Compilation of Rules and Regulations of the State of Georgia
Department 590 - RULES OF OFFICE OF SECRETARY OF STATE
Chapter 590-4 - COMMISSIONER OF SECURITIES
Subject 590-4-1 - GENERAL PROVISIONS
Rule 590-4-1-.03 - Administrative Declaratory Rulings; No-Action Letters; Informal Interpretations; Fees
Universal Citation: GA Rules and Regs r 590-4-1-.03
Current through Rules and Regulations filed through March 20, 2024
(1) Declaratory Rulings.
(a) Availability. Any person whose legal
rights will be adversely impacted or impaired by the application of any
statutory provision or any rule or order of the Commissioner may petition the
Commissioner and request a declaratory ruling thereon. The Commissioner will
not render advisory opinions, resolve questions that have become moot or are
abstract or hypothetical, or otherwise act hereunder except with respect to
such actual controversies or other cases that the Commissioner deems to be in
the public interest, which shall be consistent with Code section
50-13-11.
(b) Form of Petition. Each such petition
shall be filed with the Commissioner in writing and shall state:
1. The name and mailing address of the
petitioner;
2. The full text of the
statute, rule, or order upon which a ruling is requested;
3. A statement of all pertinent and existing
facts necessary to a determination of the applicability of the quoted statute,
rule, or order;
4. The petitioner's
contention, if any, as to the aforesaid applicability with citation of legal
authorities, if any, that authorizes, supports, or requires a decision in
accordance therewith; and
5. A
statement setting forth in detail the petitioner's interest in the matter and
why and how the petitioner is uncertain or insecure with respect to his, her,
or its rights. The petition shall be executed by the petitioner, or on behalf
of the petitioner by a person legally authorized to represent the
petitioner.
(c)
Proceedings on Petition. If the Commissioner determines that a decision can be
rendered on the face of the petition without further proceedings, he or she
shall render a summary decision thereon. Otherwise, all parties known by the
Commissioner to have a legal interest in the matter shall be notified and given
an opportunity to be heard in a manner determined by the
Commissioner.
(d) Fees. Prior to
granting any petition for declaratory ruling, a fee in the amount of $500.00
shall be paid to the Commissioner if the Commissioner determines that a
decision can be rendered on the face of the petition without further
proceedings. If a hearing on the petition is required, a reasonable charge will
be assessed for the costs incurred.
(2) No-Action Letters.
(a) Availability. Any person may request in
writing a statement from the Commissioner's staff that, on the basis of the
facts stated in such written request, the staff would not recommend enforcement
action. The Commissioner's staff will not respond to requests related to
unnamed companies or persons or to hypothetical situations.
(b) Form of No-Action Request. Each such
no-action request shall be filed with the Commissioner in writing and shall:
1. State the specific subsection of the
particular statute, rule, or order to which the request pertains;
2. Provide the names of the company or
companies or individual(s) and all other persons involved;
3. Limit the request to the particular
situation involving the problem at hand and not attempt to include every
possible type of situation that may arise in the future;
4. State concisely and to the point all of
the facts necessary to reach a conclusion in the matter; and
5. Indicate why the requesting party thinks a
problem exists, indicate the requesting party's opinion in the matter, and
indicate the basis for the requesting party's opinion.
(c) Fees. A no-action request shall not be
considered unless the request filed with the Commissioner is accompanied by a
fee in the amount of $250.00.
(3) Informal Interpretations. The Commissioner, at his/her discretion, may issue informal interpretations, which shall be intended as general guidance and not to be relied on as definitive.
O.C.G.A. Secs. 10-5-10, 10-5-70, 10-5-74, 50-13-11.
Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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