MS SB2685

Creates the "Invest Mississippi Exemption" allowing intrastate equity crowdfunding for small securities offerings by Mississippi businesses organized and operating in the state.

Caps fundraising at $1,000,000 (or $2,000,000 with audited/reviewed financial statements), minus amounts raised in the prior 12 months, with individual investor limits of $2,000 unless they are accredited investors.

Requires issuers to file notice with Secretary of State at least 10 days before offering, provide detailed disclosure statements to investors, and place funds in escrow released only if minimum target offering amount is met.

Mandates quarterly reporting to investors on management compensation and business operations until securities are no longer outstanding, available online or by written request.

Exempts website operators and company officers from broker-dealer registration if they comply with specified conditions, including no investment advice, no compensation based on sales, and no handling of investor funds.