business entit y
1177 registered with the Department of State which has its p rinci pa l
1178 pl ace of business in this state . The issuer may not be , before
1179 or as a result of the offering :
1180 (a ) An investment comp an y as defined in the Investment
1181 Comp an y Act of 19 4 0 , as amended ;
1182 ( b) Subject to the re p orting re q uirements of the
1183 Secu rities and Exchange Act of 1934 , as amended ;
1184 (c ) A business entity that has an undefined business
1185 o p eration , lacks a business p lan , lacks a stated investment g oal
. 186 for the funds being raised , or p lans to en g age in a mer g er or
1187 ac quisition with an uns pecified business entity ; or
1188 (d) Subject to a disqualification as p rovided ins .
1189 517 . 0616 .
1190 (5) The sum of all cash and other consideration received
1191 from all sales of the securities in reliance up on the exemp tion
1192 under this section may not exceed $500 , 000 , less the aggregate
1193 amount received for all sales of securities b y the issuer within
1194 the 12 months before the first offer or sale made in reliance on
1195 this exemp tion .
1196 ( 6 ) (a) The issuer ma y not accep t mo re than $10 , 000 from
1197 an y sin g le purchaser unless an y of the followin g a ppl y :
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 31 1 ( 2024)
Amendment No . 1
1198 1. The issuer reasonably believes that the pur chaser is an
1199 accredited investor .
1200 2. The pu rchaser is an officer , director , partn er , or
1201 trustee , or an individual occup ying a similar status or
1202 per formin g similar functions , of the issuer .
1203 3. The pu rc haser is an owner of 10 pe rcent or more of the
1204 issuer ' s outstandin g e q uit y .
1205 (b) For pu r p oses of this subsection , the following persons
1206 must be treated collectivel y as a single pu rchaser :
1207 1. Any spouse or child of the purchaser or any related
1208 family member who has the same primary residence as the
•
1209 purchaser .
1210 2. Any business entity of which the p urchaser and an y
1211 p erson related to the purchaser as provided in subparagraph 1 .
1212 collectivel y own more than 50 percent of the equity interest .
1213 (7) The issuer may engage in general advertisin g and
1214 general solicitation of the offer i ng . Any g eneral advertising or
1215 other g eneral announcement must state that the offer is limited
1216 and open only to residents of this state . Any oral or written
1217 statements in advertising or solicitation of the offer which
1218 contain a material misstatement , or which fail to disc l ose
1219 material information , are subject to enforcement under this
1220 chapt er .
1221 (8) A p urchaser must receive , at least 3 business days
1222 before any binding commitment to pu rchase or consideration paid ,
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Bill No . HB 311 ( 2024)
1223 a disclosure statement that provides material information
1224 regarding the issuer , including , but not limited to , all of the
1225 following information :
1226 (a) The issuer ' s name , type of entity , and contact
1227 information .
1228 (b) The name and contact information of each director ,
1229 officer , or other manager of the issuer .
1230 (c ) A descri p tion of the issuer ' s business .
1231 (d ) A description of the security being offered .
1232 (e ) The total amount of the offering .
1233 (f ) The intended use of proceeds from the sale of the
1234 securities .
• 235 ( g) The target offering amount .
1236 (h) A statement that if the target offerin g amount is not
1237 obtained in cash or in the value of other tangible consideration
1238 rece ived on a date that is no more than 180 days after the
1239 commencement of t he offering , the offering will be terminated ,
1240 and an y funds or other consideration received from purchasers
1241 must be p romptl y returned .
1242 (i ) A statement that the security being offered is not
1243 registered under federal or state securities laws and that the
1244 securities are subject to the limitation o n resale contained in
1245 Securities and Exchange Commission Rule 147 or Rule 147A .
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Amendment No . 1
1246 (j ) The names and addresses of all persons who will be
1247 involved in the offer and sa l e of securities on behalf of the
1248 issuer .
1249 (k ) The name of the bank or other depository institution
1250 into whic h investor funds wi l l be de p osited .
1251 (l ) The following statement in boldface , conspicuous type :
1252
1253 Neither the Securities and Exchan ge Commission nor an y
1254 state securities commission has app roved or
1255 disapproved these securities or determined that this
1256 disclosure statement is truthful or comp lete . Any
•
1257 re p resentation to the contrar y is a criminal offense .
1258
1259 ( 9) All funds received from i nvesto r s must be deposited
1260 into a bank or depository institution authorized to do business
1261 in this s tate . The issuer may not withdraw any amount of the
1262 offering proceeds un l ess the target offeri ng amount has been
1263 re ceived .
12 64 ( 10) The issuer must file a notice of the offerin g with
1265 the office , in writing or in electronic form , in a format
1266 p rescribed by commission rule , no l ess than 5 business days
12 67 before the offer i ng commences , along with the disclosure
1268 statement described in subsection ( 8) . If there are an y material
1269 changes to the information previously submitted , the issuer ,
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Bill No . HB 311 ( 2024 )
1270 within 3 b usiness da ys after such material change , must file a n
1271 amended notice .
1272 ( 11 ) An individual , entit y , or entit y emp loy ee who acts as
1273 an agent for the issuer in the offer or sale of securities and
1274 is not re g istered as a dealer under this chap ter ma y not do
1275 either of the following :
1276 (a ) Receive comp ensation based u p on the solicitation of
1277 p urchases , sales , or offers to p urchase the securities .
1278 (b ) Take custody of investor funds or securities .
1279 ( 12 ) Any sale made pursuant to the exemp tion created under
1280 this section is voidab l e b y the purchaser within 3 days after
1281 the first tender of consideration is made b y such purchaser to
. 282 the issuer b y notif y in g the issuer that the p urchaser ex p ressl y
1283 voids the purchase . The p urchaser ' s notice to the i s suer must be
1284 sent b y e - ma i l to the issue r ' s e - mail address set forth in the
1285 disclosure statement that is p rovided to a p urchaser o r t h e
1286 p urchaser ' s r e presentative or b y hand deliver y , courier service ,
1287 or other method b y which written p roof of deliver y to the issuer
1288 of the purchaser ' s election to rescind the purchase is
1289 evidenced .
1290 Section 6 . Section 517 . 0613 , Florida Statutes , is created
1291 to read :
1292 517 . 0613 Failure to comp l y with a securities re g istration
1293 exemp tion . -
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Amendment No . 1
1294 (1) Failure to meet the requirements for a ny exemp tion
1 295 fro m securities re g istratio n does not p reclude t he issuer from
1296 claimin g the availabilit y of any other app licable state or
1297 federal exemp tion .
1298 (2 ) The exemp tions crea t ed under ss . 517 . 061 , 517 . 0611 ,
1 2 99 and 517 . 0612 are not availab l e to an issuer for an y transaction
1300 or series of transactions that , althou g h in technical comp liance
1301 with the a pp licable p rovisions , is part of a p l an or scheme to
1302 evade the registration p rovisions of s . 517 . 07 , and re g istration
1303 under s . 517 . 07 is req uired in connection with such
1304 transact i ons .
•
1305 Section 7 . Section 517 . 0614 , Florida Statutes , is created
1306 to read :
1307 517 . 0614 Integration of offerings . -
1 308 (1) If the safe ha r bors in subsection (2 ) do not a pp l y , in
1309 deter mi n in g wh ethe r two or more offering s are to be treated as
1310 one for the pur p ose of re g istration or q ualif y in g for an
1311 exemp tion from re g istration under th i s cha p ter , offers and sales
1312 ma y not be inte g rated if , based on the p articu l ar facts and
1313 circumstances , the issuer can establish either that each
1314 offerin g comp lies with the re g istration re q uirements of this
1315 chap ter , or that an exemp tion from registration is available for
1316 the p articular offering , p rovided that an y transaction or series
1317 of transactions that , although in technical comp liance with this
1318 chap ter , is p art of a plan or scheme to evade the reg istration
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1319 requirements of this chap ter will not have the effect of
1320 avoiding i ntegration . In making this determina t ion :
13 21 (a ) For an exempt offering proh ibitin g gene r al
1322 solicitation , the issuer mus t have a reasonable belief , based on
1323 the facts and circumstances , with respect to each p urchaser in
1324 the exempt offering pr ohibiting general solicitation , that the
1325 issu er or an y p erson a ct ing on the issuer ' s behalf :
1326 1. Did not solicit such pur chaser through the use of
1327 gener al solicitation ; or
1328 2. Established a substant iv e relationship wi t h such
1329 pu rchaser before the commencement of the exemp t offering
1330 pr ohi biting general solic it a t ion , p rovided that a p urchaser
. 331 pr eviousl y s ol icited through the use of general solicitation is
1332 not deemed to ha v e been solic i ted through the use of ge nera l
1333 solicitation in the current offerin g if , during the 45 calendar
1334 days following such previ ous general solicitation :
1335 a. No offer or sale of t he same or similar cl ass of
1336 secu rities has been made by or on behalf of the iss ue r ,
1337 in c luding to such pu rchaser ; and
1338 b. The issuer or any pe rson acting on the issuer ' s behalf
1339 has not solicited such purchaser throu gh the use o f gen eral
1340 solicitation for any other security .
1341 (b) For two or more concurrent exempt offerings p ermitting
1342 general solicitation , in addition to satisfying the requirements
1343 of the parti cular exemption relied on , g eneral solicitation
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 31 1 ( 2024)
Amendment No . 1
1344 offering materials for one offering that includes information
1345 about the material terms of a concurrent offering under another
1346 exemption may constitute an offer of securities in such other
1347 offerin g, and therefore the offer must comp l y with all the
1348 requirements for , and restrictions on , offers under the
1349 exemption be i ng relied on for such other offering , inc l uding any
1350 le gend requirements and communications restrictions .
1351 (2 ) The integration anal ysis re qu ired by subsection (1) is
1352 not required if an y of the following nonexclusive safe harbors
1353 apply :
1354 (a ) An offering commenced more than 30 calendar days
•
1355 before the commencement of an y other offering , or more than 30
1356 calendar da y s after the termination or comp letion of an y other
1357 offering , may not be integrated wi th such other offering ,
1358 pr ovided that for an exempt offering for which g eneral
13 59 solicitation is not pe rmi tted whi ch follows by 30 calendar days
1360 or more an offering that allows general solicitation , pa ragra ph
1361 (l)(a) applies .
1362 (b ) Offers and sales made in comp liance with any of the
1363 following p rovisions are not subject to integration with other
1364 offerin g s :
1365 1. Section 517 . 051 ors . 517 . 061 , excepts . 517 . 061 ( 9) ,
1366 ( 10) , or (11) .
1367 2. Section 517 . 0611 ors . 517 . 0612 .
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1368 Section 8 . Section 517 . 0615 , Florida Statutes , is created
1369 to read :
1370 517 . 0615 Solicitations of inter est . -
1371 (1) A communication ma y not be deemed to constitute
1372 g eneral solicitation or g eneral advertising if the communication
1373 is made in connection with a seminar or meeting in which more
1374 than o ne issuer p artici pates and whi ch is s ponsore d by a
1375 colle ge , a universit y , or another institution of higher
1376 education ; a state or local government or an instrumentalit y
1377 thereof ; a non profit chamber of commerce or other non p rofit
1378 organization ; or an angel i nvestor group , incubator , or
1379 accelerator , if all of the followin g a pp l y :
. 380 (a) Advertising for the seminar or meetin g does not
1381 reference a specific offering of securities b y the issuer .
1382 (b) The s p onsor of the seminar or meeting does not do an y
1383 of the followin g :
1384 1. Make investment recommendations or provide investment
1385 advi ce to attendees of the seminar or meeting .
1386 2. Engag e in any investment negotiations between the
1387 issuer and investors attending the seminar or meeting .
1388 3. Charge attendees of the seminar or meeting any fee s ,
1389 other than reaso n a bl e administrative f ees .
1390 4. Receive an y compensa tion f or making introductions
1391 b etween seminar or meeting attendees and issuers or for
1392 investment neg otiations between such p arties .
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Amendment No . 1
1 393 5. Receive any compensation with respect to the seminar or
1394 meetin g , which comp ensation would require registration or
1395 notice - filin g under this cha p ter , the Securities Exchange Act of
1396 1934 , 15 U. S . C . ss . 78a et seq ., as amended , or the Investment
1397 Advisers Ac t of 1940 , 15 U. S . C . s . 80b - 1 et seq ., as amended .
1398 The sponsorship or participation i n the seminar or meeting does
1399 not by itself req uire registration or notice - filing under this
1400 chap ter .
1401 (c ) The t yp e of information regarding an offering of
1402 securities by the is suer which is communicated or distributed by
1403 or on behalf of the issuer in connection with the seminar or
•
1404 meet ing is limited to a notification that the issuer is in the
1405 p rocess of offerin g or planning to offer securities , the t yp e
1406 and amount of securities being offered , the intended use of
1407 pr oceeds of the offerin g , and the unsubscribed amount in an
1408 offering .
1409 (d ) If the event allows attendees to participate
1410 virtually , rather than in pers on , online p articipation in the
1411 event is limited to :
1412 1. Individuals that are members of , or other wise
1413 associated with , the s p onsor org anization ;
1414 2. Indiv iduals that the s p onsor reasonabl y believes are
1415 accredited investors ; or
1416 3. Individuals that have been invited to the event b y the
1417 s p onsor based on i ndustry or investment - related ex p erience
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• Amendment No . 1
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1418 reas onably selected by the sponsor in good faith and disclosed
1419 in the public communications about the event .
1420 (2 ) Before any offers or sales are made in connection with
1421 an offe ring , communications by an issuer or any person
1422 authorized to act on behalf of the issuer are not deemed to
1423 constitute general solicitation or general advertising if the
1424 communication is solel y for the pu r p ose of determinin g whether
14 25 there is an y interest in a contemplated securities offering .
1426 Requ irements imposed under this cha p ter on wri t ten or oral
1427 statements made in the course of such communication may be
1428 enforced as provided in this chapter . The solicitation or
1429 acceptance of money or other consideration or of any commitment ,
. 430 bind ing o r otherwise , from any p erson is prohibited .
1431 (a) The communication must state all of the following :
1432 1. Money or other consideration is not being solicited
1433 and , if sent in response , will not be accepted .
1434 2. Any offer to buy the securities will not be accepted ,
1435 and no part of the purchase p rice will be accep ted .
1436 3. A person ' s indication of interest does not involve
1437 obligation or commitment of any k i nd .
1438 (b) Any written communication under this subsection may
1439 include a means by which a person may indicate to the issuer
1440 that the person is interested in a potential offering . The
1441 issuer ma y re q uire the name , address , telephone number , ore -
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 311 ( 2024)
Amendment No . 1
1442 mail address in any response form included in the written
1443 communication under th is p aragra p h .
1444 (c ) A communication i n accordance with this subsection is
1445 not subject to s . 501 . 059 , regarding telep hone solicitations .
1446 Section 9 . Section 517 . 0616 , Florida Statutes , is created
1447 to read :
1448 517 . 0616 Dis q ualification . -A re g istration exemp tion under
1449 s . 517 . 061 (9 ) , (10) , and (11) , s . 517 . 0611 , ors . 517 . 0612 is
1450 not available to an issuer that would be dis q ualified under
1451 Securities and Exchange Commission Rule 506 (d ) , 17 C. F . R . s .
1452 230 . 506(d ) , as amended , at the time the i ssuer makes an offer
•
1453 for the sale of a securit y .
1454 Section 10 . Present subsections (4 ) through (8 ) of section
1455 517 . 081 , Florida Statutes , are redesignated as subsections (6 )
1456 through ( 10 ) , respectively , new subsections ( 4 ) and (5 ) are
1457 added to that section , and subsection (2 ) , paragraph (g ) of
1 4 58 s u bsection ( 3 ), and present subsection ( 7 ) of t h at sectio n are
1459 amended , to read :
1460 517 . 081 Registration procedure . -
1461 (2 ) The office shall receive and act upon applications for
1462 the reg istration of to ha v e securities r e gist e red , and t h e
14 63 COFAHl i ssi o n may pres c r i be f o r ms on r..rh ich it may require s u c h
1464 appl icat i ons t o b e s ubm i t ted . Applications must s hal l be duly
1465 signed by the applicant , sworn to by any person having knowledge
1466 of the facts , and filed with the office . Th e co mmissi o n may
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• Ame nd me nt No . 1
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1467 establish , by rule , procedures for depositing fees and filing
1 468 documents by electronic means provided such procedures provide
1 46 9 the office wi th the information and data required by this
14 70 section . An ap pl icat i on ma y be made eith e r b y the issue r o f t he
1 47 1 s ecur i ti e s fo r which re gistr a tion is a pp lied or by a n y
1472 regis t ered d ealer desiring to s e ll suc h securi t ies the same
147 3 within t h e s tate .
14 74 (3) Th e off i ce ma y require t h e a pplicant to su b mit to t he
1475 of f ic e t h e f ol l owing informat i on conce r ni n g t he issuer and such
1476 other relevan t in f ormat i on as t h e office may in its jud gme nt
1477 deem nece ss a ry to enable it to ascertain whether such securities
1478 shall be re g ister e d p ursuant to the provisions of this section :
. 479 (g )h A s pecimen copy of the securities certificate , if
1480 appl i cable , and a copy of any circular , prospectus ,
1481 advertisement , or other description of such securities .
1482 2. The commission shall adopt a form for a simplified
1483 offering c ircular to regist e r , under this section , securities
1484 t h a t ar e s old in offerings in whi c h the aggregat e o ffering pri ce
14 85 in any consecutive 12 month period does not e}{ceed the amount
1486 prov i ded ins . 3(b) of the Securities Act of 1933 , as amended .
1 487 The following issuers shall not be eligibl e to submit a
14 8 8 simplified offering circular adopted pursuant to this
14 8 9 subparagraph :
14 9 0 a. An issuer seeking to register securities for resale by
14 9 1 p e rsons other than the issuer .
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1492 b. An issuer that is subject to any of the
1493 disqualifications described in 17 C . F . R. s . 230 . 262 , adopted
1494 pursuant to the Securities Act of 1933 , as amended , or that has
1495 been or is engaged or is about to engage in an activity that
1496 ,rnuld be grounds for denial I
1 revocation , or suspension under s .
1497 517 . 111 . For purposes of this subparagraph , an issuer i n cludes
1498 an issuer ' s director , officer , general partner , manager or
1499 managing member , trustee , or equity owner ',Jho o wns at least 10
1500 percent of the mmership interests of the issuer , promoter , or
1501 selling agent of the securities to be offered or any officer ,
1502 director , partner , or manager or managing member of such selling
•
1503 agent .
1504 c. An issuer that is a development stage company that
1505 either has no specific business plan or purpose or has indicated
1506 that its business plan is to merge '.Jith an unidentified company
1507 or companies .
1508 d. An issuer of offerings in ·n1hich the specific business
1509 or properties cannot be described.
1510 e. Any issuer the office determines is ineligible because
1511 the form does not provide full and fair disclosure of material
1512 information for the type of offering to be registered by the
1 5 13 issue r.
1514 f . Any issuer that has failed to provide the office the
1515 reports requ ired for a previous offering registered pursuant to
1516 this subparagraph .
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1517
1518 }'is a eondition precedent to qualifying for use of the simplified
1519 offering circular , an issuer shall agree to provide the office
1520 •.,1 ith an annual financial report containing a balance sheet as of
1521 the end of the issuer ' s fiscal year and a statement of income
1522 for such year , prepared in accordance with United etates
15 23 generally accepted accounting principles and accompanied by an
15 24 independent accountant ' s report . If the issuer has more than 100
1525 security holders at the end of a fiscal year , the financial
1526 statements must be audited . Annual financial reports must be
1527 filed '.J ith the office within 90 days after the close of the
1528 issuer ' s fiscal year for each of the first 5 years follo·.. ing the 1
• 529 effective date of the registration .
1530 ( 4) The commission may , by rule :
1531 (a) Establish criteria relating to the issuance of equity
1532 securities , debt securities , insuran ce company se c urities , real
1533 estate investment trusts , oil a nd gas investments , and other
153 4 investments . In establishing these criteria , the commission may
15 35 consider the rules and regulations of the Securities and
1536 Exchange Commission and statements of policy by the North
1537 Ame r ican Securities Administ r ators Associa tion , Inc ., relating
1538 to the registration of securities offerings . The criteria must
1539 in clude all of the f o ll owi ng:
1540 1. The promoter ' s equity investment ratio .
1541 2. The financia l condition of the issuer .
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•
1542 3. The voting rights of shareholders .
1543 4. The grant of options or warrants to underwriters and
1544 others .
1545 5. Loans and other transactions with affiliates of the
1546 issuer .
1547 6. The use , escrow , or refund of proceeds of the offering .
1548 (b ) Prescribe forms re quiring a pp lications for the
1549 re gi stration of securities to be submitted to the office ,
1550 including a simp lif i ed offering circular to register , under this
1551 section , securities that are sold in offering s in which the
1552 aggregate offering price in any consecutive 12 - month period does
1553 not exceed the amount p rovided ins . 3(b ) of the Securities Act
1554
1555
1556
1557
of 1933 , as amended .
( c) Establish procedures for depositing fees and filing
documents by electronic means , p rovided that such p rocedures
p rovide the office with the information and data required by
•
1 558 thi s section .
1559 (d ) Establish re q uirements and standards for the filin g ,
1560 content , and circulation of a p reliminar y , final , or amended
1561 p ros p ectus , advertisements , and other sales literature . In
1562 establishing such re quirements and standards , the commission
1563 shall consider the rules and regulations of the Securities and
1564 Exchang e Commission relatin g to req uirements for p reliminar y ,
1565 final , or amended or supplemented p ros pectuses and the rules of
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1566 the Financial Industry Regulatory Authority re l ating to
1567 advertisements and sales literature .
1568 ( 5) All of the following issuers are not eligible to
1569 submit a simplified offering circular :
1570 (a ) An issuer that is subject to an y of the
1571 disqualifications described in Securities and Exchange
1572 Commission Rule 262 , 17 C . F . R. s . 230 . 262 , as amended , or that
1573 has been or is engaged or is about to engage in an activity that
1574 would be gro unds for denial , revocation , or suspension under s .
1575 517 . 111 . For purp oses of this paragraph , an issuer includes an
1576 issuer ' s d irector , officer , general partner , manager or managing
1577 member , trustee , or a person owning at least 10 percent of the
. 578 o wnership interests of the issue r ; a promoter or selling agent
1579 of the securities to be offered ; or any officer , director ,
1580 partner , or manager or managing member of such selling agent .
1581 (b) An issuer that is a development - stage company that
1582 either has no specific business plan or purpo se or has indicated
1583 that its business plan is to merge with an unidentified business
1584 entity or entities .
1585 (c) An issuer of offerings in which the specific business
1586 or properties cannot be described .
1587 (d) An issuer that the of fice determines is ineligible
1588 because the simplified circu la r does not provide full and fair
1589 disclosure of material information for the ty pe of offering to
1590 be registered by the issuer .
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•
1591 ( 9 ) (a )--f-++- The off i ce shall record the re g istration of a
1592 securit y in the re g iste r of securities ifL upon examination of
1593 an a-ft-Y application , it finds that all of the fo l lowin g
1 5 94 re qui r ements are met : the office
159 5 1. The a :e:elication is co me lete .
1596 2. The fee im e osed in subsection ( 8 ) has been e aid .
1597 3. The sale of the securit y would not be fraudulent and
1598 would not wo r k or tend to work a fraud u :eon the :eurchaser .
15 99 4. The terms of t he sale of s u c h securities would b e fair ,
1600 j ust , and e q u i tab le .
1601 5. The enter:e rise or business of the issuer is not based
1602 u :e on unsound business e rinci :eles .
1603
1 6 04
1605
1606
(b) U:e on re g istration , the secur i t y ma y be sold b y the
issue r or an y re g istered dealer , s u b j ect , h owe ver ,
fu r ther o r der of the office shall find that the sale of the
security referred t o t h erein r,rnuld no t be fraudulen t and ,,rnuld
to the
•
1607 not ,, ork or tend to ,.. o rk a fraud upon the purchaser , that the
1 1
16 08 terms of the sale of such se c urit i es would be fair , j ust , and
1 60 9 eq ui table , and that the enterprise or business of the issuer is
1610 not bas e d upon unsound business prin c ipl e s , it shall record the
1611 registration of such s e curity in the register of se c urities ; and
1 612 thereupon such security so registered may be sold by any
1 61 3 registered dealer , subject , however , to the further order of the
161 4 office . In order to determine if an offering is fair , just , and
1615 equitab l e , the commission may by rule establish requirements and
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Page 6 6 o f 1 14
• Amendment No . 1
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Bill No. HB 311 ( 2024 )
1616 standards for the filing , content , and circulation of any
1617 preliminary , final , or amended prospectus and other sales
1618 literature and may by rule establ i sh merit qua l ification
1619 criteria relating to the issuanee of equity securities , debt
1620 securities , insurance company securities , real estate i n vest ment
1621 trusts , and other traditional and nontraditional investments ,
162 2 including , but not limited to , oil and gas investments . The
1 623 criteria ma y include such eleme n ts as the promoter ' s equity
162 4 investment ratio , the financial condition of the issuer , the
1625 voting rights of shareholders , the grant of options or r..rarrants
162 6 to undenJriters and others , loans and other affiliated
1627 transaction , the use or refund of proceeds of the offering , and
. 628 such other relevant criteria as the office in its judgment may
162 9 deem necessary to such determinat i on .
1 630 Section 11 . S ubsecti o n ( 2 ) of section 517 . 10 1 , Florida
1631 Statutes , is amended to read :
1632 517 . 101 Consent to service . -
1633 ( 2) Any such action mu st shall be br o ught e ith er in t he
1634 county of the plaintiff ' s residence or in the county in which
1635 the office has its official headquarters . The wr itten consent
1636 must shall be authenticated by the seal of the -s-a±-El- issuer , if
1637 it has a seal , and by the acknowledged signature of a director ,
1638 manager , managing member , general part ner , trustee , or officer
1 639 of the issuer member of the copartnership or co mpany , or by the
1640 acknowledged signature of any officer of the incorporated or
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•
1641 unincorporated association , if it be an incorporated or
1642 unineorporated association , duly authorized by resolution of the
1643 board of directors , trustees , or managers of the corporation or
164 4 association , and must shall in such ease be accompanied by a
164 5 duly certified copy of the resolu ion of the issuer ' s board of
164 6 directors , trustees , managers , managing members , or general
164 7 p artners or managers of the corporation or association ,
1648 a uth orizing the si gn er to execute the consent officers to
16 4 9 eHeeute the same . In case any process or pleadings mentioned in
1650 this chapter are served upon the office , service must it shall
1651 be by duplicate copies , one of wh i ch must shall be filed in the
1652 office and the other another immediately forwarded by the office
1653
1654
1655
1656
by registered mail to the principal office of the issuer against
which the -s-a±€i- process or pleadings are directed .
Section 1 2 .
to read :
Section 517 . 131 , Florida Statutes , is amended
•
1657 517 . 131 Securities Guaranty Fund . -
1658 (1 ) As used in this section , the term " final j udgment "
1659 includes an arbitration award confirmed by a court of compet ent
1660 j urisdiction .
1661 fil( a ) The Chief Financial Officer shall establish a
1662 Securities Guaranty Fund to p rovide monetary relief to victims
1663 of securities violations under this chap ter who are entitled to
1664 monetar y damages or restitution and cannot recover the full
1665 amount of such monetary damages or restitution from the
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• Amendment No. 1
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Bill No . HB 311 (202 4)
1666 wrongdoer . An amount not exceeding 20 percent of all revenues
1667 received as assessment fees pursuant to s . 517 . 12(9) and (10)
1668 for dea l ers and investment advisers ors . 517 . 12 01 for federal
1669 covered advisers and an amount not exceeding 10 percent of all
1670 revenues received as assessment fees pursuant to s . 517 . 12(9)
1671 and (10) for associated persons must shall be part of the
1672 regular registration license fee and must shall be transferred
1673 to or deposited in the Securities Guaranty Fund .
1674 (b) If the balance in the Securities Guaranty Fund at any
1675 time exceeds $1 . 5 million , transfer of assessment fees to the
1676 t-h-i-5- fund must shall be discontinued at the end of that
1677 registration license year , and transfer of such assessment fees
. 678 may shall not resume be resumed unless the fund balance is
1679 reduced below $1 mi llion by disbursement made in accordance with
1680 s . 517 . 141.
1681 (2 ) The Sec u rities Guaranty Fund shall be disbursed as
1682 provided ins . 517 . 141 to a person who is adjudged by a court of
1683 competent jurisdiction to h a ve suffered monetary damages as a
1684 result of any of t he fo ll m, i ng acts committed by a dealer ,
1
1685 investment adviser , or associated person ·,: ho was licensed under
1686 this ch ap ter at the time the act 1.:as committed :
1687 (a ) A violation of s . 517 . 07 .
1688 (b ) A violation of s . 517 . 301 .
1689 (3) A An-y person is eligible for payment to seek recovery
1690 from the Securities Guaranty Fund if the person :
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Amendment No . 1
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•
1691 (a ) l . Holds an unsatisfied final judgment in which a
16 92 wron gdoer was found t o have violated s . 517 . 07 ors . 517 . 301 ;
1693 2. Has a pp l ied an y amount recovered from the j udgm ent
1694 debtor or any other source to the damages award ed by the court
1695 or arbitrator ;
1696 3. Is a natural p erson who was a resident of this state ,
1697 or is a business entit y that was domiciled in this state , at the
1 698 time of the violation of s . 517 . 07 ors . 517 . 301 ; and
1699 4 . The act for which recover y is soug ht occurred on or
1700 afte r October 1 , 2024 ; or
1701 (b) Is a r eceiver a pp ointed p ursuant to s . 5 17 . 191(2) b y a
1702 court of competent j urisdiction for a wrongdoer ordered to p a y
1 703
1704
1 705
1706
restitution under s . 517 . 191(3) as a resu l t of a violation of s .
517 . 07 ors . 517 . 301 wh ich has re quested p a yment from the
Securities Guarant y Fund on behalf of a person eli g ible for
payme n t under p ara g raph (a )
•
1707 (a ) Such person has recei v ed final judgment in a court of
1708 competent jurisdiction in any action wherein the cause of a ct ion
1709 was based on a violation of those sections referred to i n
1710 subsection ( 2 ) .
1711 (b ) Such person has made all reasonable searches and
1712 inquiries to ascertain ,.rhether the judgment debtor possesses
1 71 3 real or perso n al property or other assets subject to being sold
1714 or applied in satisfaction of the judgment , and by her or his
1715 search the person has discovered no property or assets ; or she
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Page 70 of 114
• Amendment No. 1
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Bill No . HB 311 ( 2024 )
1716 or he has discovered property and assets and has taken all
1717 necessary action and proceedings for the application thereof to
1718 the judgment, but the amount thereby realized was insufficient
1719 to satisfy the judgment . To verify compliance with such
1720 condition, the office may require such person to have a \Jr it of
1721 eHecution be issued upon su ch judgment, may require a shm;ing
1722 that no personal or real property of the judgment debtor liable
1723 to be levied upon in complete satisfaction of the judgment can
1724 be found , or may require an affidavit from the claimant setting
1725 forth the reasonable searches and inquiries undertaken and the
1726 result of those searches and inqu ir ies .
1727 (c) Such person has applied any amounts recovered from the
. 7 28 judgment debtor , or from any other source , to the damages
1729 a·..,arded by the court.
1730 (d) The act for which recovery is sought occurred on or
1731 after January 1, 1979.
1732 (e) The office waives compliance with the requirements of
173 3 paragraph (a) or paragraph (b) . The office may waiv e such
17 34 compliance if the dealer , investment adviser , or associated
1735 person which is the subject of the claim filed with the office
1736 is the subject of any proceeding in which a receiver has been
1737 appointed by a court of competent jurisdiction . If the office
1 738 waives such compliance , the office may , upon petition by the
1739 debtor or the court appointed trustee, eHaminer, or receiver ,
1740 distribute funds from the Securities Guaranty Fund up to the
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•
1741 amount allo·..1 ed under s . 517 . 141 . Z\ny ·.1aiver granted pursuant to
1742 this section shall be considered a judgment for purposes of
1743 complying ·..iith the requirements of th is section and o f s .
1744 517 . 141.
1745 (4 ) A person who has done any of the following is not
1746 eligible for payment from the Securities Guarant y Fund :
1747 (a ) Partici pated or assisted in a violation of this
1748 chap ter .
1749 (b ) Attem p ted to commit or committed a violation of this
1750 chapte r .
1751 (c ) Profited from a violation of this chapter.
1752 (5 ) An eli g ible p erson , or a receiver on behalf of the
1753
1754
1755
1756
elig ible p erson , seekin g pa yment from the Securities Guaranty
Fund must file with the office a writ ten a pp lication on a form
that the commission ma y pres cribe by rule . The commission ma y
adop t b y rule procedures for filing documents by electronic
•
1757 means , pr ovided that such p rocedu res provide the office with the
1 7 58 information and data re quired b y this section . The app lication
1759 must be filed wi th the office within 1 y ear after the date of
1760 the final judgment , the date on which a restitution order has
1761 been ripe for execution , or the date of an y a pp ellate decision
1762 thereon , and , at minimum , must contain all of the following
1763 information :
1764 (a ) The eli gib le person ' s and , if applicable , the
1765 receiver ' s full name , address , and contact information .
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Page 72 of 11 4
• Amendment No . 1
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Bill No . HB 311 ( 2024 )
1766 (b ) The person ordered to pay restitution .
1767 (c ) If the eli g ible p erson is a business entit y , the
1768 eligible p erson ' s t ype and place of or ganization and , as
1769 a pp licable , a copy , as amended , of its articles of
1770 incor p oration , articles of org anization , trust agreement , or
1771 p artnershi p a g reement .
1772 (d ) An y final j ud gment and a co py thereof .
1773 (e ) An y restitution order p ursuant to s . 517 . 191 ( 3) , and a
1774 co py thereof .
1775 (f ) An affidavit from the eli g ible p erson stating either
1776 one of the following :
1777 1. That the eli g ible p erson has made all reasonable
. 778 searches and in quiries to ascertain whether the j ud gment debtor
1779 p ossesses real or personal pro p ert y or other assets sub j ect to
1780 b eing sold or a pp lied in satisfaction of the final judg ment and ,
1781 by the eli g ible pe rson' s search , t h at the eligible person has
1782 not discovered an y pro p erty or assets .
1783 2. That the eli g ible p erson has taken necessar y action on
1784 the p ro pert y a nd asse t s o f the wro ngdoers b ut t h e final j u dgment
1785 remains unsatisfied .
1786 (g) If the a pp lication is filed by the receiver , an
1 787 a ffidavit fro m t h e re c eiver stating th e amount of restitution
1788 owed to the eli g i b le p erson on whose behalf the claim is filed ;
1789 the amount of an y mone y , p ro pert y , or assets paid to the
1790 e li g ible p erson o n whose behalf the cla i m is f i led by t h e pe rso n
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1791 over whom the receiver is ap pointed ; and the amount of any
1792 unsatisfied p ortion of an y eli g ible p erson ' s order of
1793 restitution .
1794 (h ) The eli g ible person ' s residence or domicile at the
1795 time of the violation of s . 517 . 07 ors . 517 . 301 which resulted
1796 in the eligible p erson ' s monetary dama ges .
1797 (i ) The amount of an y unsatisfied p ortion of the eli g ible
1798 p erson ' s final judgment .
1799 (j ) Whether an a p peal or motion to vacate an arbitration
1800 awa r d has been filed .
1801 ( 6) If the office finds that a p erson is el i gible for
1802 p a ym ent from the Securities Guarant y Fund and if the p erson has
1803
1804
1805
1806
compl ied with this section and the rules ado p ted under this
section , the office must a p prove payment to such p erson from the
fund . Within 90 days after the office ' s recei p t of a comp lete
a pp lication , each elig ible p erson or receiver must be g iven
•
1807 written notice , p ersonall y or by mail , that the office intends
1808 to a pp rove or den y , or has a pp roved or denied , the a pp lication
1809 f or p a yment from the Securities Guarant y Fund .
1810 (7 ) Up on recei p t b y the eli g ible p erson or receiver of
18 1 1 notice of the office ' s decision that the eli g ible p erson ' s or
1 81 2 r eceiver ' s a pp lication for p a yment fro m t h e Securities Guarant y
1813 Fund is a pproved , and before an y disbursement , the eli g ible
1814 p erson shall assi g n to the office on a form p rescribed b y
1815 co mm ission r ul e a l l r ight , title , and i n terest i n t he f i nal
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1816 judgment or order of restitution equal to the amount of such
1817 payment .
1818 ( 8) The office shall deem an application fo r payment from
1819 the Securities Guaranty Fund abandoned if the eligible pe rson or
1820 receiver , or any pe r son acting on behalf of the eligible person
1821 or receiv er , fails to timely complete the application as
1822 prescribed by commission rule . The time period to complete an
1823 application must be tolled during the pendency of an appeal or
1824 motion to vacate an arbitration award .
1825 ( 4) Any person r.;ho files an action that may result in the
1826 disbursement of funds from the Securities Guaranty Fund pursuant
1827 to the provisions of s . 517 . 141 shall give written notice by
. 828 certified mail to the office as soon as praeticable after such
1829 action has been filed . The failure to give such notice shall not
1830 bar a payment from the Securities Guaranty Fund if all of the
1831 conditions specified in subsection (3) are satisfied .
1832 (5) The commission may adopt rules pursuant toss .
1833 120 . 536(1 ) and 120 . 54 specifying the procedures for complying
1834 with subsections ( 2) , ( 3) , and ( 4 ), including rules for the form
1835 of submission and guidelines for the sufficiency and content of
1836 submissions of notices and claims .
1837 Section 13 . Section 517.141 , Florida Statutes , is amended
1838 to read :
1839 517 . 141 Payment from the fund . -
1840 ( 1) As used in this section , the term :
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1 841 (a ) " Cl aima n t " me an s a p erson determ ined eli g ible fo r
1842 paym e nt un der s . 517 . 131 tha t is a ppr oved by the o f fice fo r
18 4 3 paym en t fro m the Securities Guara nty Fund .
18 4 4 (b) " Final ju d gment " incl u des a n arbitration a ward
1 845 confirmed by a court of comp etent j uris d iction .
1846 (c ) " Specified adult " has the same mea n in g as ins .
18 4 7 517 . 3 4( 1 )
18 4 8 (2 ) A claimant is entitled to d i s b ursement from the
1 849 Securities Guarant y Fund in the amount e qual to th e lesser of :
18 5 0 (a ) The unsatisfied p ortion of the claimant ' s final
1851 j udg ment or final order of restitution , but on l y to the extent
1852 that the final j ud gment or final order of restitution reflects
1853
1854
1855
1856
actual or comp ensator y dama g es , excludin g p ost j udg ment inte r est ,
costs , and attorne y fees ; or
(b ) 1 .
2.
The sum of $15 , 000 ; or
If the claimant is a s p ecified adult or i f a s p ecified
•
1857 adult is a beneficial owner or b eneficiary of the claimant , the
1858 sum of $25 , 000 Any pe r son wh o me e ts al l o f t he conditions
1859 prescribed ins . 517 . 131 may apply to the office for payment to
1860 be made to such person from th e Securities Guaranty Fund in the
1861 amount equal to the unsatisfied portion of such person ' s
18 6 2 judgment or $10 , 000 , ',Jhichever is less , but on l y to the eJCtent
1863 and amount reflected in the judgment as being actual or
1864 compensatory damages , eHcluding post j udgment interest , costs ,
1 865 and attorney ' s fees .
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1866 .ill~ Rega r dless of t he number of claims or cla i mants
1867 involve d , payments for claims are shall be li mited in the
1868 aggregate to $250 , 000 $ 100 , 00 0 against any one dea l er ,
1869 investment advis e r , o r a sso c iat e d pers on . If t h e t o tal claim
1870 filed by a receiver on behalf of multi p le claimants exceeds
1871 claims eHceed the aggregate limit of $250 , 000 $ 1 00 , 000 , the
1872 office must shall p rorate the p ayment to each claiman t based
1873 upon the rat i o that each claimant ' s individual the pers o n ' s
1874 claim bears to the t o tal claim el aims filed .
1875 (4) I f at an y time the balance in the Secur i ties Guarant y
1876 Fund is insufficient to satisf y a valid claim or p ortion of a
1877 valid claim a pp roved b y the office , the office must satisf y the
. 878 un pa i d claim or p ortion of the valid claim as soon a s a
1879 suf fi cient amou n t of mone y has b een de p osited into or
1880 transferre d to the Securities Guarant y Fun d . If more than one
1881 unsatisfied cl a im is outstanding , the claims must be p aid in the
188 2 se quence in which the cla i ms were a pp roved b y final order of the
1883 office , which f ina l or d er i s n ot sub j ect to an a pp ea l or other
1884 p ending p roceedin g .
1885 (5) All p a yme nts and disbursements made from the
1886 Securities Guarant y Fund mus t b e made b y the Chief Financial
1887 Officer , o r h i s o r her desi gnee , up on a u t h or i zat i o n by t he
1888 office . The of f ice sha l l submi t such authorization within 30
1889 da ys after the a pproval of an eli g ible p erson f or p a yment from
1890 the Securities Guarant y Fund
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Ame ndme nt No . 1
1891 ( 3) No paJ~ent shall be made on any claim against any one
1 89 2 dealer , investment adviser , or associated person before the
1 8 93 eicpiration of 2 years from the date any claimant is found by the
18 9 4 office to be eligibl e for recovery pursuant to this section . If
18 9 5 during this 2 year period more t han one claim i s filed against
1 896 the same dealer, investment adviser, or associated person , or if
189 7 the office receives notice pursuant to s. 517.131(4) that an
1898 action against the same dealer , investment adviser , or
1899 assoeiated person is pending , all such claims and notices of
1 90 0 pending claims received during this period against the same
1901 dealer , investment adviser , or associated person may be handled
•
1902 by the office as provided in this section . Two years after the
1903 first claimant against that same dealer, inves t ment adviser , or
19 0 4 associated person app l ies for payment pursuant to this section:
19 0 5 (a) The office shall determine those persons eligible for
1906 paJ~ent or for poten t ial payment in the event of a pending
1 907 action. All such persons may be entitled to receive their pro
1908 rata shares of the fund as provided in this section.
1909 (b) Those persons ·,rho meet all the conditions prescribed
1910 ins . 517 . 131 and who have applied for payment pursuant to this
1 911 section will be enti t led to receive their pro rata shares of the
1 912 total disbursement .
1 91 3 (c) Those persons •.. ho have filed notice with the office of
1
19 1 4 a pending claim pursuant to s . 517.131(4) but who are not yet
191 5 eligible for payment from the fund will be ent i tled to receive
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1916 their pro rata shares of the total disbursement once they have
1917 complied r,Jith subsection (1 ) . However , in the event that the
1918 amounts they are eligible to receive pursuant to subsection (1)
1919 are less than their pro rata shares as determined under this
1920 section, any eHcess shall be distributed pro rata to those
1921 persons entitled to disbursement under this subsection r,rhose pro
1922 rata shares of the total disbursement were less than the amounts
192 3 of their claims.
1924 ffi-+4+ Individual claims filed by persons owning the same
1925 joint a ccount , or claims arising stemming from any other type of
1926 account maintained by a particular licensee on which more than
1927 one name appears , must shall be treated as the claims of one
. 928 eligible claimant with respect to payment from the Securities
192 9 Guaranty Fund . If a claimant who has obtained a final judgment
1930 or final order of restitution that which qualifies for
1931 disbursement under s . 517 . 131 has maintained more than one
1932 account with the dealer, investment adviser, or associated
1933 person who is the subject of the claims , for purposes of
1934 disbursement of the Securities Guaranty Fund , all such accounts ,
1935 whether joint or individual , must shall be considered as one
1936 account and shall entitle such claimant to only one distribution
1937 from the fund not to eJcceed the lesser of ~10 , 000 or the
1938 unsatisfied portion of such claimant's judgment as provided in
1939 subsection ( 1) . To the extent that a claimant obtains more than
1940 one final judgment or final order of restitution against a
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Bill No . HB 311 ( 202 4)
Amendment No . 1
1941 p erson dealer , inves t ment adviser , or one or more associated
1942 persons arising ou t of the same transactions , occurrences , or
1943 conduct or out of such the dea ler ' s , i nvestment adviser ' s , o r
1944 associated person ' s handling of the claimant ' s account , the
1945 final -5-tl-€-R- judgments or final orders of restitution must shal l
1946 be consolidated for purposes of this section and sha ll entitle
1947 the claimant to onl y one disbursement from the fund not to
1948 C)cceed the lesser of $10 , 000 or the unsatisfi e d portion of such
1 949 claimant ' s judgment as provided in subsect i on (1 ).
1950 J...21--f-§-+ If the final judgment or final order of restitution
1951 that gave rise to the claim is overturned in any appea l or in
•
1952 any collateral proceeding , the claimant must shall reimburse the
1953 Securities Guarant y Fund all amounts paid from the fund to the
1954 claimant on the claim . If the cla i mant satisfies the final
1955 judgment or final order of restitution specified ins .
1956 517 . 131(3) (a) , the claimant must sha l l reimburse the Securities
1957 Guaranty Fund all amounts paid from the fund to the claimant o n
1958 the cl aim. Such reimbursement must shall be paid to the
19 59 Department of Financial Services office within 60 days after the
1960 fi na l resolution of the appellate or collateral proceedings or
1961 t he satisfaction of t he final judgmen t or o rd er of restitut i on ,
1962 with the 60-day p eriod commenci ng on the date the final order or
1963 decision is entered in such pr oceedings .
1964 i l l-t-6+ If a claimant receives payments in excess of that
1965 which is permitted under this chapter , the claimant must shal l
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1966 reimburse t h e Securities Gu arant y Fund suc h excess within 60
1967 days after the claimant receives such excess p ayment or after
1968 the payment is determined to be in excess of that permitted by
1969 law , whichever is later .
1970 (9) A claimant who knowingly and willfully files or causes
1971 to be filed an a pp lication under s . 517 . 131 or documents
1972 su pp ortin g the a pp lication , an y of which contain false ,
1973 incomp lete , or misleading information in an y material as pect ,
1974 forfeits all p ayments from the Securit i es Guarant y Fund and
1975 commits a violation of s . 517 . 301(1 )( c ) .
1976 J.l...Ql_-f-++- The De p artment of Financial Services o ff i c e may
1977 institute legal proceedings to enforce compliance with this
. 978 section and withs . 517 . 131 to recover moneys o wed to the
1979 Securities Guarant y Fund , and is sha ll b e entitled to recover
1980 interest , costs , and attorney attorney ' s fees in any action
1 98 1 b rought pu rsuant to this section in which the de partment o f fi c e
1982 prevails .
1983 ( 8) I f at any tim e t h e mon e y i n the Sec ur i ti e s Gua r an t y
1984 Fund is insuffieient to satisfy any valid claim or portion of a
1985 valid c l aim appr oved by t he of fi c e , th e of fi c e sha l l satisfy
1986 such unpaid claim o r p o rt io n o f such valid c laim as s o on as a
1987 suf fi cient amount o f mo ney has been depos i t e d in o r transferred
1988 to the fund . When ther e is more than o ne unsat i sfi e d c laim
1989 outstanding, such c l aims sha l l b e paid in the orde r in which the
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No. HB 311 (2024)
Amendment No . 1
1990 claims '.Jere approved by final order of the office , ,..1hich order
1991 is not subject to an appeal or other pendi n g proceeding .
1992 ( 9) Upon receipt by the claimant of the payment from the
1993 Securities Guaranty Fund , the claimant shall assign any
1994 additional right , title , and interest in the judgment , to the
1995 eictent of such payment , to the office . If the provisions of s .
1996 517 . 131 (3 ) (e) apply , the claimant must assign to the office any
1997 right , title , and interest in the debt to the eictent of any
1998 payment by the office from the Securities Guaranty Fund .
1999 ( 10) All payments and disbursements made from the
2000 Securities Guaranty Fund shall be made by the Chief Financial
•
2001 Officer upon authorization signed by the director of the office ,
2002 or such agent as she or he may designate .
2003 Section 14. Section 517.191 , Florida Statutes , is amended
2004 to read :
2005 517 . 191 Enforcement by the Office of Financial Regulation
2006 Injunction to restrain violations ; civil penalties ; enforcement
2007 by Attorney General . -
2008 (1) When it appears to the office , either upon complaint
2009 or otherwise , that a pers on has engaged or is about to engage in
2010 any act or practice constituting a violation of this chapter or
2011 a rule or order hereunder , the office may investigate ; and
2012 whenever it shall be l ieve from evidence satisfactory to it that
2013 any such person has engaged , is engaged , or is about to engage
2014 in any act or practice constituting a violation of this chapter
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• Amendment No . 1
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Bill No . HB 311 ( 2024)
2015 or a rule or order hereunder , the office may , in addition to any
2016 other remedies , bring action in the name and on behalf of the
2017 state aga inst such person and any other person concerned in or
2018 in any way participating in or about to participate in such
2019 practices or engaging therein or doing any act or acts in
2020 furtherance thereof or in violation of this chapter to enjoin
2021 such person or persons from continuing such fraudulent practices
2022 or engaging therein or doing any act or acts in furtherance
2023 thereof or in violation of this chapter . In any such court
2024 proceedings , the office may apply for , and on due showing be
2025 entitled to have iss ued , the court ' s subpoena requiring
2026 forthwith the appearance of any defendant and her or his
. 027 employees , associated persons , or agents and the production of
2028 documents , books , and records that may appear necessa r y for the
2029 hearing of such petition , to testify or give evidence concerning
2030 the acts or conduct or things complained of in such application
2031 for injunction . In such action , the equity courts shall have
2032 jurisdiction of the subject matter , and a judgment may be
2033 entered a wa rding such injun ct ion as may be proper .
2034 ( 2) In addition to all other means provided by law for the
2035 enforcement of any temporary restraining order , temporary
2036 injunction , or permanent injunction issued in any such court
2037 proceedings , the court shall have the power and jurisdiction ,
2038 upon application of the office , to impound and to appoint a
2039 receiver or administrator for the property , assets , and business
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Bill No . HB 311 ( 202 4 )
Amendment No . 1
2040 of the defendant , including , but not limited to , the books ,
2041 records , documents , and papers appertaining thereto . Such
2042 receiver or administrator , when appointed and qualified , shall
2043 have all powers and duties as to custody , collection ,
2044 administration , winding up , and l i quidation of such -s-a-i-e-
2045 property and business as may s hall f r om t im e to tim e be
2046 conferred upon her or him by the court . In any such action , the
2047 court may issue orders and decrees staying all pending suits and
2048 enjoining any further suits affecting the receiver ' s or
2049 administrator ' s custody or possession of such t h e s aid pr o perty ,
2050 assets , and business or , in its d iscretio n , may with the consent
•
2051 of the presiding judge of the circuit require t hat all such
2052 suits be assigned to the circuit court judge appointing such tft€
2053 5-a-i-e- receiver or administrator .
2054 (3 ) In addition to , or in lieu of , any other remedies
2055 provided by t h is chapter , the office may apply to the court
2056 hearing t h e ~ ma tter for an order directing the defendant to
2057 make restitution of those sums shown by the office to have been
2058 obtained in violation of any of th e provisions o f this chapter .
2059 The of f ice has sta nding to request such restitution on behalf of
2060 victims in cases brought by the office under this chapter ,
2061 regardless of the appointment of an administrator or receiver
2062 un der subsection (2 ) or an injunction under subsection ( 1 ) .
2063 Fu rther , s u ch restitution must shall , at the option of the
2064 court , be payable to the administrator or receiver appointed
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• Amendment No . 1
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2065 pursuant to this section or directly to the persons whose assets
2066 were obtained in violation of this chapter .
2067 ( 4) In addition to any other remedies provided by this
2068 chapter , the off i ce may apply to the court hearing the matter
2069 for , and the court has shall have jurisd iction to impose , a
2070 civil penalty against any person found to have violated aR-J'
2071 provision of this chapter , any rule or order adopted by the
2072 commission or the office , or any written agreement entered into
2073 with the office in an amount not to exceed any of the following :
2074 (a ) The greater of $20 , 000 $10,000 for a natural person or
2075 $25 , 000 for a business entity any other person , or the gross
2076 amount of any pec uniar y loss to investors or pecuniary gain to a
. 077 natural person or business entity such defendant for each such
2078 violation L other than a violation of s . 517 . 301 L plus the
2079 greater of $50 , 000 for a natural person or $250 , 000 for~
2080 business entity any other person , or the gross amount of any
2081 pecuniar y loss to investors or pecuniary gain to a natural
2082 pers on o r business entity such defendant for each violation of
2083 s . 517 . 301.
2084 (b) Twice the amount of the civil p enalt y that would
2085 otherwise be imposed under this subsection if a speci fied adult ,
2086 as defined ins . 517 . 34 (1) , is the victim of a violation of this
2087 chapter .
2088
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Amendment No . 1
2089 All civil penalt i es collected pursuant to this subsection must
2090 s h all be dep osited into the Anti - Fraud Trust Fund . The office
2091 ma y recover an y costs and attorne y fees related to its
2092 investi gation or enforcement of this section . Notwithstanding
2093 an y other la w, such mone y s recovered by the office must be
2094 de p osited into the Anti - Fraud Trust Fund .
2095 (5 ) For p ur p oses of an y action brou g ht b y the office under
2096 this section , a control p erson who controls an y person found to
2097 have violate d th i s cha p ter or an y rule adopted thereunder is
2098 jointl y and severall y l i able with , and to the sa me e x te n t as ,
2099 the controlled p erson in an y action brought b y the office under
•
2100 this section unless the control p erson can establish b y a
2101 p rep onderance of the evidence that he or she acted in good faith
2102 and did not directl y or indirectl y induce the act that
2103 constitutes t he violation or cause of action .
2104 (6) For p ur p oses of any action broug ht b y the office under
2105 this section , a p erson who knowingly or recklessl y p rovides
2106 substantial assistance to another p erson in violation of this
2 1 07 chap ter o r an y rule ado p ted thereunder is deemed to violate this
2 1 08 chap ter o r t he rule to the same e xtent as the p erson to whom
2109 such assi s tance i s p rovided .
2 1 10 (7 ) The office ma y issue and serve upon a p erson a cease
2 1 11 and desist order if the office has reason to be l ieve that the
2 1 12 p e r son violates , has violated , or is about to violate t h is
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2113 chapter , an y commission or office rule or order , or any written
2114 agreement entered into with the office .
2115 (8) If the office finds that an y conduct descri bed in
2116 subsection ( 7 ) p resents an immediate d a nger to the pub lic ,
2117 requiring an immediate final order , the office may issue an
2118 emergenc y cease and desist order reciting with pa rticularit y the
2119 facts underl yin g such findings . The emer g ency cease and desist
2120 order is effective immediatel y upon service of a co py of the
2121 order on the res p ondent named in the order and remains effective
2122 for 90 da y s after issuance . If the office begins nonemer gency
2123 cease and desist proceedings under subsection ( 7 ) , the emergenc y
2124 cease and desist order remains effective until the conclusion of
. 125 the p roceeding s under ss . 120 . 569 and 120 . 57 .
2126 (9) The office ma y im pose and collect an administrative
2127 fine against any pe rson found to have violated any pr ovision of
2128 this chap ter , any rule or order ado p ted by the commission or
2129 office , or an y written a g reement entered i n to with the office in
2130 an amount not to exceed the penalties p rovided in subsection
2131 ( 4) . All fines collected under this subsection must be dep osited
2132 into the Ant i -F raud Trus t Fund .
2133 ( 10 ) The o ffi ce ma y bar , p ermanentl y or for a s pecific
2134 p eriod of time , any person found to have violated this cha p ter ,
2135 an y rule or order adopted by the commission or office , or an y
2136 written a g reement ente r ed into with the office from subm ittin g
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Amendment No . 1
2137 an a p p licat ion or notifica t ion for a license or registra tion
2138 with the office .
2139 J.1..1.l In addition to all other means provided by law for
2140 enforcing any of the p r o v ision □ of this chapte r , when the
2141 Attorney General , upon complaint or otherwise , has reason to
2142 be lieve that a person has engaged or is engaged in any act or
2143 practi ce constituting a violation of s . 517 . 275 or, s . 517 . 301 ,
2144 □ . 517 . 311 , or □ . 517 . 312 , or any rule or order issued under
2145 such sections , the Attorney General may investigate and bring an
2146 action to enforce these provisions as provided in ss . 517 . 171 ,
2147 517 . 201 , and 517 . 2015 after receiving written approval from the
•
2148 office . Such an action may be brought against such person and
2149 any other person in any way participating in such act or
2150 practice or engag i ng in such act or practice or doing any act in
2151 furtherance of such act or practice , to obtain injunctive
2152 relief , restitution , civ il penalties , and any remedies provided
2153 for i n this sect i on . The Attorney General may recover any costs
2154 and attorney fees r elated to the Att orney General ' s
2155 investigation or enforcement of this section . Notwi thstanding
2156 any other provision of law , moneys recovered by the Attorney
2157 General for costs , attorney fees , and civil penalties for a
2158 violation of s . 517 . 275 or, s . 517 . 301 , □ . 517 . 3 11 , ors .
2159 5 17. 312 , or any rule or order issued pursuant to such sections ,
2160 must sha l l be deposited in the Legal Affairs Revolving Trust
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2161 Fund . The Le gal Affairs Revo l ving Trust Fund may be used to
2162 investigate and enforce this sect i on .
2163 J.1..1.1+6+- This sect i on does not l i mit the authority of the
2164 office to bring an adm inistrati ve action against any p erson that
2165 is the subject of a civil ac t ion brought pursuant to this
2166 sect i on or l i mit the authori t y of the office to engage in
2167 investigations or enforcemen t act i ons with the At t orney General .
2168 However , a person may not be subject to both a civil p enalty
2169 under subsection ( 4 ) and an admin i strative fine under subsection
2170 i l l s . 517 .2 21 (3) as the result of the same facts .
2 171 Jill-f-7+ Notwithstanding s . 95 . 1 1(4 ) ( f) , an enforcement
2172 action brought under this section based on a violation of a-B-'f
. 173 provision of this chapter or any rule or order issued under this
2174 chapter shall be brought with i n 6 years after the facts giving
2175 rise to the cause of action were discove r ed or should have been
2176 discovered wi th the exercise of due diligence , but not more than
2177 8 years after the date such violation occurred .
2178 ( 14) This cha pter does not limit an y statutory right of
2179 the state to p un ish a pers on for a violation of a law .
2180 ( 15) When not in conflict with the Constitution or laws of
2181 the United States , the courts of this state have the same
2182 jurisdiction over civil suits instituted in connection with the
2183 sale o r offer of sale of securities under any laws of the United
2184 States as the courts of this state ma y have with re gard to
2185 similar cases instituted under the laws of this state .
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 31 1 ( 2024 )
Amendment No . 1
2186 Section 15 . Section 517 . 211 , Florida Statutes , is amended
2187 to read :
2188 517 . 211 Private remedies available in cases of un lawful
2189 sale . -
2190 ( 1) Every sale made in violation of either s . 517 . 07 ors .
2191 517 . 12( 1 ) , (3) , (4) , (8) , (1 0 ) , ( 12 ) , (15) , or (17) may be
2192 rescinded at the election of the purchaser ; however , eJCcept a
2193 sale made in violation of the provisions of s . 517 . 1202 ( 3)
2194 relating to a renewal of a branch office notification or shall
2195 not be subject to this section , and a sale made in violation of
2196 the provisions of s . 517 . 12 ( 12 ) r elating to filing a change of
•
2197 address amendment is shall not -b-e subject to this section . Each
2198 person making the sale and every director , officer , partner , or
219 9 agent of or for the sel l er , i f the director , officer , partner ,
2200 or agent has personally participated or aided in making the
2201 sale , is jointly and severally liable to the purchaser in an
2202 action for rescission , if the purchaser still owns t he security ,
2203 or for damages , if the purchaser has sold the security . No
2204 purchaser otherwise entitled will have the benefit of this
2205 subsection who has refused or failed , within 30 days after B-f-
2206 receipt , to accept an offer made in writing by the seller , if
2207 the purchaser has not sold the security , to take back the
2208 security in question and to refund the full amount paid by the
2209 purchaser or , if the purchaser has sold the security , to pay the
2210 purchaser an amount equal to the difference be t ween the amount
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Bill No . HB 31 1 (2024 )
2211 paid for the security and the amount received by the purchaser
2212 on the sale of the security , together , in either case , with
2213 interest on the full amount paid for the security by the
2214 purchaser at the legal rate , pursuant to s . 55 . 03 , for the
2215 period from the date of payment by the purchaser to the date of
2216 repayment , less the amount of any income received by the
2217 purchaser on the security .
2218 (2 ) Any person pur chasing or selling a security in
2219 violation of s . 517 . 301 , and every director , officer , partner ,
2220 or agent of or for the purchaser or seller , if the director ,
2221 officer , partner , or agent has personal l y participated or aided
2222 in making the sale or purchase , is jointly and severally liable
. 223 to the person se ll ing the security to or purchasing the security
2224 from such person i n an action for rescission , if the plaintiff
2225 still owns the security , o r for damages , if the plaintiff has
2226 sold the security .
2227 (3) For p ur p oses of any action b r oug ht under this section ,
2228 a control person who controls a ny p erson found to have violated
2229 any p rovision specified in subsection (1) is jointly and
2230 severall y liable with , and to the same extent as , such
2231 controlled p erson in any action brought under this section
2232 unless the control person can establish by a p re ponderance of
2233 the evidence that he or she acted in g ood faith and did not
2234 directl y or in dire ctl y induce t h e act that constitutes the
2235 violation or cause of act i on.
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 31 1 ( 2024 )
Amendment No . 1
2236 ill In an action for rescission :
2237 (a) A purchaser may recover the consideration paid for the
2238 security or i nvestment , plus interest thereon at the legal rate
2239 from the date of pur chase , less the amount of any income
2240 received by the purchaser on the security or investment upon
2241 tender of the security or investment .
2242 (b ) A seller may recover the security upon tender of the
2243 consideration paid for the security , plus interest at the legal
2244 rate from the date of p urchase , less the amount of any income
2245 received by the defendant on the security .
2246 ill-+-4+ In an action for damages brought by a purchaser of
•
2247 a security or investment , the plaintiff must s hall recover an
2248 amount equal to the difference between :
2249 (a) The consideration paid for the security or investment ,
2250 plus interest thereon at the legal rate from the date of
2251 purchase ; and
2252 (b ) The value of the security or investment at the time it
2253 was disposed of by the plaintiff , plus the amount of any income
2254 received on the security or investment by the plaintiff .
2255 ffi-f-.§.+ In an action for damages brought by a seller of a
2256 security , the plaintiff shall recover an amount equal to the
2257 difference between :
2258 (a ) The va lue of the security at the time of the
2259 complaint , plus the amount of any income received by the
2260 defendant on the security ; and
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2261 ( b) The consideration received for the security , plus
2262 interest at the legal rate from the date of sale .
2263 J.2.l+e+ In any action brought under this section , including
22 64 an appeal , the court shall award reas onab le attorney a ttorneys '
2265 fees to the prevailing party unless the court finds that the
2266 award of such fees would be unjust .
2267 (8) This chap ter d oes not limit any statutor y or common -
2268 law right of a p erson to bring an action in a court for an act
2269 involved in the sale of securities or investments .
2270 (9) The same civi l remedies provided by the laws of the
2271 United States for the pu rchasers or sellers of securities in
2272 interstate commerce also extend to purchasers or sellers of
. 273 securities under this chapter .
2274 Section 16 . Sect ion 5 1 7 . 2 2 1 , F1 o r i da St at u t e s , is
2275 repealed .
2276 Section 17 . Section 517 . 241 , Florida Statutes , is
2277 repealed .
2278 Sect ion 18 . Section 517 . 301 , Florida Statutes , is amended
2279 to read :
2280 517 . 301 Fraudulent transactions ; falsification or
2281 concealment of facts . -
2282 (1 ) It is unlawful and a violation of the p ro v is i o n s of
2283 this chapter for a person :
2284 (a ) In connection with the rendering of any investment
2285 advice or in connection with the offer , sale , or purchase of any
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Bill No . HB 311 ( 2024 )
Amendment No . 1
2286 investment or security , including any security exempted under
2287 the pr o visions of s . 517 . 051 and including any secur i ty sold in
2288 a transaction exempted under t he p rovisio ns of s . 517 . 061 , s .
2289 517 . 0611 , or s . 517 . 0612 , directly or indirectly :
2290 l . To employ any device , scheme , or artifice to defraud ;
2291 2. To obtain money or property by means of any untrue
2292 statement of a material fact or any omission to state a material
2293 fact necessary in order to make the statements made , in the
22 94 light of the circumstances under which they were made , not
2295 misleading ; or
2296 3. To engage in any transact ion , practice , or course of
•
2297 business which operates or would operate as a fraud or deceit
2298 upon a person .
2299 (b ) By use of any means , to publish , give publicity to , or
2300 circulate any notice , circular , advertisement , newspaper ,
2301 article , letter , investment service , communication , or broadcast
2302 that , although r.:hich , t houg h not purporting to offer a security
2303 for sale , describes such security for a co nsideration received
2304 or to be received directly or indirectly from an issuer ,
2305 underwriter , or dealer , or from an agent or employee of an
2306 issuer , underwriter , or dealer , without fully disclosing the
2307 rece i p t , whether past or prospective , of such co nsideration and
2308 the amount of the consideration .
2309 (c ) In any matter within the juris di ction of the office ,
2310 to knowingly and wi llfully falsify , conceal , or cover up , by any
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• Amendment No . 1
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Bill No . HB 311 ( 2024 )
2311 trick , scheme , or device , a material fact , make any fa l se ,
2312 fictitious , or fraudulent statement or representation , or make
2313 or use any false writing or document , knowing the same to
2314 contai n any false , f i ctitious , or fraudulent statement or e n try .
2315 (2 ) For p ur poses of ss . 51 7.311 and 517 . 3 12 and this
2316 section , the term " investment " means any commitment of money or
2317 property principally induced by a representation that an
2318 economic benefit may be derived from such commitment , except
2319 that the term does not include a commitment of money or property
2320 for :
2321 (a ) The purchase of a business opportunity , business
2322 e n terprise , or real p ro p erty through a person license d under
. 323 chapter 475 or registered unde r former chapter 498 ; or
2324 (b ) The purchase of tangible persona l property through a
2325 person not engaged in telephone solicitation , electronic mail ,
2326 text messa ges , social media , or other electronic means where
2327 said prop e rty is o ff er e d a nd sold i n a c cordan c e r.;it h the
2328 following c o nditions :
2329 h t here are n o s pecific re p resentations or gua r a n tees
2330 ma de by the offeror or seller as to the economic benefit to be
2331 der i ved from the p urchase ~r
2332 2. The tangible property is deliver e d t o the purchaser
2333 within 30 days aft e r sale , encept that such 30 day peri o d may be
2334 ent e nded by the office i f market conditions so warr a nt ; and
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CO MM ITT EE/SUBCO MM I TTEE AMENDMENT •
Bill No . HB 31 1 ( 2024 )
Amend ment No . 1
2335 3. The se l ler has o f fered the pur c haser a fu l l refund
2336 policy in wr i ting , eicerci sab le by the purchaser wit h in 10 days
2337 of the date of del i very o f such tangib l e personal property ,
2338 eiccept that the amount of such refund may not eicceed the bid
2339 price i n effect at the time t he property is return ed to the
2340 sel l er. I f the app l icable se l lers ' market is closed at t he t i me
2341 th e prope rty is re t urn e d t o t he seller for a ref und , the amount
2342 of su c h refund sha l l b e bas e d on th e b i d pric e for such prop e rty
2343 at the nel{t opening of such market .
2344 (3 ) I t is unlawful for a p erson in issuin g or sellin g a
2345 securit y within this state , including a securit y e x emp te d under
•
2346 s . 5 1 7 . 051 and inclu d in g a t ransa c tion e xe mp ted u nd er s .
2347 517 . 061 , s . 517 . 0611 , or s . 517 . 0612 , to mi s rep resent th a t such
2348 securit y or business entit y has been g uaranteed , s p onsored ,
23 4 9 recommended , or a pp roved b y t he state or an a genc y or of f icer of
2350 the s ta t e or b y the United States or an agenc y or office r of the
2351 Unit e d States .
2352 ( 4) It is unlawful for a p e r son re g istered or re q u i red to
2353 b e reg i s te r e d , or s ubj ect t o the not i ce re qu ireme n ts , u n der th i s
2 354 ch a p te r , i ncludi ng such p erson s and issuers who are s ubje ct to
2355 s . 5 1 7 . 051 , s . 51 7 . 061 , s . 517 . 06 11 , s . 517 . 0612 , or s . 517 . 081 ,
2356 to misrep resent that such p erson has b ee n s p onsore d ,
235 7 reco mme nde d , or a pp roved , or that such p erson ' s a b ilitie s o r
2358 qu alifi c at i ons have in an y res pect been approve d , by the state
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•
• Amendment No . 1
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Bi ll No . HB 31 1 ( 2024)
2359 or an agenc y or officer of the state or by the United States or
2360 an agenc y or officer of the United States .
2361 (5 ) It i s unlawful and a v i olation of this cha pter for a
2362 person in connection with the offer or sale o f an investment to
2363 obta i n mone y or p roperty by means of :
2364 (a ) A misre p resentat i on that the investment offered or
2365 sold is g uaranteed , s p onsored , recommended , or a pp roved b y the
2366 state or an a g enc y or officer of the state or by the United
2367 States or an agency or office r of the United States ; or
2368 (b ) A misre p resentation that such p erson is sponsored ,
2369 recommended , or ap p roved , or that such person ' s abilities or
2370 qu alifications have in an y respect been examined , by the state
. 371 or an a genc y or officer of the stat e or by the United States or
2372 an a gency or officer of the United States .
2373 ( 6 ) (a ) Subsection ( 3 ) or subsection ( 4 ) may not be
2374 construed to p rohibi t a statement that a person or securit y is
2375 re g istered or has made a notice filing under this cha p ter if
2376 such statement is re quired b y this cha p ter or rules p romul gated
2377 thereunder and is true in fact and if the effect of such
2378 statement is not a misrep resentation .
2379 (b) A statement that a p erson is registered made in
2380 connection with the offer or sale of a securit y under this
2381 chap ter mu st include the fol lo win g d is claimer : " Re g istration
2382 does not imply that such person has been s p onsored , recommended ,
2383 or a pp roved by the state or an a g enc y or officer of the state or
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 31 1 ( 2024 )
Amendment No . 1
2384 by the United States or an agenc y or officer of the Uni ted
2385 States ."
2386 1. If the statement of registration is made in wr i ting ,
2387 the disclaimer must immediatel y follow such statement and must
2388 be in the same size and style of p rint as the statement of
2389 re g istration .
2390 2. If the statement of re g istration is made orall y , the
2391 disclaimer must be made or broadcast with the same force and
2392 effect as the statement of re g istration .
2393 (7 ) It is unlawful and a violation of this chapter for a
2394 person to directly or indirectly manage , su pe rvise , control , or
•
2395 o wn , either alone or i n association with others , a bo il er room
2396 in this state which sells or offers for sale a securit y or
2397 investment in violation of subsection (1) , subsection ( 3 ),
2398 subsection ( 4 ) , subsection (5 ), or subsection ( 6 ) .
2399 Section 19 . Section 517 . 311 , Florida Statutes , is
2 4 00 repealed .
2401 Section 20 . Section 517 . 312 , Fl orida Statutes , is
2402 re pealed .
2403 Section 21. Subsections (1) , (2) , and ( 3 ) of sect i on
2404 517 . 072 , Florida Statutes , are amended to read :
2 40 5 517 . 072 Viatica l settlement investments . -
2 40 6 (1 ) The e xemptio n s provided for bys . 517 . 051 ( 6 ) and (11)
2407 ss. 517 . 051(6), (8) , and (1 0) do not apply to a viatical
2408 settlement investment .
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Bi 11 No . HB 31 1 ( 2024)
2409 ( 2) The offering o f a viatical settlement investment is
2410 not an exempt transaction under s . 517 . 061(10) , (12) , ( 13 ) , and
2411 Q_§_.l_ s . 517 . 061 (2 ), (3), (8), (11 ), and (18) , regardless of
2412 whether the offering otherwise complies with the conditions of
2413 that section , unless such offering is to a qualified
2414 institutional buyer .
2415 ( 3) The registration provisions of ss . 517 . 07 and 517 . 12
2416 do not apply to any of the following transactions in viatical
2417 settlement investments ; however , such transactions in viatical
2418 settlement investments are subject to s . 517 . 301 the provisions
2419 of ss . 517 . 301 , 517.311 1 and 517 . 312 :
2420 (a) The transfer or assignment of an interest in a
. 421 prev iousl y viaticated policy from a natural person who transfers
2422 or assigns no more than one such i nterest in a single calendar
2423 year .
2424 (b) The provision of stop - loss coverage to a viatical
2425 settlement provider , financing entity , or related provider
2426 trust , as those terms are defined ins . 626.9911 , by an
2427 authorized or eligible insurer .
2428 (c) The transfer or assignment of a viaticated policy from
2429 a licensed viatical settlement provider to another licensed
2430 viatical settlement provider , a related p rovider trust , a
2431 financing entity , or a special purpose entity , as those terms
2432 are defined ins . 626 . 9911 , or to a contingency insurer ,
2433 prov i ded that suc h transfer or assignment is not the direct or
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 31 1 ( 2024)
Amendment No . 1
2434 indirect promotion of any scheme or enterprise with the intent
2435 of violating or evading any provision of this chapter .
2436 (d ) The transfer or assignment of a viaticated policy to a
2437 bank , trust company , savings institution , insurance company ,
2438 dealer , investment company as defined in the Investment Company
2439 Act of 1 940 , as amended , pension or profit - sharing trust ,
2440 qualified institutional buyer , or an accredited investor ,
2 441 provided such transfer or assignment is not for the direct or
2442 indirect promotion of any scheme or enterprise with the intent
2443 of v i olating or evading any provision of this chapter .
2444 (e) The t r ansfer or assignment of a viaticated policy by a
•
2445 co nserva tor of a vi atical settle ment provider appointed by a
2446 court of competent jurisdiction who transfers or assigns
2447 ownership of viat i cated pol i cies pursuant to that cou r t ' s order .
2448 Section 22 . Subsection (2 ) , paragraph (a ) of su bs ection
2449 ( 9 ), paragraph (j ) of subsection (16) , subsection ( 20 ) , and
2450 paragraphs (b ) and (c ) of subsection ( 21 ) of section 517 . 12 ,
2451 Florida Statutes , are amended to read :
2452 517 . 12 Registration of dealers , associated persons ,
2453 intermediaries , and investment advisers . -
2454 (2 ) Th e registration requirements of this section do not
2455 apply in a transaction e xempted bys . 517 . 061 (1 )-( 6) , (8 ) , (9) ,
2456 ( 12 ) , and (13 ) s . 51 7. 06 1 (1 ) ( 10) , (1 2 ) , ( 1 4) , and (15 ) .
2457 ( 9 ) (a ) An applicant for registration shall pay an
2 4 58 assessment fee of $200 , in the case of a dealer or i nves t ment
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• Amendment No . 1
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Bill No . HB 31 1 ( 2024 )
2459 adviser , or $50 , in the case of an associated person . An
2460 ass ociated person may be assessed an additional f ee to cover the
2461 cost for the fingerprints to b e processed by the office . Such
2462 fee shall be determined by r ule o f the commission . Such fees
2463 become the revenue of the state , except for those assessments
2464 provi ded for under s . 517 . 1 31 (2 ) s . 517 . 131(1) until such time
2465 as the Securities Guaranty Fund satisfies the statutory limits ,
2466 and are not returnable in the event that registration is
2467 withdrawn or not granted .
2468 ( 16 )
2469 (j ) Al l fees co ll ected under this subsect ion become the
2470 revenue of the state , except those assessments provided for
. 471 under s . 517 . 131 ( 2 ) s . 517 . 131(1) , until the Securities Guaranty
2472 Fund has sat i sfied the statutory limits . Such fees are not
2473 returnable if a notice - filing is withdrawn .
2474 ( 20 ) The registration requirements of this section do not
2475 apply to any general lines insurance agent or life insurance
2476 agent licensed under chapter 626 , wi th re g ard to -Hrr the sale of
2477 a security as defined ins . 517 . 021(25) (g) s . 517.021(23) (g), if
2478 the individual is directly authorized by the issuer to offer or
2479 sell the security on behalf of the issuer and the issuer is a
2 480 federally c hart ered savings bank subject to regulation b y th e
2481 Federal Deposit In surance Corp oration . Actions under this
2482 subsection sha l l constitute activity under the insurance agent ' s
2 4 83 license for purposes of ss. 626 . 611 and 626 . 621 .
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COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 31 1 ( 2024 )
Amendment No . 1
2484 ( 21)
2485 ( b) Prior to the completion of any securities transaction
2 486 described ins . 517 . 061 (7 ) s . 517 . 061 ( 22 ) , a merger and
2487 acquisition broker must receive written assurances from the
2488 control person with the largest percentage of ownership fo r both
2489 the buyer and seller engaged in the transaction that :
2490 1. After the transaction is completed , any person who
2491 acquires securities or assets of the eligible privately held
2492 company , acting al on e or in concert , will be a control person of
2493 the eligible privately held company o r will be a control person
2494 for the business conducted with the assets of the el i gible
•
2495 private l y held company ; and
2496 2. If any person is offered securities in exchange for
2497 securities or assets of the el i gible pr iva tely held company ,
2498 such person will , before becoming legally bound to complete the
2499 transaction , receive or be given reasonable access to the most
2500 recent year - end financial statements of the issuer of the
2501 securities offered in exchange . The mos t re ce nt year - end
2502 financial statements shall be customarily prepared by t h e
2503 issuer ' s management in the normal course of operations . If the
2504 financial statements of the issuer are audited , reviewed , or
2505 compiled , the most recent year - end financial statements must
2506 include any related statement by the independent certi f ied
2507 public accountant ; a balance sheet dated not more than 120 days
2508 before the date of the exchange offer ; and information
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Bi 11 No. HB 311 ( 2 0 24 )
2509 pertaining to the management , business , results of operations
2510 for the period covered by the foregoing financial statemen t s ,
2511 and material loss contingencies of the issuer.
2512 (c ) A merger and acquisition broker engaged in a
2513 transaction exempt under s . 517 . 061 (7 ) s . 517 . 061 (22) is exempt
2514 from registration under this sect i on unless the merger and
2515 acquisition broker :
25 1 6 1. Directly or indirectly , in connection with the transfer
2517 of ownership of an e l igible privately held company , receives ,
2518 holds , transmits , or has custody of the funds or securities to
2519 be exchanged by the parties to the transaction ;
2520 2. Engages on behalf of an issuer in a public offering of
. 521 any class of securities which is registered, or which is
2522 requ i red to be registered , with the United States Securities and
2523 Exchange Commission under the Securities Exchange Act of 1934 ,
2524 15 U. S . C. ss . 78a et seq ., or with the office under s . 517 . 07 ;
2525 or for which the issuer files , or is required to file , periodic
2526 information , documents , and reports under s . 15 (d) of the
2527 Securities Exchange Act of 1934 , 15 U. S . C. s . 78o(d) ;
2528 3. Engages on behalf of any party in a transaction
2529 in vol ving a public shell company ;
2530 4. Is subject to a suspension or revocation of
2531 registration unde r s . 15 (b) (4) of the Securities Exchange Act of
2532 1934 , 15 U. S . C . s . 78o (b ) (4) ;
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• Page 103 of 114
COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 31 1 ( 2024 )
Amendment No . 1
2533 5. Is subject to a statutory disqualification described in
2534 s . 3 (a) (39) of the Securities Exchange Act of 1934 , 15 U. S . C . s .
2535 78c (a ) ( 39 );
2536 6. Is subject to a disqualification under the United
2537 States Securities and Exchange Commission Rule 506 (d) , 17 C. F . R .
2538 s . 230 . 506 (d ); or
2539 7. Is subject to a final order described in s . 15 (b ) (4) (H)
2540 of the Sec u rities Exchange Act of 1934 , 15 U. S . C . s .
2541 780 (b) ( 4 ) ( H ) .
2542 Section 23 . Subsection (6) of section 517 . 1201 , Florida
2543 Statutes , is amended to read :
•
2544 517 . 1201 Notice filing requirements for federal covered
2545 advisers . -
2546 (6) All fees co l lected under this section become the
2547 revenue of the state , except for those assessments provided for
2548 under s . 517 . 131 (2 ) s . 517 . 131(1) until such time as the
2549 Securities Guaranty Fund satisfies the statutory limits , and are
2550 not returnable in the eve nt that a notice filing is withdrawn .
2551 Section 24 . Subsections (4) and (8) of section 517 . 1202 ,
2552 Florida Statutes , are amended to read :
2553 5 1 7 . 12 02 Notice - filing requirements for branch offices . -
2554 (4 ) A branch office notice - filing under this section shall
2555 be summarily suspended by the office if the notice - filer fails
2556 to provide to the office , wi t hin 30 days after a written request
2557 by the office , all of the information required by this section
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Page 104 of 114
•
• Amendment No . 1
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 311 ( 2 024)
2558 and the rules ado p ted under this section . The summary susp ension
2559 shall be in effect for the branch office until s uch time as the
2560 notice - filer submits the requested information to the office ,
2561 pays a fine as pres cri bed bys . 517 . 191 ( 9 ) s. 517 . 221 (3), and a
2562 final order is entered . At such time , the suspension shall be
2563 lifted . For purposes of s . 120 . 60 (6 ), failure to provide al l
2564 information required by thi s section and the un derlying rules
2565 constitutes immediate and serious danger to the public health ,
2566 safety , and welfare . If the notice-filer fails to provide all of
2567 the requested information within a period of 90 days , the
2568 notice - filing shall be revoked by the office .
2569 (8 ) All fees collected under this section become the
. 570 revenue of the state , except for those assessments provided for
2571 under s . 517 . 131 (2) s . 517 . 131(1) until such time as the
2572 Securities Guaranty Fund satisfies the statutory limits , and are
2573 not returnable in the event that a branch office notice -f iling
2574 is withdrawn .
2575 Section 25 . Subsection (2 ) of section 517 . 302 , Florida
2576 Statutes , is amended to read :
2577 517 . 302 Criminal penalties ; alternative fine ; Anti - Fraud
2578 Trust Fund ; time limitation for criminal prosecution . -
2579 (2 ) Any person who violate s s. 517 . 301 the provisions of
2580 -5-7- 517 . 312( 1 ) by obtaining money or property of an aggregate
2581 value exceeding $50 , 000 from five or more persons is guilty of a
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• Page 105 of 114
COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 311 (2024 )
Amendment No . 1
2582 felony of the first degree , punishable as provided ins .
2583 775 . 082 , s . 775 . 083 , ors . 775 . 084 .
2584 Section 2 6 . This act shall take effect October 1 , 2024 .
2585
2586
2587
2588 T I T L E A ME N D M E N T
2589 Remove everything before the enacting clause and insert :
2590 A bill to be entitled
2591 An act relating to securit ies ; amending s . 517 . 021 ,
2592 F . S .; revising definitions ; defining the terms " angel
•
2593 investo r group " and "business entity "; amending s .
2594 517 . 051 , F . S .; revising the list of securities that
2595 are exempt from registration requirements under
2596 certain provisions ; amending s . 517 . 061 , F . S .;
2597 revising the list of transactions that are exempt from
2598 registration requirements under certain provisions ;
2599 amending s . 517 . 0611 , F . S .; revising a short title ;
2600 revising provisions relating to a certain registration
2601 exemption for certain securities transactions ;
2602 updating the federal laws or regulations with which
2603 the offer or sale of securities must be in compliance ;
2604 revising requirements for issuers relating to the
2605 registration exemption ; revising requirements for the
2606 notice of offerin g that must be filed by the issuer
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Pa ge 106 of 114
•
• Amendment No . 1
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bi 11 No . HB 311 ( 2024 )
2607 under certain circumstances ; specifying the timeframe
2608 within which issuers may amend such notice after any
2609 material information contained in the notice becomes
2610 inaccurate ; authorizing the issuer to engage in
2611 general advertising and general solici t ation under
2612 certain circumstances ; specifying requirements for
2613 such advertising and solicitation ; requiring the
2614 i ssuer to provide a disclosure statement to certain
2615 entities and persons within a specified timeframe ;
2616 revising requirements for such statement ; deleting
2617 requirements for the escrow agreement ; conforming
2618 provisions to changes made by the act ; revising the
. 619 amount that may be received for sales of certain
2620 securities ; providing a l imit on securities that may
2621 be sold by an issuer to an investor ; deleting the
2 622 requirement that an issuer file and provide a certain
2 623 annual report ; conforming cross - references ; revising
2624 the duties o f intermediaries under certain
2625 circumstances ; providing obligations of issuers under
2 62 6 certain circumstances ; providing that certain sales
2 627 are voida ble within a specified timefrarne ; providing
2628 requirements for purchasers ' notices to issuers to
2 62 9 void purchases ; deleting provisions relating to funds
2630 received from investors ; creating s . 517 . 0612 , F . S .;
2 631 providing a short title ; providing applicability ;
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• Page 1 0 7 o f 11 4
COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 311 ( 2024 )
Amendment No . 1
2632 requiring that offers and sales of securities be in
2633 accordance with certain federal laws and rules ;
2634 specifyi ng certain requirements for issuers relating
2635 to the registration exemption ; specifyi n g a limitation
2636 on t he amount of cash and other consideration that may
2637 be received from sales of certain securities made
2638 within a specified timeframe ; prohibiting an issuer
2639 from accepting more than a specified amount from a
2640 single purchaser under certain circumstances ;
26 41 authorizing the issuer to engage in general
2642 advertising and general solicitation of the offering
•
2643 under certain circumstances ; specifying that a certain
2644 prohibition is enforceable under ch . 517 , F . S .;
2645 requiring that the purchaser receive a disclosure
2646 statement within a specified timeframe ; specifying the
2647 requirements for such statement ; requiring certain
2648 funds to be deposited into certain bank and depository
2649 institutions ; prohibiting the issuer from withdrawing
2650 any amount of the offering proceeds until the target
2651 offering amount has been received ; requiring the
2652 issuer to file a notice of the offering in a certain
2653 format within a specified timeframe ; requir ing the
2654 issue r to file an amended notice within a specified
2655 timeframe under certain circumstances ; prohibiting
2656 agents of issuers from engaging in certain acts under
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Page 108 of 114
•
• Amendment No . 1
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 311 ( 2024 )
2657 certain circumstances ; providing that sales made under
2658 the exemption are voidab l e within a specif i ed
2659 timeframe ; providing requirements for purchasers '
2660 notices to issuers to void purchases ; creating s .
2661 517 . 0613 , F . S .; providing construction ; pr ovidi ng that
2662 registration exemptions under certain prov i sions are
2663 not available to issuers for certain transactions
2664 under specified circumstances ; providing registration
2665 requirements ; creating s . 517 . 0614 , F . S .; specifying
2666 criteria for determining integration of offerings for
2667 the purpose of registrat i on or qualify i ng for a
2668 registration exemption ; specifying certain
. 669 requirements for the integration of offerings for an
2670 exempt offering for which general solicitation is
2671 prohibited ; specifying certain requirements for the
2 672 integration of offerings for two or more exempt
2673 offerings that a l low general solicitation ; specifying
2674 the circumstances under which integration analysis is
2 67 5 not req uired ; creating s . 517 . 0615 , F . S .; specifying
2676 that certain communications are not deemed to
2677 constitute general solicitation or general advertising
2 678 under specified circumstances ; creating s . 517 . 0616 ,
2679 F . S .; providing that registration exemptions under
2680 cert ain provisions are not available to certain
2681 issuers under a specified circumstance ; amending s .
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• Page 1 0 9 of 11 4
COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 311 (2024)
Amendment No . 1
2682 517 . 081 , F . S .; revising t he duties and authority of
2683 the Financial Services Commission ; authorizing the
2684 commission to establ i sh certain criteria relating to
2685 the issuance of certain securities , trusts , and
2686 i n vestments ; authorizing the commission to prescribe
2687 certain forms and establish procedures for deposit i ng
2688 fees and filing documents and requirements and
2689 standards relating to prospectuses , advertisements ,
2690 and other sales literature ; revising the list of
2691 issuers that are ineligible to submit simplified
2692 offering circulars ; deleting provisions that require
•
2693 issuers to provide certain documents to the Office of
2694 Financial Regulation under certain circumstances ;
2695 revising the require ments that must be met before the
2696 office must record the registration of a security ;
2697 amending s . 517 . 101 , F . S .; revising requirements f or
2698 written consent to service in certain suits ,
2699 proceedings , and actions ; amending s . 517 . 131 , F . S .;
2700 defining the term " final judgment "; specifying the
2701 purpose of the Securities Guaranty Fund ; making
2702 technical changes ; revising eligibility for payment
2703 from the fund ; requiring eligible persons or receivers
2704 seeking p ayment from the fund to file a certain
2705 application with the office on a certain form ;
2706 authorizing the commission to adopt rules regarding
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Page 11 0 o f 11 4
•
• Amendment No . 1
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 311 (2024)
2707 electronic filing of such application ; specifying the
2708 timeframe within which certain eligible persons or
2709 receivers must file such application ; prov i ding
2710 requirements for such applications ; requiring the
2711 office to approve applica tions for paymen t un der
2712 certain circumstances and to provide applicants with
2713 certain notices within a specified timeframe ;
2714 requiring eligible persons or receivers to assign to
2715 the office all rights , titles , and interests in final
2716 judgments and orders of restitution equal to a
2717 specified amount under certain circ umstances ;
2718 requiring the office to deem an application for
. 719 payment abandoned under certain circumstances ;
2720 requiring that the time period to complete
2721 applications be tolled un der certain circumstances ;
2722 deleting provisions relating to specified notices to
2723 the office and to rulemaking authority ; amending s .
2724 517 . 141 , F.S .; defining ter ms ; revising the Securities
2725 Guaranty Fund disbursement amounts to which eligible
2726 persons are entitled ; revising provisions regarding
2727 payment of aggregate claims ; providing for the
2728 satisfaction of claims in the event of an insufficient
2729 balance in the fund ; requiring payments and
2730 disbursements from the Securities Guaranty Fund to be
2731 made by the Chief Financial Officer or his or her
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• Page 111 of 114
COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 311 (202 4)
Amendment No . 1
2732 authorized designee , upon authorization by the office ;
2733 requiring such authorization to be submitted within a
2734 certain timeframe ; deleting provisions regarding
2735 requirements for payment of claims ; co nforming
2736 provisions to changes made by the act ; specifyi ng the
2737 circumstances under which a claimant must reimburse
2738 the fund fo r payments received from the fund ;
2739 providing penalties ; authorizing the Department of
2740 Financial Services , rather than the office , to
2741 institute legal proc eed ings for certain compliance
27 4 2 enforcement and to recover certain interests , costs ,
2743
•
and fees ; amending s . 517 . 191 , F . S .; deleting an
2744 obsolete term ; revising the civil penalty amounts for
2745 certain violations ; authorizing the office to recover
2746 certain costs and attorney fees ; requiring that moneys
2747 recovered be deposited in a specified trust fund ;
2748 specifying the liability of control persons ; pr oviding
2749 an exception ; specifying circumstances under which
2750 certain persons are deemed to have violated c h . 517 ,
2751 F . S .; authorizing the office to issue and serve cease
2752 and desist orders and emergency cease and desist
2753 orders under certain circumstances ; authorizing the
2 75 4 office to impose and collect administrative fines for
2755 certain violations ; specifying the disposition of such
2756 fines ; authorizing the o ffice to bar applications or
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Page 112 of 114
•
• Amendment No . 1
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 311 ( 2024 )
2757 notifications for licenses and registrations under
2758 certain circumstances ; conforming cross - references ;
2759 providing construction ; specifying jurisdiction o f the
2760 courts relating to the sale or offer of certain
2761 securities ; making t echn i cal changes ; amending s .
2762 517 . 2 11 , F . S .; providing for joint and several
2763 liability of co ntr ol persons in certain circumstances
2764 for the purposes of specified a ctions ; specifying the
2765 date on which certain interest begins accruing in an
2766 action for rescission ; providing construction ;
2767 specifying that certa i n civil remedies extend to
2768 purchasers or sellers of securities ; making technical
. 769 changes ; repealing s . 517 . 221 , F . S ., relating to cease
2770 and desist orders ; repea l ing s . 517 . 241 , F . S .,
2771 relating to remedies ; amending s . 517 . 301 , F . S .;
2772 revising the circumstances under which certain
2773 activities are considered unlawful and violations of
2774 law ; conform ing provisions to changes made by the act ;
2775 revising the definition of the term " investment ";
2776 specifying that certain misrepresentations by persons
2777 issuing or selling securities are unlawful ; specifying
2778 that certain misrepresen t ations by persons registered
2779 or required to be registered under certain provisions
2780 or subject to certain requirements are unlawful ;
2781 specifying that obtaining money or property in
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• Page 113 of 114
COMMITTEE/SUBCOMMITTEE AMENDMENT •
Bill No . HB 31 1 ( 2024 )
Amend ment No . 1
2782 connection with the offer or sale of an investment is
2783 unlawful under certain co ndit ions ; providing
2784 construction ; requiring disclaimers for certain
2785 statements ; mak ing technical changes ; repealing s .
2786 517 . 311 , F . S ., relating to false representations ,
2787 deceptive words , and enforcement ; repealing s .
2788 517 . 312 , F . S ., relating to securities , investments ,
2789 and boiler rooms , prohibited practices , and remedies ;
2790 amending ss . 517 . 072 and 517 . 12 , F . S .; conforming
2791 cross - references and making technical chan ges ;
2792 amending ss . 517 . 1201 and 517 . 1202 , F . S .; confor ming
•
2793 c ross - references ; amending s . 517 . 302 , F . S .;
2794 conforming a provision to changes made by the act and
2795 making a technical change ; providing an effective
2796 date .
2797
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Page 114 of 114
•
•
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No . HB 817 (2024)
Amendment No . 1
COMMITTEE/SUBCOMMITTEE ACTION
ADOPTED (Y/N)
ADOPTED AS AMENDED __ (Y/N)
.,,.
ADOPTED W/O OBJECTION (Y/N)
FAILED TO ADOPT (Y/N)
WITHDRAWN (Y/N)
OTHER
1 Committee/Subcommittee hearing bill : Insurance & Banking
2 Subcommittee
3 Representative Duggan offered the following :
• 4
5
6
Amendment (with title amendment)
Remove lines 3 1-3 3 and insert :
7 for the purpose of issuing titles , registration certificates ,
8 registration license plates , validation stickers , and mobile
9 home stickers to applicants , excluding issuance of registration
10 or trip permits pursuant to s . 320 . 0715 , and providing to
11 applicants for eac h
12
13
14 T I T L E A ME N D M E N T
15 Remove line 6 and insert :
16 collector for purpose of i ssuing titles , registration
354967 - hb0817 - line3 1.docx
•
Published On : 1/10/2024 6 : 30 : 24 PM
Page 1 of 1
•
•
•
Ill 1111111111111111111111111111111
07297006
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee: Insurance & Banking Subcommittee
Meeting Date: January 11, 2024 2:00 PM
HB 85 : Pub. Rec./State Banks and State Trust
~ B "II/RCS/PCB Number: Companies
D Amendment Barcode Number: -'-N-"'-/A_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
D Presentation/Workshop Topic: NIA
Name: Mason, Ashley (Ash}
Representing: Office of Financial Regulation
Title:
Address: 200 E Gaines St Ste 504
City: Tallahassee State/Zip:-=F-=L'-----------
Phone Number: ~<8_5_0~}_4_10_-_97_8_9_ _ _ _ __
~ Registered Lobbyist Bill
D State Employee pport
D I Wish to Appear in Person Amendment
D Appearing in response to subpoena
D Appearing in response to an inquiry for infonnation made by
member, committee or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
~ Lobbyist Appearance Form Submitted
H-16e (Revised 1/4/2021)
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
;'-oan>"
Committee/Subcommittee~ (V-')~ ~7 J
1
Meeting Date: /2 / ;;_ 3
I I
Bill/PCS/PCB Number:
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
Address: Y ·~ ....I
'--
City:-+-"-----+--------------- State/Zip: ~1._) f'..:2 SJ- (
I
Phone Nu 2----2... / - 2., <-re;( -
./
~ Registered Lobbyist
D State Employee
D I wish to Appear in Person
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by member, committee, or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
D Lobbyist Appearance form submitted
(If you are testifying on an amendment, please also indicate your position as a proponent or opponent on the bill as a whole.)
Bill: D Opponent D Waive in S u p p ~ Waive in Opposition D Info only D
Proponent
Amendment: Proponent D OpponentO Waive in Support □ Waive in Opposition □ Info only D
H-116 (2024)
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee: _ _.:k"""'-'--'-S=-=u.......
[CA-"-/\-'-"'C~<-_,____~_~
__,_~_l_~
__'---~--....,.(!.o<n"-=--_tv\_\_.\A'--(,"'--(.--C...-
Meeting Date :_ _~\~'~l-\~ \ - ~ - ~ - - - - - - - - - - - - - - - - - - - -
~/PCS/PCB Number:
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
Name: _ _ _ _$ .......
.\-1,.....aOu......,a.."--cL--~-'-------"C. .h. . .< \ ~ - - - - - - - - - - - - -
___o__
Representing: k ~Sl~~~ ~
Title:
----------------------------------
Address: (;,S\ e. 1:<--r\k:Sv,\ S\.<--tc,,\--
City: !:°'-\\ ~ 4b5 e. e CL state/Zip :_____._n_l-'------_3_:l_.c;:~::;.._q=----
_9 & . - -
Ph one Number: '65(:) - 5G:,\ -S ~C(")
D Registered Lobbyist
D State Employee
D I wish to Appear in Person
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by member, committee, or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
D Lobbyist Appearance form submitted
(If you are testifying on an amend/lease also indicate your position Jponent or opponent on the bill as a whole.)
Bill: Proponent 0' Opponent D Waive in Support~ Waive in Opposition D Info only D
Amendment: ProponentO OpponentO Waive in Support □ Waive in Opposition □ Info only D
H-116 (2024)
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee: \ y'\S,Ll..Y7Yf\.<-{, q{ ~Li n.5
Meeting Date: \/ l l \ d-Y'
~ II/PCS/PCB Number:
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
Name: ~ j A JUV-v'\S&'J
Representing: rt- ()..r{J.yy\_'ov,r 0-(: (_£(yl (Y\Qf(_,z_ ___
Title : \JV
----------------------------------
Address: _ \3l.Q
__ s__~.....;;__v\)
---=-r'i
- °'-=8
---=,....-;h> ---_
S=.,__
r_ _ _ _ _ _ _ _ _ __
City:_
~ - - - -~- - - - - - - - - State/Zip: _ _ _ _ _ _ _ _ __
Phone Number: _ S
_ ~_ \_, , ,_ \_.:rt)
__ O_______
~ istered Lobbyist
D State Employee
D I wish to Appear in Person
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by member, committee, or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
~ byist Appearance form submitted
(If you are testifying on an amendment, please also indicate your position as a proponent or opponent on the bill as a whole .)
Bill: Proponent D Opponent D Waive in Support ~ D Info only D e in Opposition
Amendment: ProponentO OpponentO Waive in Support □ Waive in Opposition □ Info only D
H-116 (2024)
1111111111111111111111111111111111
80060685
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee: Insurance & Banking Subcommittee
Meeting Date: . C:.J--'-'-a=nu=a:. :. ;:r. . ,_y. . : l=l_._,=2 ;-0. . c2c. .; 4. . ;:2c. ;_:0.:...0'-P
" c
---M
..=-_ _ _ _ _ _ _ _ _ __
~ Bill/PCS/PCB Number: HB 311 : Securities and Securities Transactions
D Amendment Barcode Number: - N/A
-----------------
D Presentation/Workshop Topic: _N_/A_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Name: Mason, Ashley (Ash)
Representing: Office of Financial Regulation
Title:
Address: 200 E Gaines St Ste 504
City: Tallahassee State/Zip:_F_L_ _ _ _ _ _ _ _ __
Phone Number: . . .(8-'--'5-"0_,_)---'-41=-0'--'-97'--"8'-'-9_ _ _ _ __
~ Registered Lobbyist Bill
~ State Employee Waive In Support
DI Wish to Appear in Person Amendment
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by
member, committee or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
~ Lobbyist Appearance Form Submitted
H- I 6e (Revised 1/4/2021)
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
99111982
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee: Insurance & Banking Subcommittee
Meeting Date: _J---'-a=---nu=a--"r__,_y---"lC.CCl. ._,2_0'-2_4_2_:0-'-0'-P_M____.::__ _ _ _ _ _ _ _ _ __
~ Bill/PCS/PCB Number: HB 311 : Securities and Securities Transactions
D Amendment Barcode Number: -=-N-'-'-/::....:A'------------------
0 Presentation/Workshop Topic: N/A
Name: Nungesser, Timothy
Representing: National Federation of Independent Business
Title: Legislative Director
Address: 110 E Jefferson St
City: Tallahassee State/Zip: -=-F-=L=-------------
Phone Number: _,._(8"-'5'-'-0. .,_)--'-6-'-81-'---'--0_41_6'--------
~ Registered Lobbyist Bill
D State Employee Waive n Support
D I Wish to Appear in Person Amendment
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by
member, committee or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
~ Lobbyist Appearance Form Submitted
H-16e (Revised 1/4/2021)
1111111111111111111111111111111111
94873183
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee: Insurance & Banking Subcommittee
Meeting Date: . .::::J-=-a=nu=a=-=-r. .z. .y. . =:l=l,z....:2=0=2-=-4-=2~:0=0-=P....:.M=------------
~ Bill/PCS/PCB Number: HB 311 : Securities and Securities Transactions
D Amendment Barcode Number: - = - N . : . : . . / A = - = - - - - - - - - - - - - - - - - -
0 Presentation/Workshop Topic: NIA
Name: Wagoner, Samuel (Sam)
Representing: Florida League of Cities, Inc
Title:
Address: PO Box 1757
City: Tallahassee State/Zip:--=-F-=L::___ _ _ _ _ _ _ __
Phone Number: ~<3_5_2~)_5_84_-_86_4_7_ _ _ _ __
~ Registered Lobbyist Bill
D State Employee Waive In Support
~ I Wish to Appear in Person Amendment
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by
member, committee or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
~ Lobbyist Appearance Form Submitted
H-116e (Revised 1/4/2021)
Ill 1111111111111111111111111111111
65979562
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee: Insurance & Banking Subcommittee
Meeting Date: ---=J-=a=n=ua=r:...i.y-=1=-=lCI....,=-20::. ::2:. . :4-=2=-=-:0-=--0=---P=--M::. :. =. .__ _ _ _ _ _ _ _ _ __
~ Bill/PCS/PCB Number: ....::cH=B=--6=-=1=-=1--=-:--=-P--=u=b=lic=-..:D=---=--ep::..::o=si=ts'----_ _ _ _ _ _ __
D Amendment Barcode Number: --=-N.:. :. ./A:. . ::.,__ _ _ _ _ _ _ _ _ _ _ _ _ _ __
D Presentation/Workshop Topic: N/A
Name: Bacot Brett
-=..::::..::..:::...;:.:z..=..:....::...:c.::....__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Representing: Calhoun County Board of County Commissioners
Title: _L_o_b_by.,_i_st_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Address: 215 South Monroe Street, 301
City: Tallahassee State/Zip:--=-F-=L:___ _ _ _ _ _ _ __
Phone Number: ....,._(8.c..c5c....;:O_,__). . :. 68.C. Cl"---'--04. c. .cl=l_ _ _ _ __
~ Registered Lobbyist Bill
D State Employee Waive In Support
DI Wish to Appear in Person Amendment
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by
member, committee or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
~ Lobbyist Appearance Form Submitted
H-16e (Revised 1/4/2021)
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee : _ _p_'-../_b_~ ,_C_ D _ _
U\? o_"_l-½
__~_ k___
'1M ._ ~_'-f\
_ }c_\_~~ - -
Meeting Date :_ _,__/_-_/....__-_Z.___.__________________________
□ Bill/PCS/PCB Number:
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
Name: / 0cc00 c€,_ /_ _ b ~~
Representing: L (_) 1 ~ 1 -h CV'l-cl, i lJ (\ ~ if7
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Title: h \') e»ci Q{? \f\'"'0{1+
Address: /~2] Csgl-z_{ C,r- - /vf
City:N l ~, . State/Zip : ' 3 L 3 o t
Phone Number: _ __.
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:1> 5_-~6......./__,
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D Registered Lobbyist
D State Employee
D I wish to Appear in Person
D Appearing in response to subpoena
.l¼J Appearing in response to an inquiry for information made by member, committee, or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
D Lobbyist Appearance form submitted
(If you are testifying on an amendment, please also indicate your position as a proponent or opponent on the bill as a whole .)
Bill: D Opponent D Waive in Support pr! Waive in Opposition D Info only D
Proponent
Amendment: ProponentO OpponentO Waive in Support □ Waive in Opposition □ Info only D
H-116 (2024)
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Comm ittee/Subcommittee: ~ V¥_ \V\,,,S \J Y 0..A <;.J?,
Meeting Date / / ( I / d-':f
□ Bill/PCS/PCB Number:
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
Name: -\--
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Title :
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Address:
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City: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ State/Zip:
----------
Phone Number: - - - - - - - - - - - - - - -
W egistered Lobbyist
D State Employee
D I wish to Appear in Person
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by member, committee, or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
D Lobbyist Appearance form submitted
(If you are testifying on an amendment, plea se also indicat e your position as a proponent or opponent on th e bill as a whole.)
Bill: Proponent D Opponent D Waive in Suppa~ D Info only D
Waive in Opposition
Amendment: ProponentO Opponent □ Waive in Support □ Waive in Opposition □ Info only D
H -11 6 (2024)
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee: "Ji'lt;M~ ~ , 1
Meeting Date: t//( I)_{'"
r 1
5/PCB Number:
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
DC
Phone Numb
ro
~ Registered Lobbyist
State Employee
~ s h to Appea r in Person
~ Appearing in response to subpoena
D Appearing in response to an inquiry for information made by member, committee, or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
D Lobbyist Appearance form submitted
(If you are testifying on an amendment, please also indicate your position as a proponent or opponent on the bill as a whole.)
Bill: D Opponent~ Waive in Support D Waive in Opposition D Info only D
Proponent
Amendment: ProponentO OppLi□ Waive in Support□ Waive in Opposition□ Info only D
H-116 (2024)
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
/L
Committee/Subcommittee : _ _ p.____._,T_,.. -_._1_~_ r_-_
_ 1,.._ :"'"'7----1--
f: -_ _ _ _ _ _ _ _ _ _ _ __
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Meeting Date : / - / /- l....3
'fJ Bill/PCS/PCB Number: /p I I
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
Name: - -+/ --=--hL...:C- ~ ----'--S'- ~_ - --+-f_ L _
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Representing: -~c~ q
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Title: c__~ <J
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Address : ____[ _l,_ v_ ;_ fo_ ~j _ ll_ _ l~ / __
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City: __ {}~f._{)_✓_'°"_f_)_fP
_-_ _ _ _ _ __ State/Zip:
Phone Number: 'b S- l) (, y) . 6 :i_ a o
D Registered Lobbyist
D State Employee
~ I wish to Appear in Person
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by member, committee, or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
D Lobbyist Appearance form submitted
(If you are testifying on an amendment, please also indicate your position as a proponent or opponent on the bill as a whol e. )
Bill: Proponent ~D Waive in Support D Waive in Opposition D Info only D
Opponent
Amendment: ProponentO OpponentO Waive in Support □ Waive in Opposition □ Info only D
H-11 6 (2024)
1111111111111111111111111111111111
28877886
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee: Insurance & Banking Subcommittee
Meeting Date: -=J-=a=n=ua=r:...,.y--=1=1.i..,=-20=-=2=--=4--=2=-=-:0.::. .;0=---P
=--M: . :.-=- -_ _ _ _ _ _ _ _ _ __
~ Bill/PCS/PCB Number: -=H=B:::......::..:61=1:.....::-=P--=u=b=lic=--D=ep=o=si=ts::..___ _ _ _ _ _ __
0 Amendment Barcode Number: . . . : : . N . . : . . : . . / : . . . : A = - - - - - - - - - - - - - - - - - - - -
0 Presentation/Workshop Topic: N/A
Name: Hodge, Christopher
Representing: League of Southeastern Credit Unions & Affiliates
Title: Sr. Director of Government Affairs
Address: 3692 Coolidge Court
City: Tallahassee State/Zip:-=-F--==L=------------ -
Phone Number: 8505581027 ....::....::....:....::....::....::....::...::..=-c'-------- -
~ Registered Lobbyist Bill
0 State Employee Proponent
~ I Wish to ppear in.Person Amendment
0 Appearing in response to subpoena
0 Appearing in response to an inquiry for information made by
member, committee or staff
0 Appearing at the written request of the chair
0 Judge or elected officer appearing in official capacity
~ Lobbyist Appearance Form Submitted
H-1 6e (Revised 1/4/2021 )
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee : J;h7v{/'z ~ Cg 2 V
1
Meeting Date: / I/ /;;i c/=
~/PCS/PCB Number:
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
Name: _ _
LL_~_·____::_ 'a::. . . . .::. /_7...___rv_
L ....... ,ri
_____;__,_
{~- = - - - - - - - ' - - - - - - - - - - - - -
Representing: t-= 1v-ef e»m ~{J/{ GL
Title : _ __,.
(~}@- - - - - ' - - - - - - - - - - - - - - - - - - - - - - - -
Address:
----------------------------------
City: £ {(~~~ L State/Zip:___.__
F- L _ _ __
Phone Number: SSo L\ I v 3Ss if-
□ Registered Lobbyist
□ State Employee
~
I wish to Appear in Person
Appearing in response to subpoena
□ Appearing in response to an inquiry for information made by member, committee, or staff
□ Appearing at the written request of the chair
□ Judge or elected officer appearing in official capacity
□ Lobbyist Appearance form submitted
(If you are testifying on an amendment, please also indicate your position as a proponent or opponent on the bill as a whole .)
Bill: D Waive in Support D Waive in Opposition D Info only D
Proponent~ Opponent
Amendment: ProponentO OpponentO Waive in Support □ Waive in Opposition □ Info only D
H-116 (2 024)
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee:
- -7:/lrrJr;rJ~
~------ hvit<-f'll'e..-
7- ~ --------------- I
Meeting Date:
-------------------------------
)31 Bill/PCS/PCB Number: 611
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
Name: ______.__
(<'--+
7 ~/ ~_ ;A c&_'e_- l-_S_v_f?
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Title : _ , __,,,,....
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( O 5 / _ _.:....;__-=-.
Address: --+-,/-'---=-__.__ /1./ N S /2.. 20
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City : _ 73'Y
~ _ t~ 5_ 1z>_ /_ _ _ _ _ _ _ __ State/Zip:
PhoneNumber: 8So 5 : : ; - ~ - - / g ~ J
---------------'--
D Registered Lobbyist
D State Employee
~ wish to Appea r in Person
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by member, committee, or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
D Lobbyist Appearance form submitted
(If you are testifying on an amendment, please also indicate your position as a propon ent or oppon ent on the bill as a whole .)
Bill: D Waive in Support D Waive in Opposition D Info only D
Propon ent0 Opponent
Amendment: ProponentO OpponentO Waive in Support □ Waive in Opposition □ Info only D
H-11 6 (2024)
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee : T~ ' v " ' - ~ t \5 ~ /
Meeting Date :___,L_/_ t_,___. .(. . . . .c
l,'--1.f
_.______________________
dsill/PCS/PCB Number:
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
Name: _1)
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Title: , (V f , \s CA-VY I&'!),
Address : JO lf \e-V\l\,c.,JJe-c., J,\-,
State/Zip: __F
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Phone Number:
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D Registered Lobbyist
D State Employee
~ wish to Appear in Person
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by member, committee, or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
D Lobbyist Appearance form submitted
{If you are testifying on an amendment, please also indicate your position as a proponent or opponent on the bill as a whole .)
Bill: Proponent D Opponent ~
D Waive in Opposition D Info only D
aive in Support
Amendment: ProponentO OpponentO Waive in Support □ Waive in Opposition □ Info only D
H-116 (2024)
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee: _ _ _ _Co
=--l:.....;l:..___ _ _n:c.....:,,,
~- ~·...
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8__.___,,.,c - .-.~
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Meeting Date: _ _ _\ _-_ l_l_-_ ~
=--------------------------
□ Bill/PCS/PCB Number:
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
v'Y':r::k}
Name: - - ---="---""'........""""tr
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Title : - -~- _IA:j
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Address: _ _ _2....D
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Phone Number: __ fl_s_o_ . ._. <.o_ "t_'(..__--
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3,, ""'-'-
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D Registered Lobbyist
D State Employee
[3" I wish to Appear in Person
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by member, committee, or staff
D Appearing at the written request of the chair
D Judge or elected officer appearing in official capacity
D Lobbyist Appearance form submitted
(If you are testifying on an amendment, please also indicate your position as a proponent or opponent on the bill as a whole .)
Bill: D Waive in Support D Waive in Opposition D Info only D
Proponent@ Opponent
Amendment: ProponentO OpponentO Waive in Support □ Waive in Opposition □ Info only D
H-116 (2024)
COMMITTEE/SUBCOMMITTEE APPEARANCE RECORD
Committee/Subcommittee: t tJ s llAANc..t: ti 6 A--N 1<.1 rJCr s l{ Beo"" M- t rr€e
Meeting Date: _ _ ,_,_JA
__N_ ~_ o_;;.,
_4______________
~ ill/PCS/PCB Number:
□ Amendment Barcode Number:
□ Presentation/Workshop Topic:
Name: wl kl. /Zn t>Gr2::J>
Representing: F°LOfL.tDA tA:;X CoLL6-C.TZ.>R-.S AS5 0CLA-n o1'.J
Title : YoLUSl.4 CDIA NTY rr±X COLL6 qpR.
Address : IL:> N INDtA-tJ-A-- AriG- tZm 103.
City: D GlA--N D State/Zip: Fl, 3 ;z,, 7:;J.O
Phone Number: ._Efj(o -1Lj-o - 5 ~5/4e1:, -- /ulCf-&,Zl.tJ-8
I
D Registered Lobbyist
D State Employee
D I wi sh to Appear in Person
D Appearing in response to subpoena
D Appearing in response to an inquiry for information made by member, committee, or staff
D Appearing at the written request of the chair
~ dge or elected officer appearing in official capacity
D Lobbyist Appearance form submitted
(If you are t estifying on an amendment, please also indicate your position as a proponent or opponent on the bill as a whole.)
Bill: Proponent D Opponent D Waive in Support D Waive in Opposition ~
D only
Amendment: ProponentO OpponentO Waive in Support □ Waive in Opposition □ Info only D
H-11 6 (2024)
File and source
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- 2024-01-11_3228_insurance-banking-subcommittee_action-packets_fn-ibs-1-11-24.pdf
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