S. 5003 — ACCESS Rural America Act

This section exempts from certain registration requirements any security issued by a rural telephone company (or its affiliate or subsidiary) that provides broadband internet access service if the issuer and its affiliates have no more than 100,000 subscribers, the issuer files an annual financial summary form with the Securities and Exchange Commission within 120 days after fiscal year end and delivers it to each holder of record, and the security is held of record by more than 500 non-accredited investors but fewer than 2,000 persons.