This bill proposes to amend the Securities Exchange Act of 1934 by establishing a new exemption from certain securities registration requirements for eligible rural telephone companies. The exemption applies to companies that provide broadband internet access service and have no more than 100,000 broadband subscribers across all affiliates and subsidiaries. To qualify, the issuer must annually file a financial summary form with the Securities and Exchange Commission (SEC) and deliver it to record holders. This form must include a summary of the consolidated balance sheet and income statement, broadband subscriber data, and other financially material information as determined by the SEC. Additionally, the security must be held by more than 500 non-accredited investors but fewer than 2,000 total persons, aiming to ease regulatory burdens for smaller, publicly-held rural broadband providers.