HB55 Alabama 2018 Session

Summary

Primary Sponsor

Kyle South

Republican

Session

Regular Session 2018

Title

Securities Commission, directors salary to be fixed by commission with approval of State Personnel Board, Sec. 8-6-56 am'd.

Summary

The bill changes how the Securities Commission Director’s salary is set, requiring the Commission to fix the salary with approval from the State Personnel Board.

What This Bill Does

It shifts the salary-setting authority: the Commission fixes the Director’s pay, but only with approval from the State Personnel Board. The salary would still be within the Merit System Attorney IV range. The Director’s qualifications remain the same, and the act takes effect three months after passage and governor approval.

Who It Affects

• Director of the Securities Commission — salary setting would be determined by the Commission but requires approval from the State Personnel Board.
• State Personnel Board — must approve the Director’s salary fixed by the Commission.

Key Provisions

• Amends §8-6-56 to require the Director's salary to be fixed by the Securities Commission with approval of the State Personnel Board.
• Salary remains within the Merit System range for Attorney IV as determined and set by the Commission.
• Director must meet existing qualifications (moral character, age, Alabama residency, Alabama bar, knowledge of relevant fields) and no prohibited financial interests.
• Effective date: becomes law on the first day of the third month following passage and governor's approval.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Securities Commission