GA HB1521

Removes the existing securities regulation exemption for certain financial institutions under Code Section 7-1-787

Establishes that all notes are presumed to be securities subject to regulation, creating a rebuttable presumption

Exempts seven categories of notes from securities classification: consumer financing notes, home mortgages, short-term small business liens, character-based unsecured loans, accounts receivable assignments, ordinary business open account debts, and commercial bank operating loans

Allows notes not explicitly exempted to rebut the securities presumption if they function similarly to exempt categories, based on factors including commercial purpose, trading patterns, public expectations, and existing regulatory protections