Peer Elevate Funding, LLC,; The petition sought a declaratory statement from the Office on whether Petitioner, (an intrastate equity crowdfunding portal located in Mississippi) can use a third-party company to serve as an escrow agent of record as ...

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by Peer Elevate Funding, LLC, on April 4, 2016. The following is a summary of the agency’s disposition of the petition:

The petition sought a declaratory statement from the Office on whether Petitioner, (an intrastate equity crowdfunding portal located in Mississippi) can use a third-party company to serve as an escrow agent of record as defined under Sec. 517.0611(4)(f) and Sec. 517.0611(8), Florida Statutes, Florida’s Securities and Investor Protection Act. The Office of Financial Regulation issued a Final Order on July 1, 2016. ORDERED: 1. A crowdfunding issuer may not use an escrow agent unless such escrow agent is a third party that is “a federally insured financial institution authorized to do business in the state” of Florida. 2. Petitioner is not a substantially affected person for purposes of whether FundAmerica Securities may serve as an escrow agent thus Petitioner lacks standing to ask if FundAmerica Securities may serve as an escrow agent.

A copy of the Order Disposing of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail] or online at:

https://real.flofr.com/ConsumerServices/SearchLegalDocuments/LDSearch.aspx#/searchLegalDocuments.