Crowdfunding State Laws

Heather Morton 4/12/2016

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.

Equity Crowdfunding Laws



Intrastate Crowdfunding Laws
State: Statutory Citation: Administrative Code Citation:
Alabama Ala. Code §8-6-11 (2014)  
Arizona Ariz. Rev. Stat. Ann. §44-1844 (2015)  
Colorado Colo. Rev. Stat. §11-51-308.5 (2015)  
District of Columbia   D.C. Admin. Code Rule §26-B250 (2014)
Florida Fla. Stat. §517.0611 (2015)  
Georgia   Ga. Admin. Code Rule §590-4-2-.08 (2011)
Idaho   Order issued on case-by-case basis by the director of the Department of Finance
Illinois Ill. Rev. Stat. ch. 815, §5/4 (2015)  
Indiana Ind. Code §23-19-2-2 (2014)  
Iowa Iowa Code §502.202 (2015)  
Kansas   Kan. Admin. Rule §81-5-21 (2011)
Kentucky Ky. Rev. Stat. §292.411 et seq. (2015)  
Maine Me. Rev. Stat. Ann. tit. 32, §16304 (2014)  
Maryland Md. Corporations and Associations Code Ann. §11-601 (2014)  
Massachusetts   Mass. Admin. Code §950 CMR 14.402(B)(13)(o) (2015)
Michigan Mich. Comp. Laws §451.2202a (2013)  
Minnesota Minn. Stat. §80A.461 (2015)  
Mississippi   Miss. Admin. Code Rule §7.21 and 2.04 (2015)
Montana Mont. Code Ann. §30-10-105 (2015)  
Nebraska Neb. Rev. Stat. §8-1111 (2015)  
New Hampshire    
New Jersey N.J. Rev. Stat. §49:3-50 (2015)  
New Mexico    
New York    
North Carolina    
North Dakota    
N. Mariana Islands Not available Not available
Oregon   Or. Admin. Code Rule §441-035-0070 et seq. (2015)
Puerto Rico    
Rhode Island    
South Carolina   S.C. Admin. Code Rule §13-206 (2015)
South Dakota    
Tennessee Tenn. Code Ann. §48-1-103 (2014)  
Texas Tex. Civil Statutes Code Ann. Art. §581-44 Tex. Admin. Code Rule §139.25 and §115.19 (2014)
Vermont   Vt. Admin. Code Rule §21-030-007 (2015)
Virginia Va. Code §13.1-514 (2015)  
Virgin Islands    
Washington Wash. Rev. Code §21.20.880 et seq. (2014)  
West Virginia

2016 H.B. 2615

W. Va. Code §32-5-501 et seq. (2016)

Wisconsin Wis. Stat. §551.205 (2013)  

2016 Chapter 22

Wyo. Stat. §17-4-203 (2016)


Heather Morton is a program principal in NCSL's Fiscal Affairs Program. She covers financial services, alcohol production and sales, and medical malpractice issues for NCSL.

Additional Resources