DFR presents H.648 housekeeping bill: lower securities de minimis, cyber-insurance, kiosk rules and licensing tweaks

The Commerce & Economic Development committee heard a one-day walkthrough of H.648, the Department of Financial Regulation (DFR) housekeeping bill, on Jan. 15, 2026. DFR staff described a mix of technical fixes and substantive changes affecting securities, banking and insurance statutes across Title 8.

DFR officials said the changes are largely editorial and harmonizing but include several policy adjustments meant to reflect Vermont’s market size and to clarify enforcement powers. "We're looking to decrease the de minimis exemption… from 25 purchasers down to 10," Amanda Smith, deputy commissioner for securities at the Department of Financial Regulation, told the committee, arguing the lower threshold is more appropriate for "Vermont's small market." She also said the bill would make clear that SEC Rule 506 offerings are not covered by the de minimis exemption and that firms offering sales in Vermont must file a Form D and pay an $820 notice fee within 15 calendar days of first sale.

The bill would codify several administrative penalty factors in 5604(e) to reflect existing practice and reduce exposure to jury-trial challenges after the 2024 U.S. Supreme Court…