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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
04/06/2026
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 LC 62 0310S/AP 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, titled the Banking and Finance Act, introduces several key provisions aimed at protecting vulnerable adults from financial exploitation and modernizing financial regulations. Primarily, it allows financial institutions to place temporary "holds" on accounts of "eligible adults" (defined as disabled or elderly individuals) if they suspect financial exploitation, which is defined as the wrongful or unauthorized taking or use of an eligible adult's money or assets with intent to deprive them of its use. Financial institutions must notify account holders and a designated "trusted contact" (a person identified by the account owner to be contacted about their account) within three business days of placing a hold, unless they believe these individuals are involved in the exploitation. These holds can last up to 15 business days and can be extended or shortened by a court. The bill also mandates training for financial institution employees on identifying and handling suspected financial exploitation, requires record-keeping of these holds, and provides immunity from liability for financial institutions acting in good faith. Beyond financial exploitation, the bill also addresses regulations for virtual currency kiosks, including new disclosure requirements for operators and customers, daily transaction limits, and refund procedures. It also makes changes to the regulation of merchant acquirer limited purpose banks, clarifies rules for mergers, and updates provisions related to litigation financing, including registration, investigations, and cease and desist orders. Finally, the bill amends definitions and procedures related to various financial services and institutions, including mortgage lenders and installment loans, and grants financial institutions reasonable access to certain records when investigating potential financial exploitation of disabled or elder persons.

Committee Categories

Business and Industry

Sponsors (4)

Last Action

House Sent to Governor (on 04/06/2026)

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