SB192 Summary

• Amends Section 8-6-56, Code of Alabama 1975, to require State Personnel Board approval when the Securities Commission sets the Director's salary.

• Director salary must remain within the Merit System classification range for Attorney IV positions.

• Director qualifications remain unchanged: good moral character, at least 30 years old, Alabama resident, Alabama bar member, and knowledgeable in corporate organization, investment banking, securities sales, and state commerce.

• Director is prohibited from holding financial interests in or associations with banks, savings institutions, credit unions, investment companies, or other entities subject to commission jurisdiction.

• Effective date is the first day of the third month following passage and gubernatorial approval.