CA AB2081

Exempts offerings using general solicitation or general advertising from qualification requirements until January 1, 2016, provided sales are made only to accredited investors and aggregate offering price does not exceed $1,000,000 (less amounts sold in prior 12 months).

Requires issuers to verify purchasers are accredited investors, obtain completed offeree questionnaires, provide written disclosure including business details and risk factors, and maintain suitability documentation for four years.

Mandates a 24-hour waiting period after providing required information and gives investors the right to void contracts within 72 hours of sale.

Limits individual natural person investments to 5 percent of net worth per offering and requires issuers to file notice with the Commissioner within 15 days after first sale, paying specified fees.

Provides purchaser remedies including rescission rights, attorney's fees, and potential treble or punitive damages if offerings fail to meet all terms and conditions; places burden of proof on issuer to demonstrate exemption requirements were met.