All Roll Calls
Yes: 49 • No: 10
NevadaSB7683rd Regular Session (2025)SenateWALLET
AN ACT relating to securities; creating the Fund for the Compensation of Victims of Securities Fraud and prescribing the use of money in the Fund; authorizing certain persons to whom a court orders restitution to apply for compensation from the Fund; requiring the Administrator of the Securities Division of the Office of the Secretary of State to review applications for and award compensation from the Fund; making confidential certain information; requiring the Division to adopt regulations relating to the administration of the Fund; requiring the Administrator to submit to the Legislature a biennial report concerning the Fund; requiring a person who receives compensation from the Fund to reimburse the State for such compensation under certain circumstances; revising provisions relating to certain exempt securities and exempt transactions; revising provisions governing the deposit of certain money received by the Division or the Administrator; and providing other matters properly relating thereto.
Sponsored By: Senate Committee on Judiciary
Signed by Governor
BDR 7-486
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Bill Overview
Analyzed Economic Effects
6 provisions identified: 2 benefits, 0 costs, 4 mixed.
Cash relief for securities fraud victims
Beginning January 1, 2026, victims with a court order for restitution under NRS 90.640 can apply to a new state Fund within 12 months. Awards are capped at the lesser of $25,000 or 25% of the unpaid restitution. Your application information is confidential, and you can appeal a denial. If you later recover restitution, you must repay up to the award amount, minus attorney fees and costs. The Division tracks the Fund quarterly and reports results to the Legislature every two years.
In-state investing for certified Nevadans
Beginning January 1, 2026, Nevada certified investors can buy certain intrastate offerings that meet federal Rules 147/147A. Your total buys under this path cannot exceed 10% of your net worth, and home equity may count for only up to 50% of net worth in that test. Sellers must submit fingerprints for background checks, file the issuer’s latest balance sheet, disclose pay to decision‑makers, and share any past criminal convictions with you. The Administrator sets detailed rules.
Simpler rules for many secondary trades
Beginning January 1, 2026, more secondary sales and brokered trades are exempt from Nevada registration. Examples include unsolicited customer orders through licensed brokers; nonissuer sales of fixed‑maturity securities with no recent defaults; trades in SEC‑reporting companies (or with 90‑day Nevada filings and a $300 fee); and sales by licensed reps when tied to market price and issuer disclosures. It also covers issuer‑to‑underwriter and inter‑underwriter trades, fiduciary and secured‑party transactions, and certain offers made after a filing is submitted but before it becomes effective.
Streamlined sales of large real-estate notes
Beginning January 1, 2026, certain real‑estate‑secured note deals are exempt. Sales qualify when each buyer pays at least $250,000 in cash within 60 days and buys for their own account. HUD‑approved mortgagee notes or participations can be sold to institutions like banks, insurers, Freddie Mac, Fannie Mae, or Ginnie Mae. Nonassignable institutional contracts that finish within two years are also exempt. Nevada‑licensed mortgage companies can offer secured notes or participations, and sales of a mortgage or trust deed with all secured bonds sold as one unit are exempt.
Division fees flow to General Fund
Beginning January 1, 2026, money the Securities Division or Administrator collects under the securities law goes to the State General Fund, except where this act says otherwise (like the victim Fund). This changes how the state handles these receipts.
Easier small and holder offerings
Beginning January 1, 2026, very small private offerings can be exempt if there are 35 or fewer in‑state purchasers in 12 months, no public ads, no unlicensed commissions, and, in some cases, a $500,000 cap. Preorganization subscriptions are exempt with no paid solicitors, no public ads, no payments, ≤50 offers, and ≤10 subscribers; supervised bank formations qualify too. Offers to existing holders are exempt if no commission is paid, or if the issuer files notice and pays $300; the Administrator may disallow within 5 business days. Distributions in mergers or reorganizations are exempt with federal registration, or with a 10‑day notice and $300 fee if not federally registered; the Administrator can disallow without a formal order.
Sponsors & Cosponsors
Sponsor
Senate Committee on Judiciary
Affiliation unavailable
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 5/31/2025
Final Passage - Assembly (2nd Reprint)
Yes: 36 • No: 3
Senate vote • 5/26/2025
Final Passage - Senate (1st Reprint)
Yes: 13 • No: 7
Actions Timeline
Approved by the Governor. Chapter 376.
6/6/2025legislatureEnrolled and delivered to Governor.
6/4/2025legislatureTo enrollment.
6/2/2025SenateIn Senate.
6/1/2025SenateRead third time. Passed. Title approved. (Yeas: 36, Nays: 3, Excused: 3.) To Senate.
5/31/2025HouseRead second time.
5/30/2025HousePlaced on Second Reading File.
5/30/2025HouseFrom committee: Do pass.
5/30/2025HouseRead first time. Referred to Committee on Judiciary. To committee.
5/27/2025HouseIn Assembly.
5/27/2025HouseFrom printer. To re-engrossment. Re-engrossed. Second reprint. To Assembly.
5/27/2025SenateRead third time. Passed, as amended. Title approved. (Yeas: 13, Nays: 7, Excused: 1.) To printer.
5/26/2025SenateReprinting dispensed with.
5/26/2025SenateRead third time. Amended. (Amend. No. 801.)
5/26/2025SenatePlaced on General File.
5/26/2025SenateFrom committee: Amend, and do pass as amended.
5/26/2025SenateTo committee.
4/23/2025SenateFrom printer. To engrossment. Engrossed. First reprint.
4/23/2025SenateTaken from General File. Re-referred to Committee on Finance. Exemption effective. To printer.
4/21/2025SenateNotice of eligibility for exemption.
4/21/2025SenateRead second time. Amended. (Amend. No. 337.)
4/21/2025SenatePlaced on Second Reading File.
4/21/2025SenateFrom committee: Amend, and do pass as amended.
4/21/2025SenateRead first time. To committee.
2/3/2025SenateFrom printer.
12/2/2024Senate
Bill Text
As Enrolled
As Introduced
Reprint 1
Reprint 2
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