Bill Text: GA SB35 | 2011-2012 | Regular Session | Comm Sub

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Bill Title: State Treasurer; prohibit recalling funds once they have been deposited

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2012-01-09 - Senate Recommitted [SB35 Detail]

Download: Georgia-2011-SB35-Comm_Sub.html

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11 LC 34 2959S

The Senate Banking and Financial Institutions Committee offered the following substitute to SB 35:

A BILL TO BE ENTITLED
AN ACT

To amend Chapter 5A of Title 50 of the Official Code of Georgia Annotated, relating to the Office of the State Treasurer, so as to prohibit recalling funds once they have been deposited in a personal account; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Chapter 5A of Title 50 of the Official Code of Georgia Annotated, relating to the Office of the State Treasurer, is amended by adding a new Code section to read as follows:

"50-5A-12.

(a) As used in this Code section, the term 'state agency' means any authority, board, department, instrumentality, institution, agency, or other unit of state government, to include the executive, legislative, and judicial branches. 'State agency' shall not include any county, municipality, or local or regional governmental authority.

(b) No state agency, without express written consent of the account holder, shall withdraw any deposit from a personal account after it has been credited to and settled in a personal account outside of the control of the state agency.

(c) The provisions of subsection (b) of this Code section shall not be applicable when the state agency has discovered or is investigating fraud on the part of the personal account holder."

SECTION 2.

This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval.

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.