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 Official Code of Georgia
Annotated, relating to the "Fair Business Practices Act of 1975," so as to require that the
processing of transactions initiated by users of peer-to-peer payment platforms be delayed;
to provide for the cancellation of such transactions during such delay period; to provide for
penalties; to provide definitions; to provide for related matters; to repeal conflicting laws;
and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
Part 2 of Article 15 of Chapter 1 of Title 10 of the Official Code of Georgia Annotated,
relating to the "Fair Business Practices Act of 1975," is amended by adding a new Code
section to read as follows:
<ins>"10-1-393.20.
(a) As used in this Code section, the term:
(1) 'Money transmitter' shall have the same meaning as provided in Code
Section 7-1-680.
</ins>
<ins>(2) 'Peer-to-peer payment platform' means an online digital platform that allows a user
to transfer funds from his or her bank account to another person's bank account.
(b) Any money transmitter that operates a peer-to-peer payment platform shall delay the
processing of any transaction on such platform involving the transfer of funds initiated by
a user of such platform for a period of not less than 15 minutes, during which time such
user shall be able to cancel the transaction.
(c) Any money transmitter that violates this Code section shall be subject to the penalties
provided in this part."
</ins> SECTION 2.
All laws and parts of laws in conflict with this Act are repealed.