Investment crowdfunding exemptions, State by State*

state by state

This is a work in progress, probably incomplete.

It aims to identify states which have put investment crowdfunding exemptions into place for issuers and non-accredited investors within the given state's borders.

State crowdfunding exemptions

Texas: Intrastate Crowdfunding, effective November 17, 2014

Washington: Crowdfunding Final Rule, effective November 2014.

Indiana: Invest Indiana Crowdfunding Exemption (rules), effective September 26, 2014.

Alabama: Act No. 2014-376, effective April, 2014.

Michigan: Public Act No. 264 of 2013, effective December 30, 2013.

Wisconsin: Wisconsin crowd-funding exemptions, published November 8, 2013.

Georgia: Invest Georgia Exemption, as amended and effective December 22, 2012.

Kansas: Invest Kansas Exemption (IKE), effective August 12, 2011.

State crowdfunding legislation awaiting regulatory implementation

Maine: Proposed Seed Capital Registration Rule, approx. August, 2014.

Maryland: Chapter 557, signed by the governor on May 24, 2014 and effective October 1, 2014.

Tennessee: Invest Tennessee Exemption, to be effective January 15, 2015.

Reference materials

Excellent chart from the North American Securities Administrators Association: State Crowdfunding / Intrastate Exemption Bills (as of September 29, 2014)

NASAA Model Crowdfunding Exemption (initial draft submitted to members)

Hypothetical (NOT REAL) "Do-Over" of Equity Crowdfunding Legislation

Important statements from officials and agencies

Rep. Patrick McHenry statement about the North Carolina crowdfunding bill.

President's remarks before signing the JOBS Act

Kansas Office of the Securities Commissioner page about the Invest Kansas Exemption


Image credit: Elliott Avedon Virtual Museum of Games.

*Based on what I know as of November 29, 2014. Many thanks to Steve Reaser for his continuing help in identifying new laws, regulations and bills. Please make suggestions or corrections as comments on Counselor @ Law.