(a) The board shall adopt rules to regulate and facilitate online intrastate crowdfunding applicable to authorized small business development entities. The board may create other requirements necessary to carry out this subchapter.
(b) The rules must:
(1) allow an authorized small business development entity to list on the entity’s web portal offerings of securities by issuers in which the entity is financially interested;
(2) allow an authorized small business development entity and the entity’s web portal to list offerings of securities without offering investment advice;
(3) allow an authorized small business development entity to subcontract the operations of a crowdfunding web portal to a third party as permitted by board rule; and
(4) limit the offerings of securities on an authorized small business development entity’s web portal to securities of issuers located within the service area of the entity.