Bill > HB576

This bill requires money transmitters operating peer-to-peer payment platforms (online digital services that allow users to transfer funds between bank accounts) to implement a mandatory 15-minute delay period for all user-initiated transactions, during which the user can cancel the transfer. The bill defines key terms such as "money transmitter" (referencing an existing legal definition in Georgia's Code Section 7-1-680) and "peer-to-peer payment platform" (an online digital platform enabling direct fund transfers between individuals). The purpose appears to be providing consumers with a brief window to reconsider or halt a potential mistaken or unauthorized transaction. If a money transmitter fails to comply with this new requirement, they would be subject to penalties outlined in the existing Fair Business Practices Act of 1975. The legislation amends Part 2 of Article 15 of Chapter 1 of Title 10 of the Official Code of Georgia Annotated by adding a new Code section that establishes these transaction delay requirements.

Agriculture and Natural Resources

https://www.legis.ga.gov/legislation/70663