b'How to Legally Raise Private Moneythan one year, some states and the SEC require annual updates to their securities notice filings. Many syndicators pay attorneys considerable fees to have their offering documents professionally drafted, but then lose their exemption by fail-ing to notify their attorneys when they make a sale to an investor from a new state so the state notices can be filed in a timely manner. Do not make this mistake!State Notices for Other Federally Exempt OfferingsIssuers qualifying for an exemption under Regulation D, Rule 147, or Rule 504 may require much more extensive filings with the states, ranging from a pre-approval process to sending a copy of the offering documents and/or filing additional state forms. WHO DOES THE FILING? If an issuer hires an attorney to draft its syndication offering docu-ments, they will likely do the filing for the issuerbut some attorneys leave this up to the issuer, so make sure you are aware of this when hiring a securities attorney. The Form D filing process takes about four days, so if the issuer waits too long to start the process, they may miss the filing deadline. Many state securities notices can be filed and paid online, but some states still require paper filings. To be timely, the paper filings need to be received by the agency prior to the 15-day filing deadline. A Hawaii filing once took eight days to be delivered andwasreceivedbeyondthedeadline.Thestate sentbackaletterrequiringtheissuertooffera rescission to its Hawaii investor. They did and the issuerdeclinedtogetitsmoneyback,butwhatif they hadnt? Moral: Dont wait till the last minute to do your filings. 142'