Provides for a state agency to hire qualified entrepreneurs to be EIR’s, using “available funds” from the agency budget.
EIR bills were introduced in both the House (HB 664) and the Senate (SB 328). The Senate bill passed the Senate and House and was sent to the governor for his signature. The governor signed the bill into law in June. SB 328 as signed by Governor, June 14, 2013.
By Ingrid Vanderveldt, Mar. 27, 2013.
Crowdfunding rulemaking in Texas
The Texas State Securities Board has proposed a new rule to make it easier for Texas startups to crowdfund, by creating an exemption from burdensome Texas (and federal) securities registration requirements. The Board will publish the proposal in the May 9 Texas Register, take public comment for 60 days, and consider the proposal in August. As the Texas Entrepreneur Network has reported, the proposal has several highlights: (1) the startup would have to be based in Texas, and the investors would have to be Texas residents; (2) unaccredited investors could invest up to $5,000 per year in a startup; (3) startups raising no more than $1 million would need to have their primary executive certify their financial statements but would not have to provide audited statements; (4) the startup’s internet site must post all issuer and investor comments; and (5) crowdfunding portals would need to be registered, pay a standard filing fee, maintain transaction records for 5 years, and not need to sit for exams.