STATE OF THE STATES – LIST OF CURRENT ACTIVE AND PROPOSED INTRASTATE CROWDFUNDING EXEMPTIONS

State-Laws2I don’t know about the rest of you out there but I have not yet found a website that accurately identifies each of the states that have currently enacted, or are in some stage of enacting, an intrastate crowdfunding exemption. As a result, for everyone’s sake (including my own) I decided to scour the internet and create my own list. I will attempt to keep this list as current as possible so please bookmark this page (or better yet, subscribe to my blog).

Also, if you have any comments (e.g. I missed something, a link is broken, my hair looks great in my profile picture, etc.) please feel free to contact me.

Now, without further ado, the LIST:

DISCLAIMER: Nothing in this post is, or is intended to be, legal advice. The information herein is provided for informational purposes ONLY  and YOU SHOULD CONSULT WITH YOUR ATTORNEY before using any of this information. Further, I make NO REPRESENTATION OR WARRANTY as to the accuracy or use of any of information contained in this post and I shall have NO DUTY to update any of the information below.

ENACTED INTRASTATE CROWDFUNDING EXEMPTIONS (for a summary chart click HERE)

As of August 2014, the following twelve (12) states have either enacted separate intrastate crowdfunding exemptions or have enacted amendments to their existing blue sky laws to permit some type of intrastate crowdfunding:

  1. Alabama Crowdfunding Exemption:
    1. See Senate Bill 44;
  2. Colorado Crowdfunding Exemption:
    1. Via existing § 11-51-304(6);
    2. See also HB 14-1079, enacted March 27, 2014;
    3. See also Rule 51-3.3;
    4. See also Colorado advisory response letter;
  3. Georgia Crowdfunding Exemption:
    1. See GA Comp. R. & Regs. 590-4-2-.08, et seq.;
    2. See also Understanding the Invest Georgia Exemption“;
  4. Idaho Crowdfunding Exemption (Note: Decided on a case by case basis):
    1. See Code 30-14- 203;
    2. See also Code 30-14-301;
    3. See also Administrative Action;
  5. Indiana Crowdfunding Exemption:
    1. See Senate Bill 375;
    2. See also IC 23-19-2-2(27);
    3. See also Emergency Rule LSA Document #14-248(E);
    4. See also “Crowdfunding – Invest In Indiana“;
  6. Kansas Crowdfunding Exemption:
    1. See K.A.R. 81-5-21, as modified by Special Order dated June 21, 2013;
  7. Maine Crowdfunding Exemption:
    1. See 32 MRSA § 16304, sub-§6-A;
  8. Maryland Crowdfunding Exemption (Note: Debt crowdfunding only):
    1. See SB811;
    2. See also HB1243;
  9. Michigan Crowdfunding Exemption:
    1. See Public Act 264;
  10. Tennessee Crowdfunding Exemption:
    1. See SB1481;
  11. Washington Crowdfunding Exemption:
    1. See House Bill 2023; and
  12. Wisconsin Crowdfunding Exemption:
    1. See Wis. Stat. § 551.202(26);
    2. See also Wis. Stat. § 551.102(4m);
    3. See also Wis. Stat. § 551.205.

PROPOSED INTRASTATE CROWDFUNDING EXEMPTIONS (for a summary chart click HERE)

As of August 2014, the following fifteen (15) states are in various stages of enacting/considering legislation regarding an intrastate crowdfunding exemption:

  1. Alaska Crowdfunding Exemption:
    1. See also HB 308;
    2. See also HB 303 (Note: Not yet enacted);
  2. Arkansas Proposed Crowdfunding Exemption (Note: Technically not an “intrastate exemption”; Provides only for state exemption for Title III crowdfunding):
    1. See SB 665;
  3. California Proposed Crowdfunding Exemption:
    1. See Assembly Bill 2096;
  4. Connecticut Proposed Crowdfunding Exemption (Note: Authorizing study only):
    1. See HB 5577;
    2. See also this article;
  5. Florida Proposed Crowdfunding Exemption:
    1. See H1299 (Note: H1299 currently dead);
    2. See also SB 1596;
  6. Illinois Proposed Crowdfunding ExemptionMY FAVORITE!!
    1. See the intrastate exemption proposed by ME at www.illinoiscrowdfundingnow.com (currently without a sponsor);
  7. Missouri Proposed Crowdfunding Exemption:
    1. See HB 1736;
  8. North Carolina Proposed Crowdfunding Exemption:
    1. See HB680;
    2. See also the exemption proposal website;
  9. New Jersey Proposed Crowdfunding Exemption:
    1. See SB 712;
  10. Pennsylvania Proposed Crowdfunding Exemption (Note: Technically not an “intrastate exemption”; Provides only for state exemption for Title III crowdfunding):
    1. See Senate Bill 1045;
  11. South Carolina Proposed Crowdfunding Exemption:
    1. See H. 479;
    2. See also Invest SC Exemption;
  12. Texas Proposed Crowdfunding Exemption:
    1. See Texas Proposed Crowdfunding Rules;
    2. See also the exemption proposal website;
  13. Utah Proposed Crowdfunding Exemption:
    1. See HB 142; and
  14. Virginia Proposed Crowdfunding Exemption:
    1. See SB 351;
    2. See also HB 880.
  15. Washington D.C. Proposed Crowdfunding Exemption:
    1. See Proposed rules (26 DCMR 250).
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About Anthony Zeoli

Anthony Zeoli is an experienced transactional attorney with a national practice. Specializing in the areas of securities, commercial finance, real estate and general corporate law, his clients range from individuals and small privately held businesses to multi-million dollar entities. Mr. Zeoli is also an industry-recognized crowdfunding and JOBS Act expert and current member of CFIRA (Crowdfund Intermediary Regulatory Advocates) who, most recently, has drafted a bill to allow for an intrastate crowdfunding exemption in Illinois, a copy of which can be found on his website: IllinoisCrowdfundingNow.com. Anthony is also currently actively involved with the entrepreneurship program at the University of Illinois at Chicago as both a mentor and a student advisor and is an active advisory board member of the New York Distance Learning Association (NYDLA).
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6 Responses to STATE OF THE STATES – LIST OF CURRENT ACTIVE AND PROPOSED INTRASTATE CROWDFUNDING EXEMPTIONS

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