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

25 LC 55 0531 House Bill 576 By: Representatives Williams of the 168th, Smith of the 18th, Lumsden of the 12th, Jackson of the 128th, and Hugley of the 141st A BILL TO BE ENTITLED AN ACT To amend Part 2 of Article 15 of Chapter 1 of Title 10 of the O fficial Code of Georgia1 Annotated, relating to the "Fair Business Practices Act of 1975 ," so as to require that the2 processing of transactions initiated by users of peer-to-peer payment platforms be delayed;3 to provide for the cancellation of such transactions during such delay period; to provide for4 penalties; to provide definitions; to provide for related matte rs; to repeal conflicting laws;5 and for other purposes.6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7 SECTION 1.8 Part 2 of Article 15 of Chapter 1 of Title 10 of the Official C ode of Georgia Annotated,9 relating to the "Fair Business Practices Act of 1975," is amend ed by adding a new Code10 section to read as follows:11 "10-1-393.20.12 (a) As used in this Code section, the term:13 (1) 'Money transmitter' shall have the same meaning as provide d in Code14 Section 7-1-680.15 H. B. 576 - 1 - 25 LC 55 0531 (2) 'Peer-to-peer payment platform' means an online digital platform that allows a user16 to transfer funds from his or her bank account to another person's bank account.17 (b) Any money transmitter that operates a peer-to-peer payment platform shall delay the18 processing of any transaction on such platform involving the transfer of funds initiated by19 a user of such platform for a period of not less than 15 minute s, during which time such20 user shall be able to cancel the transaction.21 (c) Any money transmitter that violates this Code section shall be subject to the penalties22 provided in this part."23 SECTION 2.24 All laws and parts of laws in conflict with this Act are repealed.25 H. B. 576 - 2 -