Georgia HB 934: Human Services, Department of; website providing kinship caregivers with information and access to apply for public assistance benefits; provide

Bill Text

26 LC 62 0362S
The House Committee on Banks and Banking offers the following substitute to HB 934:
A BILL TO BE ENTITLED
AN ACT
To amend Titles 7, 10, and 45 of the Official Code of Georgia Annotated, relating to banking1
and finance, commerce and trade, and public officers and employees, respectively, so as to2
transfer the regulation of securities and commodities from the Secretary of State to the3
Department of Banking and Finance; to provide for an advisory board; to provide for4
conformity; to provide for an effective date; to repeal conflicting laws; and for other5
purposes.6
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7
SECTION 1.8
Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, is9
amended in Chapter 1, relating to financial institutions, by adding a new article to read as10
follows:11
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26 LC 62 0362S
"ARTICLE 1512
7-1-1140.13
(a) The powers, functions, duties, and obligations of the Secretary of State as they exist14
on June 30, 2026, with regard to securities regulation pursuant to Chapter 5 and15
commodities regulation pursuant to Chapter 5A of Title 10, are transferred to the16
department effective July 1, 2026.17
(b) On and after July 1, 2026, the department shall regulate securities and commodities in18
Georgia and may coordinate with the Secretary of State for access to and maintenance of19
records related to securities and commodities regulation for the department to fulfill its20
duties.21
(c) On and after July 1, 2026, any ongoing securities and commodities investigations with22
the office of the Secretary of State shall immediately transfer to the department.23
7-1-1141.24
(a) The commissioner shall appoint an advisory board, consisting of up to 12 members. 25
Of such members, at least one member shall have securities regulation experience and at26
least one member shall have commodities regulation experience. The remaining members27
shall have such qualifications as the commissioner may determine. The members of the28
advisory board shall serve at the pleasure of the commissioner.29
(b) The role of the advisory board shall be to provide ongoing advisement and consultation30
to the commissioner with respect to the duties required pursuant to this article and31
Chapters 5 and 5A of Title 10. The function of the board shall be advisory only.32
7-1-1142.33
The commissioner is authorized and directed to promulgate such rules and regulations as34
necessary to implement the provisions of this article.35
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7-1-1143.36
(a) The department shall succeed to all rules, regulations, policies, and administrative37
orders of the Secretary of State that are in effect on June 30, 2026, or are set to go into38
effect on or after July 1, 2026, and which relate to the functions transferred to the39
department pursuant to subsection (a) of Code Section 7-1-1140 and shall further succeed40
to any rights, privileges, entitlements, obligations, and duties of the Secretary of State that41
are in effect on June 30, 2026, and which relate to the functions transferred to the42
department pursuant to subsection (a) of Code Section 7-1-1140. Such rules, regulations,43
policies, procedures, and administrative orders shall remain in effect until amended,44
repealed, superseded, or nullified by the department by proper authority or otherwise45
provided by law.46
(b) The rights, privileges, entitlements, and duties of parties to contracts, leases,47
agreements, and other transactions entered into before July 1, 2026, by the Secretary of48
State which relate to the functions transferred to the department pursuant to subsection (a)49
of Code Section 7-1-1140 shall continue to exist; and none of these rights, privileges,50
entitlements, and duties are impaired or diminished by reason of the transfer of the51
functions to the department. In all such instances, the department shall be substituted for52
the Secretary of State and the department shall succeed to the rights and duties under such53
contracts, leases, agreements, and other transactions.54
(c) All persons employed by the Secretary of State in capacities which relate to the55
functions transferred to the department pursuant to subsection (a) of Code Section 7-1-114056
on June 30, 2026, shall, on July 1, 2026, become employees of the department in similar57
capacities, as determined by the commissioner. Such employees shall be subject to the58
employment practices and policies of the department on and after July 1, 2026, but the59
compensation and benefits of such transferred employees shall not be reduced as a result60
of such transfer. Employees who are subject to the rules of the State Personnel Board and61
who are transferred to the department shall retain all existing rights under such rules. 62
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Accrued annual and sick leave possessed by the transferred employees on June 30, 2026,63
shall be retained by such employees as employe