After more than a year of lobbying, the Illinois Crowdfunding Bill was passed in May 2015. In an unusual show of true bipartisan action, legislation was passed unanimously by both the House and the Senate. The Bill moved to the Governor’s desk for signing and there is now much anticipation around businesses and investors in Illinois as the new age of Illinois Crowdfunding begins.
What the Illinois crowdfunding bill does:
The new Illinois Crowdfunding Bill established an exemption to allow investment crowdfunding between Illinois companies and Illinois residents, allowing average residents more alternatives to Wall Street investing. Moreover, in contrast to other methods of equity crowdfunding limited only to accredited investors (e.g. $200k in earnings and $1 ml in net worth), this new bill allows any state resident to invest.
Similar crowdfunding regulations exist in around 16 other states. However, Illinois’ bill will become one of the most competitive state crowdfunding regulations in the country.
Review the current Illinois Crowdfunding Exemption:
So how does CrowdForce help you with your intrastate equity crowdfunding needs? Since 2012, we have offered the most secure and flexible white label crowdfunding software on the market! If you are planning to operate a portal for Illinois equity crowdfunding under the state exemption, follow the “Learn More” link to find out about all product details, and get in touch with a sales agent to get more information on how our software works for Illinois equity crowdfunding. We have launched portals for partners in Indiana, Texas and Alabama in 2014 and are the top choice for cost effectiveness, and the quickest launch times.
Here are just a few features for instrastate equity crowdfunding included in the CrowdForce platform software:
• State residency self-verification
• Driver’s license upload for verification
• Setting funding limits for non-accredited investors
• Allowing accredited investor participation
• Complete and simple document signing and management
• Integrated ACH payments
• Plug in your state escrow account
• Plugin in your broker services for accredited investments
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