HB 576: Commerce and trade; require that the processing of transactions initiated by users of peer-to-peer payment platforms by delayed

Right now, payments sent through peer-to-peer payment platforms, apps that let users transfer money directly from one bank account to another, typically process almost instantly. House Bill 576 would add a new section to Georgia's Fair Business Practices Act of 1975 requiring companies that operate these platforms, known as money transmitters (a term already defined in Georgia banking law), to hold any user-initiated transfer for at least 15 minutes before completing it. During that 15-minute window, the user who started the transaction would be able to cancel it. Companies that operate these platforms and fail to follow the delay requirement would face the penalties already spelled out elsewhere in the Fair Business Practices Act. The bill does not set an effective date beyond the standard process, and it repeals any conflicting laws.

• Adds a new Code section requiring peer-to-peer payment platforms to delay processing any user-initiated transfer for at least 15 minutes.
• Gives users the ability to cancel a payment during that 15-minute delay period before it goes through.
• Defines 'money transmitter' by reference to existing Georgia banking law and defines 'peer-to-peer payment platform' as an online service that moves funds between bank accounts.
• Subjects money transmitters that violate the delay requirement to the penalties already established under the Fair Business Practices Act of 1975.

Companies that run peer-to-peer payment apps such as Venmo, Cash App, or Zelle-style services, and the millions of Georgia consumers who use those apps to send money to friends, family, or businesses.

A mandatory 15-minute delay would give users a window to catch mistakes or stop a payment sent to a scammer before the money actually moves, but it would also mean transfers that currently feel instant would no longer be immediate for anyone using these apps in Georgia.

• New Code Section 10-1-393.20(a) defines 'money transmitter' by cross-reference to O.C.G.A. § 7-1-680 and defines 'peer-to-peer payment platform' as an online platform moving funds between users' bank accounts.
• Subsection (b) requires a delay of not less than 15 minutes on any user-initiated transfer, during which the user can cancel it.
• Subsection (c) makes violations subject to the penalties already provided under the Fair Business Practices Act's enforcement part.
• 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 Paul Smith (R, HD-18)
• Eddie Lumsden (R, HD-12)
• Mack Jackson (D, HD-128)
• Carolyn Hugley (D, HD-141)

• consumer protection
• peer-to-peer payment apps
• digital payments
• fraud prevention
• fair business practices