OLYMPIA — Gov. Jay Inslee signed Rep. Brandon Vick’s legislation that will expand on Washington state’s crowdfunding law and increase access to capital for small business.
Vick said House Bill 1593 is a result of a collaborative effort to strengthen the state’s crowdfunding rules and regulations.
“I felt we could improve upon the legislation we passed four years ago, and do some things differently. The Business and Financial Service Committee held work sessions and we talked with business owners and investors and put together a bill that will be beneficial to businesses and still protect investors,” said Vick, R-Felida. “Crowdfunding is a complex issue. I was pleased to see such strong bipartisan support through the legislative process. We need to continue to look for new, innovative ways for businesses and startup companies to invest and raise capital.”
The legislation removes the investment limitations of accredited investors and conforms to new federal Security Exchange Commission requirements.
“Our state’s overall unemployment rate looks great, but it certainly isn’t a ‘one Washington’ economy. Many rural and coastal counties are struggling, so we want to provide as many tools as possible for our entrepreneurs to grow our economy and create jobs in Washington state. House Bill 1593 is one of those tools,” Vick said.
The Association of Washington Business, National Federation of Independent Business, TechNet and the state Department of Financial Institutions all testified in favor of the bill during the legislative session.
The law goes into effect on July 22, 2017.
Information provided by Washington State House Republican Communications, houserepublicans.wa.gov.