HI HB2704

Adds a new exemption to Hawaii securities law for intrastate crowdfunding offerings by Hawaii-based businesses under section 485A-202(a)(27).

Limits crowdfunding offerings to businesses formed under Hawaii law and registered with the director of commerce and consumer affairs, with a maximum aggregate raise of $1,000,000.

Requires offerings to comply with federal securities law section 3(a)(11) and Rule 147, restricting sales to Hawaii residents only.

Mandates issuers file written notice with the commissioner at least 14 calendar days before any offering, with information specified by rule.

Allows the commissioner to establish additional requirements by rule regarding individual purchase limits and other terms to implement the exemption.