March 25, 2014, Seattle, WA – The Washington State legislature recently passed legislation sponsored by Representative Cyrus Habib that would allow companies to raise limited amounts of capital in small individual amounts from in-state investors. The bill will make Washington one of a handful of states to enact such legislation.
House Bill 2023, introduced by Habib in April of 2013, enables start-up companies in Washington State to engage in equity crowdfunding, the practice of raising money, often over the Internet, by soliciting small investments from numerous investors.
“We’re putting our state in place to attract entrepreneurs – and to capitalize on their energy and brainpower,” said Habib in a statement. “And ordinary people can buy a piece of the action, too.”
The final version of the legislation passed with an overwhelming majority in both the Washington State House and Senate. It is currently awaiting Governor Jay Inslee’s signature to become law.
Click here to read more about Cyrus Habib’s legislation.