The Michigan House of Representatives passed the crowdfunding legislation, HB 4996, with 108 yes votes and 0 no votes! It moves one step closer to full passage and assisting a segment of our economy that will prove to be huge economic drivers, those new small businesses and those wishing to expand.
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.
Nikki Brown is a legislative associate for the League handling economic development issues. She can be reached at [email protected] or 517-908-0305.