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Bill > HB945

GA HB945

GA HB945
Banking and finance; holds on accounts of eligible adults for suspected financial exploitation; provide

summary

Introduced
01/12/2026
In Committee
02/20/2026
Crossed Over
02/06/2026
Passed
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

AN ACT To amend Titles 7 and 30 of the Official Code of Georgia Annotated, relating to banking and finance and handicapped persons, respectively, so as to provide for holds on accounts of eligible adults for suspected financial exploitation; to provide for procedures for placing and lifting such holds; to provide for notice to the account holder or trusted contact of the hold; to provide for the shortening or extension of a hold; to provide for training to place holds; to require financial institutions to retain records of holds; to provide for administrative, criminal, and civil immunity; to prohibit entities not registered as a merchant acquirer limited purpose bank from identifying as such; to provide for the applicability of certain chapters relative to certain entities; to provide for procedures to notify the department of mergers; to provide for department objections to mergers; to no longer require independent credit reports to be obtained from a consumer reporting agency as defined in the federal Fair Credit Reporting Act; to provide for regulation of virtual currency kiosk owners and operators; to require virtual currency kiosk operators to provide disclosures to customers; to provide procedures for refunds of virtual currency transactions; to provide for fees; to provide for daily transaction limits; to provide for a department created formula for bona fide discount points; to provide for licensing exemptions for certain financial institutions whose deposits are federally insured; to provide for procedures for merchant acquirer limited purpose banks to amend their articles; to provide for department investigations related to litigation finance H. B. 945 (SUB) applicants; to provide for renewal of litigation finance registration; to provide for procedures for cease and desist orders for unregistered persons providing litigation finance; to provide for judicial hearings to review department decisions regarding litigation finance; to provide for registrant disclosures; to provide for access to certain records of a disabled adult or elder person; to provide for definitions; to make conforming changes; to provide for construction; to provide for related matters; to repeal conflicting laws; and for other purposes.

AI Summary

This bill aims to enhance protections for eligible adults, defined as disabled adults (those with incapacities, Alzheimer's, or dementia) or elderly adults (65 and older), by allowing financial institutions to place temporary holds on accounts if they suspect financial exploitation, which is defined as the wrongful or unauthorized use of an eligible adult's money or assets with the intent to deceive or divert them. Financial institutions can place these holds if they have reasonable cause to suspect exploitation, especially if alerted by the Department of Human Services or law enforcement, and must notify account holders and designated "trusted contacts" (individuals authorized to be contacted about account matters) within three business days, unless those parties are suspected of exploitation. These holds generally expire after 15 business days but can be extended for another 15 days if suspicion remains, or shortened or extended by a court, and financial institutions are granted immunity from liability for acting in good faith. The bill also introduces regulations for virtual currency kiosk operators, requiring them to provide extensive disclosures to customers about risks and transaction terms, establish daily transaction limits, offer refunds under certain fraud conditions, and implement various security and compliance measures, while also clarifying rules for merchant acquirer limited purpose banks, mergers of financial institutions, and the registration and oversight of litigation financiers.

Committee Categories

Business and Industry

Sponsors (4)

Last Action

Senate Read Second Time (on 02/24/2026)

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