ACCESS Rural America Act

The entire approach was reversed: the original bill added a new registration requirement (lowering the threshold to force certain universal service support recipients to register), while the engrossed version instead adds an exemption from registration requirements in Section 12(g)(2).

The holder count language changed from 'not fewer than 500 persons who are not accredited investors' (original) to 'more than 500 persons that are not accredited investors' (engrossed), with both versions capping at fewer than 2,000 holders.

Asset threshold direction flipped: the original required registration for issuers with total assets exceeding $10 million, while the new version exempts issuers with total assets of not more than $10 million (indexed for inflation every 5 years).

The disclosure mechanism changed from a Commission-issued regulation establishing a form to a direct statutory requirement that the issuer file a financial summary form with the SEC and deliver it to each holder of record within 120 days after fiscal year end as a condition of the exemption.

The original bill's provision requiring the Commission to issue regulations establishing the financial summary form was removed; the engrossed version embeds the form requirements directly in statute as part of the exemption conditions.