Illinois Intrastate Equity Crowdfunding (HB 3429)
UPDATE #3: The long awaited final rules and applications from the Illinois Secretary of State have finally arrives. One portal, VestLo, has announced that they have submitted their application to act as an Illinois Intrastate Equity Portal through this press release. We have been rather surprised that the local Chicago news has not yet written on this exciting new development. The Portal and Issuer applications can be found on the Secretary of States website. You can find all Illinois Equity Crowdfunding Forms. To go directly to the issuer registration form, it can be found here. With Illinois companies having the ability to raise $4mm vs the federal crowdfunding laws being limited to $1mm raise. The Illinois law has come big advantages over the JOBS Act. Our expectation is for the Illinois law to be the proof that intrastate will be a real option for businesses based in Chicago and around the State.
UPDATE #2: Looks like we can expect the administrative rules, portal application and issuer application to be released by the Illinois Secretary of State by April 1st, 2016. We are expecting 3-4 portals to be applying to the state under HB 3429 (Illinois INTRASTATE OFFERINGS EXEMPTION aka The Illinois Investment Crowdfunding law) on the 1st day the application is made available. There appears to be more excitement surrounding the Illinois law than we have found in any of the other 29 states with intrastate crowdfunding has been enacted. Portals have already begun marketing efforts to attract both issuing companies and Illinois investors. A few of these portals seem to include truCrowd (also operating in Texas), VestLo and a couple more portals that have asked us to “keep things quiet” until the final rules are released.
UPDATE: Illinois HB 3429 – Illinois Equity Crowdfunding has passed both the State House and Senate unanimously as of May 20, 2015. The bill is on its way to Governor Bruce Rauner to be signed in to law. We have total confidence that our business friendly governor will have no reservations signing this bill and helping to expedite its implementation. The Illinois intrastate equity crowdfunding bill is the most aggressive attempt of any state bill to encourage the invest-local movement.
Check back often for updates on this exciting new time for Illinois small business and investors as we will be following this very closely. More Info
A Chicago attorney and small business advocate, Anthony Zeoli, has taken it upon himself to draft legislation for an Illinois Equity Crowdfunding exemption. Taking some of the best parts of laws already passed and enacted in Michigan, Wisconsin and Georgia, Mr. Zeoli is gathering support from the small business community.
The proposed bill, additional information and a petition can be found at IllinoisCrowdfundingNow.com. The Illinois crowdfunding initiative has already received support from leaders in the crowdfunding space including Chicago’s 1871, SBAC and the leading intrastate equity crowdfunding portal.
Mr. Zeoli is currently seeking additional support and a state representative, interested in creating jobs and growing the Illinois economy by introducing the Illinois crowdfunding bill to the state legislature.
The drafted bill can be found here: Illinois Crowdfunding Proposal If you are a business owner or resident of Illinois, we encourage you to review the proposed bill, sign the petition and reach out to your state representative.
You can reach out directly to Anthony Zeoli through IllinoisCrowdfundingNow.com or contact us at Crowdfunding-Website-Reviews. More information regarding Illinois Investment Crowdfunding can also be found at VestLo.com.
Reviews of crowdfunding sites like Kickstarter, Indiegogo and GoFundMe
Crowdfunding Website Reviews provides information on the best crowdfunding sites and service providers. Ranking and reviewing since 2012. Campaign creators can place a free ad to promote your crowdfunding campaign on our homepage. We encourage platform owners to contact us with new information.
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