Today the House Commerce Committee passed HB 4996, the crowdfunding legislation on a 17-1 vote. This legislation now moves to the house floor.
HB 4996, a creative approach to economic development, will allow the sales of securities to an unlimited number of non-accredited investors, provided the issuer registers with the State of Michigan. Any Michiganders who do not fit the federal definition of an accredited investor are given the opportunity to support their local entrepreneurs, existing small businesses, and real estate investments.
The city of Adrian has passed a resolution in support of HB 4996. If you are interested in doing something similar, here is a copy of that resolution: crowdfundingresolution.
A big thank you to Rep. Jenkins and staff, the city of Adrian, and all those involved in working so diligently on this and putting forth a product that can be a positive economic driver for the state of Michigan.
Nikki Brown is a legislative associate for the League. She can be reached at [email protected] or 517-908-0305.