MN HF94

Amends Minnesota Statutes section 80A.50 to change the investment limit for small corporate offerings from Rule 504 of Regulation D to align with Code of Federal Regulations, title 17, part 230.504(b)(2), as amended.

Updates Minnesota Rules part 2876.3021, subpart 2 to remove the $1,000,000 aggregate sales limit for unaudited financial statements in small corporate offerings.

Allows unaudited financial statements if reviewed by independent certified public accountants and the applicant has not previously conducted general solicitation offerings or been required to provide audited statements.

Maintains existing disqualification provisions for issuers subject to SEC reporting requirements, investment companies, development stage companies, or those with certain criminal convictions or administrative enforcement orders within five years.

Registration statements must be filed on Form U-7 and become effective automatically 20 days after filing unless a stop order is in effect, with effectiveness lasting one year.