(1) Securities issued in reliance on the crowdfunding exemption in RCW 21.20.880
may not be transferred by the purchaser during a one-year period beginning on the date of purchase, unless the securities are transferred:
(a) To the issuer of the securities;
(b) To an accredited investor;
(c) Pursuant to an effective registration statement under the Securities Act of Washington, chapter 21.20
(d) To a member of the family of the purchaser or the equivalent, or in connection with the death or divorce or other similar circumstances, in the discretion of the director.
(2) Securities issued under the crowdfunding exemption in RCW 21.20.880
are also restricted by the requirements for the federal exemption from registration for intrastate offerings under section 3 (a)(11) of the federal Securities Act of 1933, 15 U.S.C. 77c (a)(11), and securities and exchange commission Rule 147, 17 C.F.R. 230.147, including restrictions on transfer of securities by the purchaser.
Rule 147 generally provides that during the period in which securities that are part of an issue are being offered and sold by the issuer, and for a period of nine months from the date of last sale by the issuer of such securities, all resales of any part of the issue, by any person, shall be made only to persons residing within the state of Washington. Issuers are cautioned to carefully review and implement safeguards to ensure their compliance with the restrictions contained in Rule 147, as well as the restrictions contained in RCW 21.20.880