IN SB0062

Exempts certain securities offerings from registration requirements if aggregate annual sales do not exceed $1,000,000 and sales to any individual investor do not exceed $10,000 annually

Requires issuers or intermediaries selling exempt securities to warn investors about speculative risks, conduct background checks on principals, and restrict purchasers from transferring securities for one year (except to the issuer or accredited investors)

Creates a new corporate structure called "flexible purpose corporations" that must include providing a "general public benefit" (material positive impact on society or environment) as one of their purposes

Requires flexible purpose corporation directors to consider effects of corporate actions on shareholders, employees, suppliers, customers, community, and environment, with no single interest required to take priority over others

Mandates flexible purpose corporations publish annual benefit reports describing how they provided or attempted to provide their stated public benefit, made available to shareholders within 120 days of fiscal year end