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Committee adopts substitute to streamline crowdfunding reporting in House Bill 505
Summary
The committee adopted substitute L-1361527-4 into House Bill 505 to streamline crowdfunding refunds, require reporting only for campaigns raising over $10,000, and move the statutes under the attorney general’s charitable law section.
Vice Chair Workman moved to amend House Bill 505 with substitute L-1361527-4. Workman said the substitute streamlines refund processes for crowdfunding campaigns, modifies reporting guidelines to require attorney general reporting only for campaigns that raise over $10,000, and renumbers statutes to place the provisions under the attorney general’s charitable law section.
The committee adopted the substitute without objection and concluded the bill’s third hearing.
