Press Release

Sente Intrastate Crowdfunding Legislation Rapidly Gains Support in House

03/23/2015

SPRINGFIELD, Ill. – State Rep. Carol Sente, D-Vernon Hills, advanced legislation last week to bring Illinois one step closer to implementing intrastate equity crowdfunding.

“Illinois needs to stay competitive with other states, which means we must be open to exploring new policies that will empower local business owners and help stimulate our state economy,” Sente said. “This legislation allows entrepreneurs to reach out into the community to garner financial support for innovative new ideas and concepts. Our state is full of talent, and this legislation will enable these individuals to access the capital they need to create the next crowdfunded invention in our own backyard.”

House Bill 3429 would allow 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.

“This landmark legislation will help to pave the way for the Illinois small business community to prosper, boost our economy and create local jobs that will help employ our families, friends and neighbors,” said Elliot Richardson, CEO of the Small Business Advocacy Council (SBAC). “We are excited to work with Representative Sente, who has helped lead the bipartisan movement to reinvigorate our state’s economic climate through the implementation of intrastate equity crowdfunding.”

Sente’s bill received unanimous bipartisan support in the House Judiciary-Civil Committee and now awaits a full vote on the House floor.

For more information, please contact Sente’s full-time constituent service office at 847-478-9909, or email RepSente@gmail.com.



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