Amended Substitute House Bill 312 - Summary

• Establishes "OhioInvests" intrastate equity crowdfunding exemption allowing Ohio businesses to raise up to $5 million per 12-month period from Ohio residents exclusively through licensed portal operators, without full securities registration requirements.

• Creates licensing requirements for portal operators who must be authorized to do business in Ohio, either as licensed dealers or by obtaining a new portal operator license from the Division of Securities.

• Implements investor protections including purchase limits ($10,000 per 12-month period for non-accredited investors), mandatory disclosure documents, 5+ business day cancellation rights, and escrow requirements until minimum offering amounts are met.

• Establishes civil enforcement mechanism allowing crowdfunding investors to bring private actions for violations, recovering penalties of $100-$250 per violation (depending on offering size) plus reasonable attorney's fees.

• Authorizes $105.2 million in appropriations for fiscal year 2021 directed to Innovation Ohio, Research and Development, and Facilities Establishment programs.