Last week Gov. Jay Inslee put pen to paper on House Bill 1593 making the small business focused legislation a law.
Sponsored by Rep. Brandon Vick, R-Felida, the law allows small businesses to better access capital from crowdfunding by removing the “investment limitations of accredited investors” and “conforming to new federal Security Exchange Commission requirements,” a press release from House Republicans stated.
“I felt we could improve upon the legislation we passed four years ago, and do some things differently,” Vick said in the press release.
The Business and Financial Service Committee held work sessions and talked with business owners and investors and put together a bill that will be beneficial to businesses and still protect investors, Vick said.
“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,” Vick said.
Those testifying in the bill’s favor included National Federation of Independent Business, the Association of Washington Business, TechNet and the state Department of Financial Institutions.
“Our state’s overall unemployment rate looks great, but it certainly isn’t a ‘one Washington’ economy,” Vick said. “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.”
The law is set to take effect this July.
