(1) Only a local associate development organization, as defined in RCW 43.330.010
, a port district, or an organization that qualifies as a portal pursuant to regulations promulgated by the director, may work in collaboration with the director to act as a portal under this chapter.
(2) A portal shall require, at a minimum, the following information from an applicant for exemption prior to offering services to the applicant or forwarding the applicant's materials to the director:
(a) A description of the issuer, including type of entity, location, and business plan, if any;
(b) The applicant's intended use of proceeds from the offering;
(c) Identities of officers, directors, managing members, and ten percent beneficial owners, as applicable;
(d) A description of any outstanding securities; and
(e) A description of any litigation or legal proceedings involving the applicant, its officers, directors, managing members, or ten percent beneficial owners, as applicable.
(3) Upon receipt of the information described in subsection (2) of this section, the portal may offer services to the applicant that the portal deems appropriate or necessary to meet the criteria for exemption under RCW 21.20.880
. Such services may include assistance with development of a business plan, referral to legal services, and other technical assistance in preparation for a public securities offering.
(4) The portal shall forward the materials necessary for the applicant to qualify for exemption to the director for filing when the portal is satisfied that the applicant has assembled the necessary information and materials to meet the criteria for exemption under RCW 21.20.880
(5) The portal shall work in collaboration with the director for the purposes of executing the offering upon filing with the director.
Short title—Findings—Intent—2014 c 144:
See notes following RCW 21.20.880