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Equity crowdfunding allows companies to issue securities, either debt or equity, to micro-investors, often through websites such as Kickstarter and Indiegogo. State legislators have acted on legislation to allow small businesses and other entrepreneurs to use crowdfunding to raise capital within their state's borders.
Thirty states and the District of Columbia authorize intrastate crowdfunding under the state securities laws.
Intrastate Crowdfunding Laws
| State: |
Statutory Citation: |
Administrative Code Citation: |
| Alabama |
Ala. Code §8-6-11 (2014) |
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| Alaska |
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| Arizona |
Ariz. Rev. Stat. Ann. §44-1844 (2015) |
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| Arkansas |
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| California |
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| Colorado |
Colo. Rev. Stat. §11-51-308.5 (2015) |
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| Connecticut |
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| Delaware |
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| District of Columbia |
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D.C. Admin. Code Rule §26-B250 (2014) |
| Florida |
Fla. Stat. §517.0611 (2015) |
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| Georgia |
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Ga. Admin. Code Rule §590-4-2-.08 (2011) |
| Hawaii |
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| Idaho |
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Order issued on case-by-case basis by the director of the Department of Finance |
| Illinois |
Ill. Rev. Stat. ch. 815, §5/4 (2015) |
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| Indiana |
Ind. Code §23-19-2-2 (2014) |
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| Iowa |
Iowa Code §502.202 (2015) |
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| Kansas |
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Kan. Admin. Rule §81-5-21 (2011) |
| Kentucky |
Ky. Rev. Stat. §292.411 et seq. (2015) |
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| Louisiana |
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| Maine |
Me. Rev. Stat. Ann. tit. 32, §16304 (2014) |
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| Maryland |
Md. Corporations and Associations Code Ann. §11-601 (2014) |
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| Massachusetts |
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Mass. Admin. Code §950 CMR 14.402(B)(13)(o) (2015) |
| Michigan |
Mich. Comp. Laws §451.2202a (2013) |
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| Minnesota |
Minn. Stat. §80A.461 (2015) |
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| Mississippi |
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Miss. Admin. Code Rule §7.21 and 2.04 (2015) |
| Missouri |
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| Montana |
Mont. Code Ann. §30-10-105 (2015) |
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| Nebraska |
Neb. Rev. Stat. §8-1111 (2015) |
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| Nevada |
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| New Hampshire |
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| New Jersey |
N.J. Rev. Stat. §49:3-50 (2015) |
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| New Mexico |
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| New York |
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| North Carolina |
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| North Dakota |
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| N. Mariana Islands |
Not available |
Not available |
| Ohio |
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| Oklahoma |
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| Oregon |
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Or. Admin. Code Rule §441-035-0070 et seq. (2015) |
| Pennsylvania |
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| Puerto Rico |
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| Rhode Island |
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| South Carolina |
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S.C. Admin. Code Rule §13-206 (2015) |
| South Dakota |
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| Tennessee |
Tenn. Code Ann. §48-1-103 (2014) |
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| Texas |
Tex. Civil Statutes Code Ann. Art. §581-44 |
Tex. Admin. Code Rule §139.25 and §115.19 (2014) |
| Utah |
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| Vermont |
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Vt. Admin. Code Rule §21-030-007 (2015) |
| Virginia |
Va. Code §13.1-514 (2015) |
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| Virgin Islands |
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| Washington |
Wash. Rev. Code §21.20.880 et seq. (2014) |
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| West Virginia |
2016 H.B. 2615
W. Va. Code §32-5-501 et seq. (2016)
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| Wisconsin |
Wis. Stat. §551.205 (2013) |
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| Wyoming |
2016 Chapter 22
Wyo. Stat. §17-4-203 (2016) |
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