Utah Intrastate Crowdfunding Bill Slowly Endures Legislative Process

Utah, like a majority of the other states, is attempting to enact an instrastate crowdfunding exemption. The bill has been meandering between the House and the Senate since the beginning of the year. Co-sponsored by Representative Brian M. Greene and Senator Wayne A. Harper, the bill as initially drafted would have allowed issuers to raise up to $5 million. A more recent version has knocked down the cap to $2 million, more flexible than the federal exemption of Reg CF but far less than the $4 million allowable under the Illinois Intrastate Crowdfunding exemption.

HB 171, Securities Exemptions Amendments, originally passed the house with 64 Yeas and 5 Nays. But then the bill stumbled in the Senate Business and Labor Committee and was kicked back over to the House. The most recent version of the legislation is embedded below (with changes annotated).

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