Embedded below is the most recent run at creating an intrastate crowdfunding exemption for the state of California. The bill (AB 2178) was introduced earlier this month by Assembly Member David Chiu, with principle coauthor Senator Ben Allen.
Granted, the legislation has a long ways to go before it may (or may not) become law. But as it stands now this bill would authorize an offer or sale of a security under a crowdfunding permit if certain conditions are met. The funding is capped at $1 million in securities sold in a 12-month period, within or outside the state. An investor may purchase the lesser of $5000 or 10% of their net worth.
You can read it in detail below.
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