In recent years, and accelerating after the SEC disappointed many crowdfunding enthusiasts with the expensive and restrictive rules proposed in response to the federal JOBS Act, individual states have proposed and adopted "state-level" crowdfunding exemptions. Twenty-five states have now proposed or enacted rules allowing crowdfunding exclusively from state residents. Not to be left behind, the Oregon Division of Finance and Corporate Securities filed proposed Oregon Intrastate Private Offering ("OIPO") rules on November 14, 2014 (proposed OAR 441-035). The rules would allow Oregon small businesses to crowdfund from Oregon residents. The Division expects that the rules will become effective substantially as proposed on January 1, 2015—without legislative action—based on the Division's rulemaking authority.