BY Alan McGlade, Forbes Contributor: Yesterday Governor Rick Snyder signed Public Act 264 which establishes an intrastate exemption for crowdfunding in the state of Michigan. This allows Michigan residents to invest in businesses that reside within their state through crowdfunding platforms, essentially circumventing federal regulation. According to Governor Snyder, “This legislation enacts useful reforms that will streamline government procedures and eliminate confusing or unnecessary regulations.
What is particularly impressive about P.A. 264 is the speed with which it moved through the legislature and ended up on the Governor’s desk. Republican State Representative Nancy Jenkins, who introduced the legislation, held a hearing before the Michigan House Commerce Committee on October 16 and a little over two months later it became law with overwhelming bi-partisan support.