OH HB505

Crowdfunding platforms must include terms of service prohibiting organizers from using funds for purposes other than stated, promoting violence, or unlawful activities

Excess funds remaining after a crowdfunding campaign's purpose is achieved must be converted to U.S. dollars (if virtual currency) and returned to donors proportionally

Platforms must terminate campaigns that violate these requirements, with undeliverable refunds going to Ohio's unclaimed funds trust fund (if donor is known) or crime victims recovery fund (if anonymous)

Attorney General can investigate violations and impose $10,000 administrative penalties per violation, with additional $10,000 civil penalties for repeat violations within two years

Platforms must maintain records for at least three years and submit annual reports to the Attorney General detailing campaign numbers, amounts collected, terminations, and refunds