Florida Intrastate Crowdfunding Bill Summary

• Creates the "Florida Intrastate Crowdfunding Exemption" allowing in-state businesses to raise up to $1 million from Florida residents without federal securities registration, subject to state registration and reporting requirements.

• Establishes that issuers must be Florida for-profit entities conducting offerings through registered dealers or intermediaries, with funds held in escrow until the target offering amount is reached.

• Imposes investor limits restricting non-accredited investors to $2,000 or 5 percent of annual income (if income under $100,000), or up to 10 percent capped at $100,000 (if income $100,000 or more).

• Requires issuers to file a $200 notice with the office, provide comprehensive disclosure statements, and file annual reports with financial statements (reviewed or audited based on offering size).

• Defines "intermediary" as a registered entity facilitating crowdfunding offerings and imposes fraud prevention measures, investor verification requirements, and restrictions on intermediary activities including prohibitions on offering investment advice.