Bill > SB284

This bill amends the Georgia Uniform Securities Act of 2008 to expand the powers of the Commissioner of Securities by adding a new provision that allows the Commissioner to issue orders directing individuals or entities who have violated specific securities laws to return funds to investors, customers, or clients. Specifically, if the Commissioner determines that a person has violated Sections 10-5-50, 10-5-51, or 10-5-54 (which likely relate to securities fraud or misconduct), they can now order the return of the principal amount of securities purchases and all related moneys. The bill also makes some minor technical changes to the language of the existing law, such as replacing "must" with "shall" in several instances. The new provision gives the Commissioner additional enforcement tools to protect investors by requiring violators to directly reimburse those who have been financially harmed by their actions. The bill maintains existing provisions allowing the Commissioner to issue cease and desist orders, deny or revoke exemptions for broker-dealers and investment advisers, and impose civil penalties up to $50,000 for a single violation or $500,000 for multiple violations.

Business and Industry, Government Affairs

https://www.legis.ga.gov/legislation/70926