Georgia legislation · 2025-2026 Regular Session
Georgia HB1521: Ponzi Scheme Prevention Act; enact
Status: In committee, March 10, 2026
A BILL to be entitled an Act to amend Chapter 1 of Title 7 and Chapter 5 of Title 10 of the Official Code of Georgia Annotated, relating to financial institutions and the "Georgia Uniform Securities Act of 2008," respectively, so as to remove an exemption from securities regulation for certain financial institutions; to provide for notes as securities; to exempt certain notes as securities; to provide for a rebuttable presumption; to provide for a short title; to provide for related matters; to repeal conflicting laws; and for other purposes.
What the bill says
To amend Chapter 1 of Title 7 and Chapter 5 of Title 10 of the Official Code of Georgia Annotated, relating to financial institutions and the "Georgia Uniform Securities Act of 2008," respectively, so as to remove an exemption from securities regulation for certain financial institutions; to provide for notes as securities; to exempt certain notes as securities; to provide for a rebuttable presumption; to provide for a short title; to provide for related matters; to repeal conflicting laws; and for other purposes.
From the introduced text:
A BILL TO BE ENTITLED To amend Chapter 1 of Title 7 and Chapter 5 of Title 10 of the Official Code of Georgia Annotated, relating to financial institutions and the "Georgia Uniform Securities Act of 2008," respectively, so as to remove an exemption from securities regulation for certain financial institutions; to provide for notes as securities; to exempt certain notes as securities; to provide for a rebuttable presumption; to provide for a short title; to provide for related matters; to repeal conflicting laws; and for other purposes. BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: SECTION 1. This Act shall be known and may be cited as the "Ponzi Scheme Prevention Act." SECTION 2. Chapter 1 of Title 7 of the Official Code of Georgia annotated, relating to financial institutions, is amended by repealing and reserving Code Section 7-1-787, relating to exemption from securities regulation. H. B. 1521 LC 62 0447 SECTION 3. Chapter 5 of Title 10 of the Official Code of Georgia Annotated, relating to the "Georgia Uniform Securities Act of 2008," is amended by adding a new Code section to read as follows: "10-5-6. (a) All notes are presumed securities, subject to other provisions of law to the contrary, unless the note (2) Secured by a mortgage on a home; (3) A short-term note secured …
Sponsors
- Tanya Miller (D, 62) · primary sponsor
- Saira Draper (D, 90)
- Derrick Jackson (D, HD-068)
- Campbell, Lisa (D, 35)
- Anne Westbrook (D, 163)
Latest actions
- : House Second Readers
- : House First Readers
- : House Hopper
Common questions
- What is HB1521?
- HB1521 is a bill in the Georgia Legislature (2025-2026 Regular Session): Ponzi Scheme Prevention Act; enact.
- What does HB1521 do?
- In its own words: To amend Chapter 1 of Title 7 and Chapter 5 of Title 10 of the Official Code of Georgia Annotated, relating to financial institutions and the "Georgia Uniform Securities Act of 2008," respectively, so as to remove an exemption from securities regulation for certain financial institutions; to provide for notes as securities; to exempt certain notes as securities; to provide for a rebuttable presumption; to provide for a short title; to provide for related matters; to repeal conflicting laws; and for other purposes.
- What is the status of HB1521?
- In committee as of March 10, 2026. Latest action: House Second Readers (March 10, 2026).
- Who sponsored HB1521?
- Tanya Miller (D, 62), with 4 co-sponsors.
- Where is the official record for HB1521?
- On the Georgia Legislature website: https://www.legis.ga.gov/legislation/73934
Source: official Georgia record. Tracked by Delilah, AI for legislation across all 50 states and Congress.