Bill
Bill > HB1272
summary
Introduced
02/10/2026
02/10/2026
In Committee
02/20/2026
02/20/2026
Crossed Over
Passed
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 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 "payment stablecoin issuers" in Georgia, which are entities that issue digital assets designed to be used as a means of payment and are backed by a fixed amount of monetary value. The bill mandates that these issuers must be licensed by the Department of Banking and Finance (the "department") and adhere to specific requirements, including maintaining adequate reserves, implementing anti-money laundering programs, and undergoing regular examinations. It also defines key terms like "digital asset," "distributed ledger," and "payment stablecoin," and aligns Georgia's regulations with a federal law called the "GENIUS Act" (Guiding and Establishing National Innovation for U.S. Stablecoins Act). The legislation prohibits unlicensed entities from issuing payment stablecoins and outlines procedures for application, licensing, renewal, and enforcement, including provisions for denying licenses, suspending or revoking them, and issuing cease and desist orders. Furthermore, it requires licensed issuers to maintain an office in Georgia, have a minimum number of employees, and disclose their redemption policies and reserve compositions. The bill also addresses capital requirements, trust provisions for reserves in case of insolvency, and prohibits certain activities, such as tying the sale of payment stablecoins to other products or marketing them in a misleading way. The effective date is contingent on appropriations and the issuance of final federal regulations for the GENIUS Act, with a fallback to January 18, 2027.
Committee Categories
Business and Industry
Sponsors (6)
Demetrius Douglas (D)*,
Scott Hilton (R)*,
Todd Jones (R)*,
Billy Mitchell (D)*,
Noel Williams (R)*,
Bruce Williamson (R)*,
Last Action
House Committee Favorably Reported (on 02/20/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/73077 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/242200 |
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