Monday, July 20, 2015

NC Crowdfunding Bill on Track for Passage this Session

A story in the Charlotte Observer confirms that the intrastate crowdfunding bill is on track for passage this session. NC House Speaker Tim Moore told the Observer he expects the state legislature to pass an investment crowdfunding bill by the end of September.

“We believe crowdfunding is a viable way to raise capital for businesses in North Carolina, and I think by the end of this session you will see some legislation that does it,” Moore said.

State Commerce Secretary John Skvarla said the need for such law is urgent.

“Let’s all get on our knees and pray that it happens,” he told the Observer. “We need crowdfunding ... the longer we wait, the more opportunities we are going to potentially miss.”

The primary sponsor of the NC PACES Act (Senate Bill S481), Senator Tamara Berringer, is also confident the bill is on track. The bill was filed in March and has been in the Committee on Finance since April. That should be its last stop before being voted on the Senate floor and heading out to the House, where it will go through another cycle of vetting and voting, said Senator Tamara Barringer, R-Wake, one of the bill’s primary sponsors.

“I don’t have any anxiety ... It’s going through the usual legislative process,” Barringer said.

Reporting by Athena Cao of the Charlotte Observer. Read the full article here.