Press Release

Sente Legislation Empowering Entrepreneurs through Crowdfunding Signed Into Law

08/10/2015

SPRINGFIELD, Ill. – Legislation introduced by State Rep. Carol Sente, D-Vernon Hills, allowing entrepreneurs to seek out investments in exchange for equity, a practice known as intrastate equity crowdfunding, was recently signed into law.

“This measure has been a top priority for the business community, so it was a pleasure to work with the Small Business Advocacy Council (SBAC) to see it signed into law,” Sente said. “Intrastate equity crowdfunding marks a new milestone in entrepreneurship that will help us to create jobs and encourage economic growth throughout the state.”

Sente’s House Bill 3429, which is now law, allows small businesses and startups to use the internet to solicit funds from both accredited and non-accredited investors with reasonable investment limits, while still protecting the interests of consumers. Similar legislation has already been adopted in several Midwestern states, including Michigan, Indiana and Wisconsin and was improved upon in Illinois' version of the law.
“As founder and co-chair of the Small Business Owners Caucus and a strong proponent of economic growth, I understand the importance of maintaining an ongoing dialogue with the business community,” Sente said. “Illinois has so much to offer entrepreneurs and businesses alike, but we have to ensure that unnecessary red-tape does not inhibit their ability to succeed.”

Sente’s bill received unanimous bipartisan support as it traveled through the General Assembly this spring and was recently signed into law by Gov. Bruce Rauner.



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