Today marks a landmark day for Illinois entrepreneurs and investors as Governor Bruce Rauner signed and approved the Illinois Intrastate Crowdfunding Bill (HB 3429). The bill was passed unanimously by the Illinois House of Representatives and Senate back in late May but with the Governor’s signature it has officially become law.
Now I know that there is a ton of excitement building among entrepreneurs and investors here in Illinois as we usher in the age of Illinois Intrastate Crowdfunding but technically the law is not effective yet. While I am currently working to expedite the effective date of the law, if nothing else changes it will not become effective until January 1, 2016.
While technically not effective yet, as the drafter of the bill I cannot tell you how ecstatic I personally am to see it finally become official. I know I speak for myself and all those who helped this law get to where it is (like Elliot Richardson of the Illinois Small Business Advocacy Council and Representative Carol Sente) when I saw that we cannot wait to user in the era of Illinois crowdfunding. I truly believe that it will be a game changer for everyone involved.
Anthony Zeoli Anthony Zeoli is an experienced transactional attorney with a national practice. Specializing in the areas of securities, commercial finance, real estate and general corporate law, his clients range from individuals and small privately held businesses to multi-million dollar entities. Zeoli is also an industry-recognized crowdfunding and JOBS Act expert who, most recently, has drafted a bill to allow for an intrastate crowdfunding exemption in Illinois, a copy of which can be found on his website: IllinoisCrowdfundingNow.com. Zeoli is also currently actively involved with the entrepreneurship program at the University of Illinois at Chicago as both a mentor and a student advisor and is an active advisory board member of the New York Distance Learning Association (NYDLA).