HB 945: Banking and finance; holds on accounts of eligible adults for suspected financial exploitation; provide

Georgia law currently gives financial institutions no clear authority to pause a transaction just because they suspect an elderly or disabled customer is being scammed or exploited. This bill changes that by letting banks and credit unions place a hold of up to 15 business days (extendable another 15) on suspicious transactions involving an "eligible adult," defined as someone 65 or older or someone who is mentally or physically incapacitated. Institutions must notify account holders, review the situation, keep records of holds, and can voluntarily let customers designate a "trusted contact" who can be reached about suspected exploitation. Banks acting in good faith get immunity from liability for placing or not placing a hold. The bill also regulates virtual currency kiosks (cryptocurrency ATMs), requiring fraud warnings, transaction receipts, refund rights for new customers who were defrauded, daily transaction limits ($2,500 for new customers, $10,000 for existing ones), and a cap of 18 percent on fees. Separate sections update litigation-finance company registration and renewal rules, adjust merchant acquirer limited purpose bank procedures, and remove a requirement that certain credit reports come specifically from agencies defined under the federal Fair Credit Reporting Act.

• Lets financial institutions place a temporary hold, up to 15 business days and extendable another 15, on transactions suspected of financially exploiting an elderly or disabled account holder.
• Creates a voluntary "trusted contact" system so eligible adults can designate someone the bank may contact if exploitation is suspected.
• Requires banks to notify account holders or trusted contacts about a hold within three business days, review the suspected exploitation, and keep written records of every hold.
• Grants banks, and their officers and employees, immunity from administrative, criminal, and civil liability for good-faith decisions to place or not place a hold.
• Sets new state rules for virtual currency kiosk operators, including mandatory fraud disclosures, an 18 percent fee cap, daily transaction limits, and refund rights for defrauded new customers.
• Updates litigation-finance company registration, requiring annual renewal by December 1, department investigations of applicants, and cease-and-desist authority over unregistered litigation financiers.

Georgia banks, credit unions, and other financial institutions; elderly and disabled account holders and the people they designate as trusted contacts; operators and owners of cryptocurrency ATM kiosks and their customers; litigation-finance companies and their registered agents; and the Department of Banking and Finance, which gains new oversight duties.

Elderly and disabled Georgians who fall victim to financial scams could have suspicious transactions paused before money disappears, while their banks avoid legal exposure for freezing an account. Cryptocurrency kiosk customers gain fraud warnings, refund rights, and transaction limits meant to reduce losses from common scam tactics.

• Section 1 defines "eligible adult," "disabled adult," "elderly adult," "financial exploitation," and "trusted contact" in the Georgia banking code (O.C.G.A. § 7-1-4).
• Section 2 creates new Code Section 7-1-239.12 through 7-1-239.19, authorizing holds on suspicious transactions, setting the 15-day (extendable) expiration, requiring staff training, record retention, and granting immunity for good-faith action.
• Section 11 adds Part 2 to Chapter 1 of Title 7 (Code Sections 7-1-699 through 7-1-699.11), regulating virtual currency kiosk operators with disclosure, fee cap, transaction limit, refund, and compliance officer requirements.
• Section 23 through 27 rewrite Chapter 10 definitions and add investigation, renewal, and cease-and-desist procedures for litigation financiers registered with the Department of Banking and Finance.
• Section 22 adds Code Section 7-9-10.1 letting merchant acquirer limited purpose banks amend their articles of incorporation through a department-approved process.
• Sections 9, 12, 14, and 19 remove language requiring certain credit reports to come specifically from a consumer reporting agency as defined by the federal Fair Credit Reporting Act.
• Section 30 amends Georgia's disabled adult and elder person protection law (O.C.G.A. § 30-5-7) to give financial institutions limited access to protective services records when investigating a suspected hold.

1. 2026-05-11Effective Date 2026-07-01
2. 2026-05-11Act 478
3. 2026-05-11House Date Signed by Governor (House)
4. 2026-04-06House Sent to Governor (House)
5. 2026-03-10Senate Passed/Adopted (Senate)
6. 2026-03-10Senate Third Read (Senate)
7. 2026-02-24Senate Read Second Time (Senate)
8. 2026-02-20Senate Committee Favorably Reported (Senate)

• Bruce Williamson (R, HD-112)Primary sponsor
• Noel Williams (R, HD-148)
• Johnny Chastain (R, HD-007)
• Mike Hodges (R, SD-003)

1. PassedHouse voteFebruary 6, 2026

   159 yea, 5 nay (3 not voting, 8 absent)

   Passage: House Vote #481

2. PassedSenate voteMarch 10, 2026

   43 yea, 3 nay (4 not voting, 5 absent)

   Motion To Resolve Debate: Senate Vote #696

3. FailedSenate voteMarch 10, 2026

   17 yea, 31 nay (3 not voting, 4 absent)

   Adoption Of Amend #1a By Sen From The 14th To Amend #1 By Sen From The 19th: Senate Vote #697

4. FailedSenate voteMarch 10, 2026

   21 yea, 28 nay (2 not voting, 4 absent)

   Adoption Of Amend #1c By Sen From The 23rd To Amend #1 By Sen From The 19th: Senate Vote #698

5. PassedSenate voteMarch 10, 2026

   27 yea, 22 nay (2 not voting, 4 absent)

   Adoption Of Amend #1b By Sen From The 35th To Amend #1 By Sen From The 19th: Senate Vote #699

6. FailedSenate voteMarch 10, 2026

   9 yea, 41 nay (1 not voting, 4 absent)

   Adoption Of The Amendment By The Sen From The 19th As Amended: Senate Vote #700

7. PassedSenate voteMarch 10, 2026

   50 yea, 0 nay (1 not voting, 4 absent)

   Passage: Senate Vote #701

• elder financial abuse
• banking regulation
• cryptocurrency kiosks
• litigation finance
• consumer protection