Does my state require that I file something else?
There are 2 instances where companies will need to file, assuming that the company’s state has Regulation Crowdfunding notice filing requirements:
- The state is the Company's principal place of business
- The timing for this filing appears to be generally required before or at the same time as the filing of the initial Form C. Please see your specific state for details.
- More than 50% of sales made to the company’s investors in the campaign reside in that state
- The timing for this filing appears to be generally required at final closing. Please see your specific state for details.
The state filing requirements for Reg. CF (current as April 4, 2018) and instructions on how to comply as compiled by CrowdCheck, are listed below. Please be sure to check with the appropriate state secretary directly to confirm the most recent requirements. This guide is intended only as a reference. Most state secretary corporate divisions are very helpful in providing the requirements by phone.
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Alabama
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file when company becomes aware but no later than 15 days after the offering.
Variable Fee: Yes
Payment Amount: $40 plus 1/10 of 1% of offering amount.
Payable To: Alabama Securities Commission
Send To: Alabama Securities Commission, P.O. Box 3044700, Montgomery, AL 36130
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Colorado
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file when company becomes aware but no later than 30 days after the offering.
Variable Fee: No
Payment Amount: $50
Payable To: Colorado State Treasurer
Send To: Colorado Division of Securities Registrations, 1560 Broadway, Suite 900, Denver, CO 80202
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Iowa
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file when company becomes aware but no later than 30 days after the offering.
Variable Fee: No
Payment Amount: $100
Payable To: Iowa Insurance Commissioner
Send To: Iowa Insurance Division, 601 Locust St, 4th Floor, Des Moines, IA 50309
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Maine (proposed rules)
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file when company becomes aware but no later than 15 days after the offering.
Variable Fee: No
Payment Amount: $300
Payable To: State of Maine Treasurer
Send To: Department of Professional & Financial Regulation, Office of Securities, 121 State House Station, Augusta, ME 04333
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Maryland
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: “Before initial offer”
Variable Fee: No
Payment Amount: $100
Payable To: Office of Attorney General
Send To: Office of the Attorney General, Division of Securities, 200 Saint Paul Place, Baltimore, MD 21202-2020
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Massachusetts (Proposed rules)
Required Documents: 1) Form C; 2) Form U-2 Consent To Service of Process; 3) Filing Fee
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file when company becomes aware but no later than 15 days after the offering.
Variable Fee: TBD
Payment Amount: TBD
Payable To: TBD
Send To: TBD
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Ohio
Required Documents: 1) Form C; 2) Form U-2 Consent To Service of Process; 3) Filing Fee
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file as soon as company becomes aware
Variable Fee: The state has a variable fee of 1/10 of 1% of the amount offered in the state.
Payment Amount: $200
Payable To: OH Division of Securities
Send To: Ohio Department of Commerce, Division of Securities, 77 South High Street, 22nd Floor, Columbus, OH 43215
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Oregon
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file when company becomes aware but no later than 30 days after the offering.
Variable Fee: No
Payment Amount: $200
Payable To: State of Oregon
Send To: Department of Consumer and Business Services, Division of Finance and Corporate Securities, 350 Winter Street NE Room 410, Salem, Oregon 97301-3881
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South Dakota
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file when company becomes aware but no later than 30 days after the offering.
Variable Fee: No
Payment Amount: $250
Payable To: South Dakota Division of Securities
Send To: Division of Insurance, Securities Regulation, 124 S. Euclid Suite 104, Pierre, SD 57501
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Texas
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: Prior to the initial offer of the federal covered securities in this state
Variable Fee: Yes
Payment Amount: $100 plus 1/10th of 1% of amount to be sold
Payable To: Texas State Securities Board
Send To: Texas State Securities Board, PO Box 13167, Austin, TX 78711
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Utah
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file when company becomes aware but no later than 15 days after the offering.
Variable Fee: The compliance costs for affected persons will be the payment of a filing fee of $100 for filings made within the deadline period specified in the rule and $500 for filings made after the expiration of the deadline.
Payment Amount: $100
Payable To: Utah Division of Securities
Send To: Utah Division of Securities, P.O. Box 146760, Salt Lake City, UT 84114-6760
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Vermont
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file when company becomes aware but no later than 30 days after the offering.
Variable Fee: No
Payment Amount: $600
Payable To: Department of Financial Regulation
Send To: State of Vermont, Department of Financial Regulation, Securities Division, 89 Main Street, Montpelier, VT 05620
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Virginia
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file when company becomes aware but no later than 30 days after the offering.
Variable Fee: No
Payment Amount: $0
Payable To: Division of Securities and Retail Franchising
Send To: Division of Securities and Retail Franchising, P.O. Box 1197, Richmond, VA 23218
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Washington
Required Documents: Uniform Notice of Federal Crowdfunding Offering Form U-CF
Timing: If company is based in this state, file at the same time as Form C. If 50% investor threshold, file when company becomes aware but no later than 15 days after the offering.
Variable Fee: The fee is variable $100 flat fee for the first $100,000 of securities offered in this state plus 1/20th of 1% of the amount in excess of $100,000 offered.
Payment Amount: $100
Payable To: Washington State Treasurer
Send To: State of Washington, Dept. of Financial Institutions, Securities Division, P.O. Box 9033
Olympia, WA 98507-9033