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Wisconsin Assembly votes to roll-back restrictions
The Wisconsin State Assembly unanimously passed AB 228 on Tuesday which seeks to restore a registration exemption for cooperatives offering securities. Cooperatives had been exempt from a law requiring filing with the Department of Financial Institutions before selling securities such as preferred stock. A recent update to the federal Uniform Securities Act significantly narrowed that exemption. AB 228 author, Representative Al Ott of Forest Junction said that change was proving to be a significant barrier to cooperative development in the state resulting “in confusion, delays, and substantial new legal costs for cooperative business start-ups.”
The bill now goes to the State Senate.
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