HB219.html

To amend Chapter 5 of Title 10 of the Official Code of Georgia Annotated, known as the "Georgia Securities Act of 1973," so as to provide that any person who engages in certain unlawful practices under said chapter, which violation causes a loss to retirement savings of one or more other persons, shall be liable to any victim of such violation not only for the actual losses but also for an additional amount equal to three times the amount of the actual losses, plus court costs and reasonable attorney´s fees; to provide a short title; to define a certain term; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

Chapter 5 of Title 10 of the Official Code of Georgia Annotated, known as the "Georgia Securities Act of 1973," is amended by adding between Code Sections 10-5-14 and 10-5-15 a new Code Section 10-5-14.1 to read as follows:
"10-5-14.1.
(a) As used in this Code section, the term 'retirement savings' means and includes:
(1) Any tax advantaged retirement account or plan, whether group, individual, or joint; or
(2) Any other form of retirement savings, however denominated and in whatever form, of a person over 40 years of age if such retirement savings plan had been in existence for over one year or had a value of $1,000.00 or more before incurring any loss sought to be recovered.
(b) Notwithstanding any other provision of this chapter, any person who violates Code Section 10-5-12, which violation causes a loss to retirement savings of one or more other persons, shall be liable to any victim of such violation not only for the actual losses but also for an additional amount equal to three times the amount of the actual losses, plus court costs and reasonable attorney´s fees."