Ohio HB505 restricts the use of crowdfunding money for purposes other than those solicited.

Ohio HB505 amends the state's Revised Code to restrict the use of crowdfunding money for purposes other than those solicited. It mandates that crowdfunding platforms include specific terms in their service agreements, prohibiting the use of raised funds for unauthorized purposes, promoting violence, or unlawful activities. If a crowdfunding campaign is terminated, the platform must refund or remit the funds to donors. The bill also outlines procedures for handling anonymous donations and excess funds after a campaign's purpose is fulfilled.

Ohio HB505 restricts the use of crowdfunding money for purposes other than those solicited.

Ohio HB505 amends the state's Revised Code to restrict the use of crowdfunding money for purposes other than those solicited. It mandates that crowdfunding platforms include specific terms in their service agreements, prohibiting the use of raised funds for unauthorized purposes, promoting violence, or unlawful activities. If a crowdfunding campaign is terminated, the platform must refund or remit the funds to donors. The bill also outlines procedures for handling anonymous donations and excess funds after a campaign's purpose is fulfilled.