STATE OF THE STATES – List of Current Active And Proposed Intrastate Crowdfunding Exemptions (Updated)

Update

PAGE UPDATED:

Please click HERE.

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, peer-to-peer (P2P) lending and JOBS Act expert and is currently an active board member and Secretary of the CfPA (Crowdfunding Professional Association) and an active member of CFIRA (Crowdfund Intermediary Regulatory Advocates). Most recently he drafted Illinois House Bill 3420, a bill which provides for an intrastate crowdfunding exemption in Illinois and which was unanimously approved by the Illinois’ house and Senate. 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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61 Responses to STATE OF THE STATES – List of Current Active And Proposed Intrastate Crowdfunding Exemptions (Updated)

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  2. Pingback: STATE OF THE STATES – COMPARIATIVE SUMMARIES OF CURRENT ACTIVE AND PROPOSED INTRASTATE CROWDFUNDING EXEMPTIONS | CROWDFUNDINGLEGALHUB.com

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  7. Pingback: What is Title III? (Equity Crowdfunding)

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  10. Anthony, this is a great resource. Our librarian spent the better part of a morning trying to hunt down the various statutes and nearly ran screaming from the building. Not an easy task. Then she found your posting. Kudos. Regarding Maine, there are proposed rules that have been published by the Maine Office of Securities (see http://www.maine.gov/pfr/securities/laws_rules.htm under “Proposed Rulemaking regarding Short Form Seed Capital Registration.” Unlike other States, the Maine crowdfunding initiative is based on Rule 504 and a short-form state registration. A far more stable platform for crowdfunding than fussy Rule 147, in my view. — Greg Fryer, Verrill Dana, LLP, Portland, Maine

  11. Erin Ely says:

    This is a great resource, love what you’re doing here. Oregon is getting ready to pass their crowdfunding law in Jan 2015 – http://www.oregon.gov/oprd/HCD/SHPO/docs/2014MSConf/OregonCrowdfunding.pdf

  12. erinely says:

    Oregon just published their crowdfunding rule on Thursday January 15th.

    Securities – adopt: 441-035-0070, 441-035-0080, 441-035-0090, 441-035-0100, 441-035-0110, 441-035-0120, 441-035-0130, 441-035-0140, 441-035-0150, 441-035-0160, 441-035-0170, 441-035-0180, 441-035-0190, 441-035-0200, 441-035-0210, 441-035-0220, 441-035-0230

    Title III of the Jumpstart Our Business Startups Act (JOBS Act), enacted in 2012, created a federal exemption for equity crowdfunding. Federal rules under the JOBS exemption have not yet been finalized. Under the federal intrastate exemption, Oregon may enact its own exemption from securities registration for purely domestic offerings unrelated to federal law. ORS 59.035(15) provides that the Director of the Department of Consumer and Business Services may create transactional exemptions for securities through rule. This rulemaking establishes an exemption for small amounts raised by Oregon small businesses through a “community public offering” or what is generally referred to as “crowdfunding.” The rules place certain substantive restrictions on Oregon businesses relying on the exemption, such as individual investor and total offering caps. The rulemaking activity also requires disclosures be given to prospective investors and places restrictions on general advertising of the securities to the public.

    Here’s the new law: http://www.dfcs.oregon.gov/rules_statutes/new_legislation/441-035-0070.pdf

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  21. Hello
    Florida SB 914/hb 275-SJ686 has been ordred enrolled and is awaiting the signatures of the Speaker and President and finally the Governor.
    Also, Arizona SB 1450(HB2591)(CH. 185) was signed by Gov. Ducey on April 15, 2015 at the Techshop Chandler location.
    The bill in Illinois is moving along rather swiftly and the equity crowdfunding movement may reap benefits in Illinois soon. Great work on your part and keep us posted.
    Thanks for the State of The States information.

    • Thank you Stacey, I was unaware that Arizona had passed. Much appreciated.

      • Mr. Stacey Ellis says:

        Hi
        Are you accepting clients for the new Illinois Equity crowdfunding exemption(HB 3429)?
        My wife and I are interested in setting up a retail and small apparel manufacturing operation in Chicago.

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  27. WHAT A GREAT JOB !!!
    Keep up the awesome work Tony !

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