Amend SB 808 by striking all below the enacting clause and
substituting in lieu thereof the following:
      SECTION 1.  Section 33, The Securities Act (Article 581-33,
Vernon's Texas Civil Statutes), is amended by adding Subsection N
to read as follows:
      N.  Limitation of Liability in Small Business Issuances.
(1)  For purposes of this Section 33N, unless the context otherwise
requires, "small business issuer" means an issuer of securities
that, at the time of an offer to which this Section 33N applies:
            (a)  has annual gross revenues in an amount that does
not exceed $25 million; and
            (b)  does not have a class of equity securities
registered, or required to be registered, with the Securities and
Exchange Commission under Section 12 of the Securities Exchange Act
of 1934, as amended (15 U.S.C. Section 781).
      (2)  This Section 33N applies only to:
            (a)  an offer of securities made by a small business
issuer or by the seller of securities of a small business issuer
that is in an aggregate amount that does not exceed $5 million; and
            (b)  a person who has been engaged to provide services
relating to an offer of securities described by Section 33N(2)(a),
including an attorney, an accountant, a consultant, or the firm of
the attorney, accountant, or consultant.
      (3)  The maximum amount that may be recovered against a
person to which this Section 33N applies in any action or series of
actions under Section 33 relating to an offer of securities to
which this Section 33N applies is an amount equal to three times
the fee paid by the issuer or other seller to the person for the
services related to the offer of securities, unless the trier of
fact finds the person engaged in intentional wrongdoing in
providing the services.
      (4)  A small business issuer making an offer of securities
shall provide to the prospective buyer a written disclosure of the
limitation of liability created by this Section 33N.
      SECTION 2.  This Act applies only to an action filed on or
after the effective date of this Act.  An action filed before the
effective date of this Act is governed by the law in effect at the
time the action was filed, and that law is continued in effect for
that purpose.
      SECTION 3.  The importance of this legislation and the
crowded condition of the calendars in both houses create an
emergency and an imperative public necessity that the
constitutional rule requiring bills to be read on three several
days in each house be suspended, and this rule is hereby suspended,
and that this Act take effect and be in force from and after its
passage, and it is so enacted.