HB934: HB934 Banking and finance; transfer regulation of securities and commodities from Secretary of State to Department of Banking and Finance

Currently, the Georgia Secretary of State regulates securities and commodities trading under the Georgia Uniform Securities Act (O.C.G.A. Title 10, Chapter 5) and commodities law (Chapter 5A). This bill would shift that entire regulatory function to the Department of Banking and Finance starting July 1, 2026. The bill adds a new article to Georgia's banking code laying out how the transfer works: the department takes over the Secretary of State's powers, records, and any ongoing investigations, and the commissioner of banking and finance becomes the new 'Commissioner of Securities.' A 12-member advisory board would be created to help guide the department's work, though it would only have advisory power. Existing rules, contracts, and employees tied to securities and commodities regulation would move to the department without losing benefits, seniority, or accrued leave. Several existing Code sections are updated to replace references to the Secretary of State with the commissioner of banking and finance.

• Transfers regulatory authority over securities (O.C.G.A. Title 10, Chapter 5) and commodities (Chapter 5A) from the Secretary of State to the Department of Banking and Finance, effective July 1, 2026.
• Moves any securities or commodities investigations open with the Secretary of State's office directly to the department on the effective date.
• Creates a 12-member advisory board, appointed by the banking commissioner, to advise on securities and commodities regulation, with an advisory-only role.
• Transfers Secretary of State employees who work on these functions to the department in similar jobs, protecting their pay, benefits, leave, and personnel rights.
• Redesignates the commissioner of banking and finance as the new 'Commissioner of Securities' in place of the Secretary of State.
• Transfers custody of related state-owned real property from the Secretary of State to the department on July 1, 2026.

Georgia securities brokers, commodities dealers, and investors who deal with state regulators; Secretary of State employees who currently handle securities and commodities work; and the Department of Banking and Finance, which gains new regulatory duties and staff.

Businesses and individuals registering securities or commodities in Georgia, or under investigation by regulators, would deal with a new agency after July 1, 2026. Transferred state employees would keep their pay and benefits, and pending investigations would continue uninterrupted under the new department.

• Section 1 adds new Code Sections 7-1-1140 through 7-1-1143, transferring securities and commodities regulatory powers, records, investigations, rules, contracts, employees, and real property from the Secretary of State to the Department of Banking and Finance as of July 1, 2026.
• Section 1 also creates a 12-member advisory board appointed by the commissioner, requiring at least one member with securities experience and one with commodities experience, serving in an advisory-only capacity.
• Section 2 changes the definition of 'Commissioner' in the securities law (O.C.G.A. § 10-5-2) from the Secretary of State to the commissioner of banking and finance.
• Section 3 shifts administration of the Georgia Uniform Securities Act (O.C.G.A. § 10-5-70) from the Secretary of State to the banking commissioner, who becomes the Commissioner of Securities.
• Section 4 makes the same change for commodities law administration (O.C.G.A. § 10-5A-24).
• Section 5 updates a public officers law (O.C.G.A. § 45-13-26) concerning designated agents for accepting legal service related to securities matters.
• Section 6 sets the effective date of the entire Act as July 1, 2026.

1. 2026-02-05House Committee Favorably Reported By Substitute (House)
2. 2026-01-14House Second Readers (House)
3. 2026-01-13House First Readers (House)
4. 2026-01-12House Hopper (House)

• Noel Williams (R, HD-148)Primary sponsor
• Chuck Efstration (R, HD-104)
• Bruce Williamson (R, HD-112)
• Jan Jones (R, HD-047)
• James Burchett (R, HD-176)
• Carter Barrett (R, HD-024)

• securities regulation
• commodities regulation
• banking and finance
• state government reorganization
• investor protection