MI HB4305

Establishes the "Michigan Invests Locally exemption" allowing Michigan-incorporated or resident issuers to offer securities without registration if they comply with specific requirements, including filing a notice and $100 fee with the administrator at least 10 days before offering.

Limits intrastate offerings to $1 million (without audited financials) or $2 million (with audited financials) in aggregate, minus amounts raised in the prior 12 months, and restricts non-accredited investors to $10,000 maximum investments.

Requires issuers to provide prospective purchasers with detailed disclosure statements covering business description, management, use of proceeds, litigation history, and prominent risk warnings; purchasers must sign written certifications acknowledging the high-risk, illiquid nature of securities.

Mandates funds be held in escrow by Michigan banks and released only when minimum target offering amount is reached within specified timeframe; prohibits resale outside Michigan within 6 months or the investment agreement becomes void.

Requires issuers to file quarterly reports with compensation details and financial condition analysis until securities are no longer outstanding, and exempts compliant website operators from broker-dealer registration requirements.