HB1482 Summary

• Establishes the "Hawaii Invests Local Act," creating a limited intrastate crowdfunding exemption for Hawaii businesses to raise equity capital from Hawaii residents without federal securities registration.

• Allows issuers to raise up to $1,000,000 over a 12-month period, with a maximum of $5,000 per non-accredited investor (accredited investors may invest more).

• Requires issuers to file a notice with the commissioner at least 10 days before offering, submit a detailed disclosure statement, establish an escrow account for investor funds, and provide quarterly reports to investors.

• Imposes restrictions on resales of crowdfunded securities—all resales must occur within Hawaii for nine months following the last sale by the issuer.

• Applies disqualification provisions to issuers with histories of fraud, criminal convictions, or enforcement actions within the past five years; effective February 19, 2025.