March 28, 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. Governor Jay Inslee is scheduled to sign the bill today into law.
Click here to read more about Cyrus Habib’s legislation.
Cyrus Habib is the first Iranian American to serve in a state legislature. Habib was raised in Bellevue, Washington, and at the age of 8, he lost his eyesight to a rare form of childhood cancer. He attended Columbia, Oxford as a Rhodes Scholar, and Yale Law School, where he was editor of the law review. He currently practices law with the Seattle firm of Perkins Coie, specializing in meeting the legal needs of high-tech start-ups.