Enrolled Bill Summary

House Bill 1507 amends The Securities Act to limit the liability of a professional providing services relating to an offer of securities by a small business. The act applies to a "small business issuer" of securities, a business that neither exceeds annual gross revenues of $25 million nor offers securities required to be registered with the Securities and Exchange Commission. The act requires a small business issuer offering securities to provide the prospective buyer a written disclosure of the limitation of liability created by this act and to receive a signed acknowledgment that disclosure was provided.