HB576: HB576 Commerce and trade; require that the processing of transactions initiated by users of peer-to-peer payment platforms by delayed

Right now, transfers on peer-to-peer payment platforms, apps that let someone send money directly from their bank account to another person's bank account, typically process quickly with little chance to undo a mistake or a scam payment. This bill would add a new section to Georgia's Fair Business Practices Act of 1975 (O.C.G.A. Title 10) requiring that any money transmitter running such a platform delay processing of a user-initiated transfer for at least 15 minutes. During that delay window, the user who started the transaction would be able to cancel it. The bill borrows the definition of 'money transmitter' from Georgia's existing banking law (O.C.G.A. § 7-1-680) and defines a peer-to-peer payment platform as an online service that lets someone move funds from their bank account to someone else's. Companies that operate these platforms and fail to build in the delay and cancellation option would be subject to penalties already set out under the Fair Business Practices Act.

• Adds a new section to Georgia's Fair Business Practices Act (O.C.G.A. § 10-1-393.20) covering peer-to-peer payment platforms.
• Requires money transmitters operating these platforms to delay processing of user-initiated transfers for at least 15 minutes.
• Gives users the right to cancel a transaction during that 15-minute delay window.
• Defines 'peer-to-peer payment platform' as an online service moving funds from one person's bank account to another's.
• Applies the existing penalty scheme under the Fair Business Practices Act to money transmitters that violate the delay requirement.

Peer-to-peer payment platform operators (money transmitters running apps that move money between personal bank accounts) and the everyday Georgians who use these apps to send money to friends, family, or others would both be affected by the new delay and cancellation rule.

A mandatory 15-minute delay would give users a window to catch and cancel mistaken or fraudulent transfers before the money actually moves, which could reduce losses from scams or accidental sends, while also changing how quickly these popular payment apps complete transactions.

• Section 1 adds new Code Section 10-1-393.20 to Part 2 of Article 15 of Chapter 1 of Title 10, the Fair Business Practices Act of 1975.
• Defines 'money transmitter' by reference to the existing definition in O.C.G.A. § 7-1-680.
• Defines 'peer-to-peer payment platform' as an online digital platform allowing a user to transfer funds from his or her bank account to another person's bank account.
• Requires a delay of not less than 15 minutes for processing user-initiated transfers, during which the user may cancel the transaction.
• States that violating money transmitters are subject to the penalties already provided in that part of the Fair Business Practices Act.
• Section 2 repeals any conflicting laws.

1. 2025-04-04House Withdrawn, Recommitted (House)
2. 2025-02-27House Committee Favorably Reported (House)
3. 2025-02-24House Second Readers (House)
4. 2025-02-21House First Readers (House)
5. 2025-02-21House Hopper (House)

• Al Williams (D, HD-168)Primary sponsor
• Tyler Smith (R, HD-018)
• Eddie Lumsden (R, HD-012)
• Mack Jackson (D, HD-128)
• Carolyn Hugley (D, HD-141)

• consumer protection
• peer-to-peer payments
• money transmitters
• fair business practices
• digital payment apps