COLUMBUS—State Representative Mark Romanchuk (R-Ontario) today applauded the Ohio House for approving legislation that permits, in certain circumstances, intrastate equity crowdfunding, with the goal of providing Ohio residents the ability to identify new local businesses and opportunities to invest in them.

An entity or individual raising funds through crowdfunding typically seeks small individual contributions from a large number of people. House Bill 10, sponsored by Rep. Steven Arndt (R-Port Clinton), creates an exemption for certain entities to engage in crowdfunding, thus supporting local investments within Ohio and encouraging competitiveness.

“I was pleased to support House Bill 10,” Rep. Romanchuk said. “It is a good pro-business, pro-economic growth piece of legislation.”

The bill specifies that an issuer can be considered an “OhioInvests” issuer if they fulfill certain requirements, such as being located in Ohio and not being subject to the reporting requirements under federal security laws. Entities like port authorities, community improvement corporations and chambers of commerce would all be eligible issuers under the OhioInvests crowdfunding requirements.

House Bill 10 passed with bipartisan support and now goes to the Ohio Senate for further consideration.

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