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Wis. Crowdfunding Law Takes Effect Sunday

Updated: 05/28/2014 10:01 AM
Created: 05/28/2014 9:59 AM WDIO.com

MADISON, Wis. (AP) - Fledgling Wisconsin companies can sell stocks online through Internet crowdfunding sites starting Sunday.

The Legislature last year unanimously passed, and Gov. Scott Walker signed, a bill allowing for the sale of stocks through crowdfunding.

Companies can raise up to $1 million from state investors and $2 million if the issuer has had an audit within the past year and provided the results to investors and state regulators.

Patricia Struck, administrator of the state Department of Financial Institution's Division of Securities, encourages consumers to make sure the investment is right for them.

Supporters of the new law say it's a simple way to help small businesses by opening them up to a wide pool of potential investors.

Most consumers will be limited to investing $10,000 in a single crowdfunding offering.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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