MO HB1151

Creates a new securities exemption allowing Missouri-formed businesses to offer and sell securities without standard registration requirements if they comply with federal intrastate offering rules under Section 3(a)(11) of the Securities Act of 1933 and SEC Rule 147

Limits total securities sales under this exemption to $1 million, minus any amounts raised in the preceding 12 months

Caps individual investor purchases at $10,000 or 10% of their federal adjusted gross income, unless the purchaser qualifies as an accredited investor under SEC Regulation D

Requires issuers to file notice with the state administrator before any general solicitation or before the 25th sale, identifying the issuer, persons involved in the offering, and the depository institution holding investor funds

Prohibits investment companies and SEC-reporting companies from using this exemption, and requires issuers to disclose that securities cannot be resold unless registered or exempt