How is Illinois Intrastate Crowdfunding Exemption different from Title II of the JOBS Act?

Last Updated: Dec 30, 2015 09:04PM CST
Illinois Intrastate Crowdfunding Exemption will permit Illinois based entrepreneurs to raise up to $1 million per year and $4 million per year if issuer provides independently reviewed and officer certified financial statements from the general public Illinois investors, including investors that do not qualify as accredited investors. It means Illinois Intrastate Crowdfunding Exemption crowdfunding will permit almost everyone to invest.
Title II of the JOBS act enables general solicitation, or public fundraising.  Companies can only accept money from accredited investors who are typically people with a net worth (excluding their primary residence) of $1 million, income of $200,000/year (or $300,000 with their spouse), officers and directors of the entrepreneur and various institutions that have more than $5 million in assets.

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