06 LC
35 0297
House
Bill 1665
By:
Representatives Buckner of the
76th,
Powell of the
29th,
Thomas of the
100th,
Reece of the
11th,
and Dukes of the
150th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 5 of Title 10 of the Official Code of Georgia Annotated, relating
to securities and security investments, so as to provide for the establishment
of the Georgia Investment Fraud Prevention Board; to provide for membership; to
provide for terms; to provide that members shall receive no compensation; to
provide for reappointment; to provide for administration; to provide for related
matters; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
5 of Title 10 of the Official Code of Georgia Annotated, relating to securities
and security investments, is amended by adding a new Code Section 10-5-25 to
read as follows:
"10-5-25.
(a)
The Georgia Investment Fraud Prevention Board is established for the purpose of
preventing investment fraud in Georgia by providing state oversight on current
issues relating to investment fraud. The
board́s
duties shall include studying, planning, and initiating methods for the
prevention of investment fraud in this state. The board shall consider current
information relating to investment fraud, with special attention given to the
need for legislation, improved consumer information, and criminal or civil
penalties for persons committing investment fraud. The board shall be
authorized to share information as needed with law enforcement agencies,
consumer protection agencies, and the general public. The board is authorized
to provide expertise and assistance to the commissioner for the purpose of
preventing investment fraud. The board shall provide an annual report to the
Governor and the members of the General Assembly on November 1 of each year
informing the Governor and the General Assembly of the
board́s
activities and making recommendations for any needed legislative
changes.
(b)
The board shall be composed of nine members to be appointed as
follows:
(1)
Five members shall be appointed by the Governor. Of the five members, one
member shall have experience in securities investments; one member shall have
experience in and be representative of law enforcement; one member shall be a
representative from the Prosecuting
Attorneyś
Council of the State of Georgia; one member shall be a representative from the
League of Women Voters; and one member shall be a representative from the
American Association of Retired Persons;
(2)
Two members shall be appointed by the Senate Committee on Assignments. Of the
two members, one member shall have experience in securities investments, and the
second member shall have experience in and be representative of law enforcement;
and
(3)
Two members shall be appointed by the Speaker of the House of Representatives.
Of the two members, one member shall have experience in securities investments,
and the second member shall have experience in and be representative of law
enforcement.
(c)
Members shall be appointed to serve two-year terms and may be
reappointed.
(d)
The board shall meet quarterly and at such other times as it shall determine.
The chairperson of the board shall be elected by the members present and voting
at the first meeting of the board and annually thereafter. Members shall serve
without compensation.
(e)
The board is assigned to the Secretary of State for administrative purposes
only, as prescribed in Code Section
50-4-3."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.