HOUSE BILL 2023
State of Washington63rd Legislature2013 Regular SessionBy
Representatives Habib, Ryu, Zeiger, and MaxwellRead first time 04/02/13. Referred to Committee on Business &Financial Services.1AN ACT Relating to allowing crowdfunding for certain small2securities offerings; adding new sections to chapter 21.20 RCW; and3creating a new section.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:5NEWSECTION.
The legislature finds that start-up6companies play a critical role in creating new jobs and revenues.7Crowdfunding, or raising money through small contributions froma large8number of investors, allows smaller enterprises in Washington to have9access to the capital they need to get new businesses off the ground.10However, state securities registration can be prohibitively expensive11for the small offerings that crowdfunding facilitates, and the use of 12crowdfunding for business financing in Washington is unnecessarily13restricted by state securities laws. It is the intent of the14legislature to help new businesses access equity-based crowdfunding as15a financing tool, democratizing venture capital, and facilitating16investment by Washington residents in Washington start-ups.17Accordingly, to promote the formation and growth of smaller18Washington enterprises and the job formation that accompanies such19growth, and to permit such businesses to raise capital unencumbered byp. 1HB 2023