SB284: SB284 "Georgia Uniform Securities Act of 2008,"; issuance of orders by the Commissioner of Securities directing persons who have violated certain securities provisions to return; authorize

This bill changes two unrelated areas of Georgia law. First, it amends the Georgia Uniform Securities Act of 2008 (O.C.G.A. Chapter 5 of Title 10) to give the Commissioner of Securities a new enforcement tool: the power to order someone who violated key securities fraud provisions to repay investors, customers, or clients the money they paid for securities, on top of existing cease-and-desist and civil penalty powers. Second, the bill addresses roof repairs at public buildings. It amends the Quality Basic Education Act (O.C.G.A. § 20-2-262) so that local school systems get low-wealth capital outlay grants for roofing work done through a state-approved cooperative purchasing supplier. It also amends Georgia's public works bidding law (O.C.G.A. Chapter 91 of Title 36) so that hiring such a pre-approved roofing supplier automatically counts as satisfying competitive bidding requirements. The law would take effect as soon as the Governor signs it and would apply to contracts entered into afterward.

• Lets the Commissioner of Securities order a violator of specific fraud-related securities provisions to repay investors the full purchase price and related money collected.
• Keeps existing enforcement tools intact, including cease-and-desist orders, exemption revocations, civil penalties up to $500,000 for multiple violations, and court contempt penalties.
• Allows qualifying low-wealth school districts to receive state capital outlay grants for roof repairs done through a state-approved cooperative purchasing supplier.
• Defines roof improvements on existing structures as excluded from the legal definition of 'public works construction' under Georgia's bidding law.
• Declares that awarding a roofing contract to a supplier approved through a cooperative purchasing organization automatically satisfies public bidding notice and competitive award requirements.
• Makes the changes effective immediately upon the Governor's signature and applies them to contracts signed on or after that date.

People and businesses accused of violating Georgia securities law, and the investors, customers, or clients who bought securities from them; the Commissioner of Securities' office; local school systems seeking capital outlay funding; and public agencies and roofing suppliers involved in public building repairs.

Investors defrauded under Georgia securities law could get direct restitution orders instead of relying only on penalties or private lawsuits. Meanwhile, school districts and public agencies could hire pre-approved roofing suppliers faster, skipping a separate competitive bid process, which could speed up repairs but reduce open competition for those contracts.

• Section 1 rewrites O.C.G.A. § 10-5-73 to add a new order type (a)(4) letting the Commissioner require repayment of the principal amount and related money paid by investors for securities linked to fraud violations under Code Sections 10-5-50, 10-5-51, or 10-5-54.
• Section 1 keeps the existing civil penalty caps: up to $50,000 for a single violation, up to $500,000 for multiple violations, plus possible investigation costs and contempt penalties of $5,000 to $50,000 per violation for noncompliance with an order.
• Section 2 adds a new subsection (g) to O.C.G.A. § 20-2-262 granting low-wealth capital outlay funds to school systems that use a Department of Administrative Services-approved cooperative purchasing supplier for roof work included in their approved facilities plan.
• Section 3 revises the definition of 'public works construction' in O.C.G.A. § 36-91-2 to exclude roof improvements to existing structures, except for ancillary items placed on the roof.
• Section 4 adds subsection (i) to O.C.G.A. § 36-91-21 stating that using a cooperative-purchasing-approved roofing supplier automatically satisfies public bidding notice and competitive award rules.
• Section 5 sets the effective date as the date of the Governor's approval (or the bill becoming law without signature), applying to contracts entered into on or after that date.

1. 2026-04-22Effective Date 2026-04-22
2. 2026-04-22Act 377
3. 2026-04-22Senate Date Signed by Governor (Senate)
4. 2026-04-10Senate Sent to Governor (Senate)
5. 2026-03-27Senate Agreed House Amend or Sub (Senate)
6. 2026-03-20House Passed/Adopted By Substitute (House)
7. 2026-03-20House Third Readers (House)
8. 2026-03-19House Committee Favorably Reported By Substitute (House)

• Larry Walker (R, SD-020)Primary sponsor
• Matt Brass (R, SD-006)
• John Kennedy (R, SD-018)
• Brian Strickland (R, SD-042)
• Carden Summers (R, SD-013)
• Kay Kirkpatrick (R, SD-032)
• Clint Dixon (R, SD-045)
• Harold Jones (D, SD-022)
• Sonya Halpern (D, SD-039)
• Scott Hilton (R, HD-048)

1. PassedSenate voteMarch 6, 2025

   54 yea, 1 nay (0 not voting, 1 absent)

   Passage: Senate Vote #212

2. PassedHouse voteMarch 20, 2026

   155 yea, 0 nay (9 not voting, 12 absent)

   Passage: House Vote #735

3. PassedSenate voteMarch 27, 2026

   44 yea, 0 nay (4 not voting, 6 absent)

   Agree To House Substitute: Senate Vote #838

• securities fraud enforcement
• investor protection
• school construction funding
• public works bidding
• roofing contracts