California is considering passage of a crowdfunding bill sponsored by Pay Pal Giving Fund and applicable to charitable organizations and crowdfunding solicitors. The bill, AB 2556, was introduced by Assembly Member Jacqui Irwin on February 15, 2018 and later amended on April 19, 2018. It currently is being held under submission in committee. The legislative committee analysis summarizes the bill as follows: This bill adds to the Supervision of Trustees and Fundraisers for Charitable Purposes Act the ability to engage in “charitable crowdfunding solicitations” by a new category of persons raising money for charitable purposes known as “crowdfunding solicitors for charitable purposes,” subject to various registration and reporting requirements, as specified. More specifically – This bill seeks to update California’s Charitable Purposes Act to recognize online charity giving platforms. Specifically, this bill creates a registration process for…
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