Crowdfunding bill moves closer to reality in NC

By Sarah Chaney, He wanted to create a financial product everyone could use.
So with the help of a friend, Brian Dally used the idea of crowdfunding to create a website where independent real-estate developers raise money from investors.
Now, Dally, as CEO of GroundFloor, is looking to expand his business to the Triangle, but he will have to wait until North Carolina legislators sign the appropriate legislation.

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Though Dally is dealing with “Blue Sky Laws,” or state security laws designed to protect investors, many potential North Carolina startups are experiencing the same sort of waiting game. They’re waiting for North Carolina legislators to pass a crowdfunding bill, Jump-Start Our Business Start-Ups Act (JOBS Act), so that they can begin business.
The bill is pending in the North Carolina Senate, and Mark Easley of the NC JOBS Act Team says if all goes as planned, many hopeful startups will be able to receive financial support early this fall. Despite strong bipartisan support, some say the law could present a couple challenges.
Congressional woes

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North Carolina’s state legislature drafted the JOBS Act, which passed by a 103-1 vote in the House last June, in response to slowness with the federal bill. House Majority Leader Edgar Starnes, a Hickory Republican, cast the one dissenting vote.
The bill must go through the Senate Commerce Committee and the Senate Finance Committee before final approval by the full Senate.
At the federal level, crowdfunding has been a hot-button issue, with layers of complications. The U.S. Congress has implemented six of the seven new titles, or rules, for crowdfunding. But one title has caused a tornado of controversy.
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