Raffensperger: Thank You Speaker Burns, Chairman Hilton, Pro Tem Walker for Passage of SB284

Atlanta - Republican Secretary of State Brad Raffensperger announced that his top legislative priority, Senate Bill 284, has passed both chambers of the Georgia General Assembly. The Secretary would like to thank Speaker Jon Burns, Chairman Scott Hilton and Senate Pro Tem Larry Walker for their leadership and support in advancing this critical legislation which strengthens protections for Georgia investors.

“Speaker Burns, Chairman Hilton, and Pro Tem Walker heard the concerns of Georgia’s investors and delivered results,” said Secretary Raffensperger. “When this becomes law, scammers will face greater obstacles in Georgia.”

Under this legislation, Secretary Raffensperger, acting as Securities Commissioner, is authorized to issue orders requiring that lost investments be repaid directly to investors. Under current law, only penalties paid to the state are allowed. With this law the Secretary may also order funds to go directly to those harmed in financial fraud schemes. With these enhanced enforcement tools, the Secretary expects faster financial recovery for affected investors and a stronger deterrent against scams and Ponzi schemes.

“This is about putting Georgia investors first,” said the Secretary. “These tools will help us deliver justice, and sends a clear message: fraud will not be tolerated.”

Once signed into law, this legislation would become effective immediately.