Brief: Another Step Forward for California Crowdfunding Bill

California State House RotundaReportedly the crowdfunding legislation for the state of California took another positive step forward this week. The Small Business California’s Crowdfunding bill (AB 2178) passed the Assembly Banking Committee on a vote of a 11 to 1. Next step is for the Assembly Judiciary Committee to discuss and perhaps vote it onward.

This is not the first time California has attempted to pass a crowdfunding law but the prior attempts fell short of the goal. Since California represents the 7th largest economy in the world if the elected officials get it right – a crowdfunding law could be a significant exemption for the state.  Of course Title III retail crowdfunding is just around the corner so let’s see if they can improve on the shortcomings in the Federal exemption.

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