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Bill > HB1272

GA HB1272

GA HB1272
Banking and finance; licensing of payment stablecoin issuers; provisions

summary

Introduced
02/10/2026
In Committee
03/25/2026
Crossed Over
03/04/2026
Passed
04/10/2026
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

AN ACT To amend Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, so as to provide for use of certain terms in the advertisement and place of business of licensed payment stablecoin issuers; to provide for licensing of payment stablecoin issuers; to provide for rules and regulations; to provide for application procedures; to provide for requirements for licensed payment stablecoin issuers; to provide for license renewal; to provide for information sharing with certain entities; to prohibit unlicensed persons from issuing payment stablecoin; to provide for the Department of Banking and Finance to request and receive conviction data; to provide for certain disqualifying conditions for licensure; to provide for procedures for denying applications; to provide for appeals; to provide for certain fees and assessments; to provide for certain certifications to the department; to require licensed payment stablecoin issuers to maintain certain reserves; to provide for procedures for failure by a licensed payment stablecoin issuer to meet certain reserves; to provide for certain capital requirements; to provide for reserves to be held in trust for consumers; to provide for certain disclosures; to provide for treatment as a financial institution; to provide for certain activities in which licensed payment stablecoin issuers can participate; to prohibit certain activities; to provide for annual financial statements; to provide for requirements for annual financial statements; to provide for examination and investigation of licensed payment stablecoin issuers; to provide for powers of the department relating to examination LC 62 0349/AP and investigation; to provide for third-party examination or investigation; to provide for payment of certain fees and costs of examination and investigation; to provide for suspension or revocation of a license and procedures therefor; to provide for cease and desist orders; to provide for removal of certain officers and members; to provide for a short title; to provide for legislative purpose and intent; to provide for definitions; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

AI Summary

This bill, titled the "Georgia Payment Stablecoin Act," establishes a regulatory framework for the issuance and operation of payment stablecoins within Georgia, aligning with federal legislation known as the GENIUS Act. It defines key terms like "payment stablecoin" (a digital asset intended for payment that is redeemable for a fixed monetary value but is not legal tender or a security) and "licensed payment stablecoin issuer" (an entity licensed by the state to issue these digital assets). The bill mandates a licensing process overseen by the Department of Banking and Finance, requiring applicants to meet specific financial, operational, and integrity standards, including background checks for key personnel and maintaining adequate reserves to back outstanding stablecoins. It also outlines requirements for disclosures to consumers, prohibits certain activities like deceptive marketing, and grants the Department broad powers for examination, investigation, and enforcement, including the ability to suspend or revoke licenses and issue cease and desist orders. The legislation aims to ensure the safety and soundness of the payment stablecoin market while enabling financial service providers to participate in this emerging financial technology.

Committee Categories

Business and Industry

Sponsors (7)

Last Action

House Sent to Governor (on 04/10/2026)

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