SB 284: "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 makes two unrelated changes to Georgia law. First, it amends the Georgia Uniform Securities Act of 2008 (O.C.G.A. Chapter 5 of Title 10) so the Commissioner of Securities can order someone found to have violated key anti-fraud provisions to return the full purchase amount and any other money collected from investors, customers, or clients, not just issue cease and desist orders or civil penalties as before. Second, the bill changes school construction rules. Local school systems that already qualify for low-wealth capital outlay grants would automatically qualify for those grants when they hire a roofing contractor through a state-approved cooperative purchasing organization, as long as the roofing work is in their approved facilities plan. It also amends Georgia's public works bidding law (O.C.G.A. Chapter 91 of Title 36) so that using such a pre-approved roofing supplier automatically satisfies competitive bidding notice requirements, and clarifies that ordinary roof improvements are not 'public works construction' subject to standard bidding rules. The law would take effect as soon as the Governor signs it and would apply to contracts entered afterward.

• Lets the Commissioner of Securities order violators of specific securities fraud provisions to repay investors, customers, or clients the full purchase price and related funds collected.
• Requires the Commissioner's cease and desist orders to state whether a civil penalty or investigation costs will be sought and tightens rules so hearings and final orders must follow required procedures.
• Bars courts from requiring the Commissioner to post a bond when seeking to enforce a securities order in court.
• Grants automatic low-wealth capital outlay funding to school systems that hire a state-approved cooperative purchasing supplier for roof repairs, if the work is in their approved facilities plan.
• Exempts roof improvement contracts awarded through approved cooperative purchasing suppliers from standard public works competitive bidding notice requirements.
• Excludes routine roof improvements to existing buildings from the legal definition of 'public works construction' under Georgia's bidding law.

Securities brokers, investment advisers, and other regulated persons found in violation of Georgia securities law; investors, customers, and clients who lost money in such violations; local school systems seeking capital outlay funding for roof repairs; and cooperative purchasing organizations and suppliers involved in public school construction contracts.

Investors defrauded under certain Georgia securities provisions could get their money back through a state order rather than relying solely on civil penalties or private lawsuits. School districts using pre-approved roofing suppliers would face fewer bidding hurdles and gain a more direct path to state construction funding, potentially speeding up roof repair projects.

• Section 1 revises O.C.G.A. § 10-5-73 to add a new remedy: an order directing violators of Code Sections 10-5-50, 10-5-51, or 10-5-54 to return investors' principal and related funds.
• Section 1 also changes several 'must'/'may' terms to 'shall,' making hearing procedures, final order findings, and the no-bond rule for court enforcement mandatory rather than discretionary.
• Section 1 keeps existing civil penalty caps of $50,000 for a single violation and $500,000 for multiple violations, plus contempt penalties of $5,000 to $50,000 per violation for noncompliance with an order.
• Section 2 amends O.C.G.A. § 20-2-262 to guarantee low-wealth capital outlay grants for roofing contracts awarded to Department of Administrative Services-approved cooperative purchasing suppliers, if included in the district's 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 a new subsection to O.C.G.A. § 36-91-21 stating that using an approved cooperative purchasing roofing supplier automatically satisfies public works notice and competitive award requirements.
• Section 5 makes the law effective upon the Governor's signature (or becoming law without signature), applying only to contracts entered into after that date.

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

• Larry Walker (R, SD-020)Patrocinador principal
• 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. AprobadaVotación: Senado6 de marzo de 2025

   54 a favor, 1 en contra (0 sin votar, 1 ausentes)

   Passage: Senate Vote #212

2. AprobadaVotación: Cámara de Representantes20 de marzo de 2026

   155 a favor, 0 en contra (9 sin votar, 12 ausentes)

   Passage: House Vote #735

3. AprobadaVotación: Senado27 de marzo de 2026

   44 a favor, 0 en contra (4 sin votar, 6 ausentes)

   Agree To House Substitute: Senate Vote #838

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