LAST UPDATED: August, 2015

I 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 of 2015, the following twenty-nine (29) 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 (AL):
   1. See Senate Bill 44;
2. Arizona Crowdfunding Exemption (AZ):
   1. See HB 2591;
   2. See also SB 1450;
3. Colorado Crowdfunding Exemption (CO):
   1. Via existing § 11-51-304(6);
   2. See also HB 14-1079;
   3. See also Rule 51-3.3;
4. District of Columbia Crowdfunding Exemption (DC):
   1. See Notice of Final Rulemaking (26 DCMR 250);
5. Florida Crowdfunding Exemption (FL):
   1. See HB 275;
   2. See also SB 914;
6. Georgia Crowdfunding Exemption (GA):
   1. See GA Comp. R. & Regs. 590-4-2-.08, et seq.;
   2. See also “Understanding the Invest Georgia Exemption“;
7. Idaho Crowdfunding Exemption (ID) (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;
8. Illinois Crowdfunding Exemption (IL):  MY FAVORITE!!
   1. See HB 3429 (as amended 3-26-15);
9. Indiana Crowdfunding Exemption (IN):
   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“;
10. Iowa Crowdfunding Exemption (IA):
    1. See HF 632;
11. Kansas Crowdfunding Exemption (KS):
    1. See K.A.R. 81-5-21, as modified by Special Order dated June 21, 2013;
12. Kentucky Crowdfunding Exemption (KY):
    1. See HB 76;
13. Maine Crowdfunding Exemption (ME):
    1. See 32 MRSA § 16304, sub-§6-A;
14. Maryland Crowdfunding Exemption (MD) (NOTE: Appears to be debt based only):
    1. See SB811;
    2. See also HB1243;
    3. See also Administrative Order dated October 1, 2014;
15. Massachusetts Crowdfunding Exemption (MA):
    1. See 950 CMR 14.402(B)(13)(o);
16. Michigan Crowdfunding Exemption (MI):
    1. See Public Act 264;
17. Minnesota Crowdfunding Exemption (MN):
    1. See SF 138;
    2. See also HF 328;
    3. See also MNvest.org;
18. Mississippi Crowdfunding Exemption (MS):
    1. See Mississippi Securities Act Rules (Amended and Restated Effective April 2010), Title 1, Part 14, Chapter 2, Rule 2.04;
    2. See also Mississippi Securities Act Rules (Amended and Restated Effective April 2010), Title 1, Part 14, Chapter 7, Rule 7.21;
19. Montana Crowdfunding Exemption (MT):
    1. See HB 481;
20. New Jersey Crowdfunding Exemption (NJ):
    1. See SB 712;
    2. See also Assembly Bill No. 2073;
21. Nebraska Crowdfunding Exemption (NE):
    1. See LB 226;
22. Oregon Crowdfunding Exemption (OR):
    1. See admin rule 441-035-0070, et. seq.;
    2. See also purpose of exemption;
23. South Carolina Crowdfunding Exemption (SC):
    1. See H. 479;
    2. See also Invest SC Exemption;
24. Tennessee Crowdfunding Exemption (TN):
    1. See SB1481;
25. Texas Crowdfunding Exemption (TX):
    1. See §115.19 (Texas Crowdfunding Portal Registration and Activities);
    2. See §139.25 (Intrastate Crowdfunding Exemption);
    3. See also HB 3425 (Intrastate Equity Crowdfunding Stock Exchange);
    4. See also the Texas State Securities Board website;
26. Vermont Crowdfunding Exemption (VT):
    1. See Rule No. S-2014-1;
27. Virginia  Crowdfunding Exemption (VA):
    1. See HB 1306;
28. Washington Crowdfunding Exemption (WA):
    1. See House Bill 2023;
29. Wisconsin Crowdfunding Exemption (WI):
    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 of 2015, the following eight (8) states are in various stages of enacting/considering legislation regarding an intrastate crowdfunding exemption:

1. Alaska Proposed Crowdfunding Exemption (AK):
   1. See also HB 308;
   2. See also HB 303 (Note: Not yet enacted);
2. Hawaii Crowdfunding Exemption (HI):
   1. See HB 1482 H.D. 2;
3. Missouri Proposed Crowdfunding Exemption (MO):
   1. See HB 1736;
4. Nevada Proposed Crowdfunding Exemption (NV):
   1. See S.B. 365;
5. New Hampshire Proposed Crowdfunding Exemption (NH):
   1. See HB 327;
6. New Mexico Proposed Crowdfunding Exemption (NM):
   1. See proposed rules;
   2. See also Section 58-13C-202X of the New Mexico Securities Act;
   3. See also New Mexico Administrative Rules NMAC § 12.11.1, et seq;
7. North Carolina  Proposed Crowdfunding Exemption (NC) (NOTE: multiple proposed bills):
   1. See HB 14 (Start-Ups/NMTC Act);
   2. See also HB 305 (Jumpstart Business Startups/NMTC) (NOTE: proposed provisions with respect to intrastate Crowdfunding, are substantially identical to HB 14);
   3. See also SB 35 (Jumpstart Business Startups/NMTC) (NOTE: proposed provisions with respect to intrastate Crowdfunding, are substantially identical to HB 14);
   4. See also HB 63 (NC Intrastate Private Capital Act);
   5. See also the exemption proposal website;
8. West Virginia Proposed Crowdfunding Exemption (WV):
   1. See HB 2615;

REJECTED PROPOSED INTRASTATE CROWDFUNDING EXEMPTIONS

As of August of 2015, the following four (4) states have voted down proposed legislation regarding an intrastate crowdfunding exemption (NOTE: Both North Carolina and Florida have introduced new legislation this year):

1. California Proposed Crowdfunding Exemption (CA):
   1. See Assembly Bill 2096;
2. Florida Proposed Crowdfunding Exemption (FL):
   1. See H1299 (currently dead);
   2. See also SB 1596;
3. North Carolina Proposed Crowdfunding Exemption (NC) (prior proposed legislation):
   1. See HB680 (currently dead);
4. Utah Proposed Crowdfunding Exemption (UT):
   1. See HB 142;

RELATED LEGISLATION

Though technically not intrastate crowdfunding exemptions, the following respective proposed state legislation do relate to crowdfunding in general:

1. Arkansas Proposed Crowdfunding Exemption (AR) (Note: Technically not an “intrastate exemption”; Provides only for state exemption for Title III crowdfunding):
   1. See SB 665;
2. Connecticut Proposed Crowdfunding Exemption (CT) (Note: Authorizing study only):
   1. See HB 5577;
   2. See also this article;
3. Pennsylvania Proposed Crowdfunding Exemption (PA) (Note: Technically not an “intrastate exemption”; Provides only for state exemption for Title III crowdfunding and certain exemptions pertaining to the registration of “funding portals”):
   1. See Senate Bill 1045.
4. Rhode Island Proposed Crowdfunding Exemption (RI) (Note: Authorizing study only):
   1. See SR 611.