First Reader Summary

A BILL to be entitled an Act to amend Chapter 5 of Title 10 of the O.C.G.A., the "Georgia Securities Act of 1973," so as to revise and modernize the chapter; to provide for stronger investor protections; to provide for variable annuities and viatical investments; to provide for specific jurisdictional provisions; to conform the chapter with applicable federal laws including the Uniform Securities Act of 2002, the National Securities Markets Improvement Act of 1996, the Securities Litigation Uniform Standards Act of 1998, and the Sarbanes-Oxley Act of 2002; to provide for registration and exemptions; to provide for the authority for criminal history review; to provide for dealer financial statements; to change civil penalties; to increase criminal penalties to $5 million;