House committee substitute makes the following changes to the 1st edition.

Amends the long title.

Amends GS 74C-5 to provide that the Private Protective Services Board (Board) has the authority to acquire, hold, rent, encumber, alienate, and otherwise deal with real property in the same manner as a private person or corporation, only limited to the approval of the Governor and the Council of State. Provides that any collateral pledged by the Board is limited to its assets, income, and revenues.

Amends the proposed changes to GS 74C-13 to provide that proprietary security organizations (previously, proprietary employers) that employ an armed guard are required to submit an application to the Board and requires the employer to renew its license every two years.

Amends GS 74D-5 to provide that the authority of the Alarm Systems Licensing Board includes the power to acquire, hold, rent, encumber, alienate, and otherwise deal with real property in the same manner as a private person or corporation, only limited to the approval of the Governor and the Council of State. Provides that any collateral pledged by the Alarm Systems Licensing Board is limited to its assets, income, and revenues.