FL S1596

Creates a "Crowdfinance Act" exemption allowing Florida-based for-profit entities to raise up to $1 million (minus prior 12-month sales) from Florida residents without registering securities, subject to investment limits for non-accredited investors.

Defines and exempts "funding portals" from dealer registration if they facilitate securities offerings, provide risk disclosure, maintain transaction records, and comply with SEC Rule 262 disqualifications.

Requires issuers using the crowdfinance exemption to file notice with the Florida Office of Financial Regulation before general solicitation or the 25th sale, and to deposit investor funds in state-authorized depository institutions.

Prohibits combining the crowdfinance exemption with other registration exemptions, except for sales to company insiders (10%+ shareholders, officers, directors) and permits concurrent use with the funding portal exemption.

Limits funding portal liability for crowdfinance transactions to the aggregate fees and commissions charged for such transactions.