On December 8, 2011, the Georgia State Securities Division promulgated new rules known as the Invest Georgia Exemption (IGE), which permit intrastate crowdfunding.
Specific Terms of the Exemption:
(1) Georgia-based, private companies can sell equity (shares of stock or debt) to Georgia based non-accredited and non-accredited residents of Georgia.
(2) For-profit Georgia companies can raise up to $1 million annually from non-accredited and accredited investors who are Georgia residents.
(3) Georgia-based companies can publicly offer their securities in Georgia to Georgia-based residents through a crowdfunding portal.
(4) Non-accredited Georgia residents can invest up to $10,000 per company. Accredited investors who are legal residents of Georgia can invest as much as they like.
(5) To qualify for the exemption, the company must (1) be a for-profit business, (2) be formed under the laws of the state of Georgia, (3) have its principal office in Georgia, and (4) carry out a significant amount of its business in this state.
(6) Companies issuing shares through the exemption must inform investors that the securities are unregistered and may not be resold to non-Georgia residents for a period of nine months after completion of the offering.