Recently Michigan Governor Rick Snyder signed Public Act 264, which adds an intrastate exemption for crowdfunding in the state of Michigan. This lets Michigan residents invest in business that reside within their state through crowdfunding platforms.
Forbes pointed out that the the speed that the bill went through legislature and became law was impressive. Republican State Representative Nancy Jenkins introduced the legislation at a hearing in front of the Michigan House Commerce Committee on October 16 and it became a law slightly over two months later with bi-partisan support.
“By creating an intrastate exemption we are allowing Michigan residents to invest in Michigan businesses and create more jobs at the same time,” said Jenkins.