---
title: HB 945. Banking and finance; holds on accounts of eligible adults for suspected financial exploitation; provide
collection: bills
id: 2025-2026/hb945
cite_as: HB 945, 2025-2026 Regular Session (Ga.)
canonical_url: https://georgiacommons.org/bills/2025-2026/hb945
md_url: https://georgiacommons.org/bills/2025-2026/hb945.md
text_url: https://georgiacommons.org/bills/2025-2026/hb945/text
source_url: https://www.legis.ga.gov/legislation/72143
date: 2026-05-11
status: passed
corpus_version: bills-2026-09-13
license: Public record of the Georgia General Assembly, via LegiScan; see about.md
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
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omitted: votes and history
omitted_chars: 2214
omitted_url: https://georgiacommons.org/bills/2025-2026/hb945.md?full=1
bill_number: HB 945
session: 2025-2026 Regular Session
session_slug: 2025-2026
chamber: House
bill_type: bill
status_date: 2026-05-11
last_action: Effective Date 2026-07-01
sponsors:
  - Bruce Williamson
  - Noel Williams
  - Johnny Chastain
  - Mike Hodges
text_version: Enrolled
has_text: true
legiscan_url: https://legiscan.com/GA/bill/HB945/2025
upstream_id: 2072041
summaries_model: claude-sonnet-5
topic_tags:
  - elder financial abuse
  - banking regulation
  - cryptocurrency kiosks
  - litigation finance
  - consumer protection
---

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

## Text

House Bill 945 (AS PASSED HOUSE AND SENATE)
By: Representatives Williamson of the 112th, Williams of the 148th, and Chastain of the 7th
A BILL TO BE ENTITLED
AN ACT
To amend Titles 7 and 30 of the Official Code of Georgia Annotated, relating to banking and
finance and handicapped persons, respectively, so as to provide for holds on accounts of
eligible adults for suspected financial exploitation; to provide for procedures for placing and
lifting such holds; to provide for notice to the account holder or trusted contact of the hold;
to provide for the shortening or extension of a hold; to provide for training to place holds;
to require financial institutions to retain records of holds; to provide for administrative,
criminal, and civil immunity; to prohibit entities not registered as a merchant acquirer limited
purpose bank from identifying as such; to provide for the applicability of certain chapters
relative to certain entities; to provide for procedures to notify the department of mergers; to
provide for department objections to mergers; to no longer require independent credit reports
to be obtained from a consumer reporting agency as defined in the federal Fair Credit
Reporting Act; to provide for regulation of virtual currency kiosk owners and operators; to
require virtual currency kiosk operators to provide disclosures to customers; to provide
procedures for refunds of virtual currency transactions; to provide for fees; to provide for
daily transaction limits; to provide for a department created formula for bona fide discount
points; to provide for licensing exemptions for certain financial institutions whose deposits
are federally insured; to provide for procedures for merchant acquirer limited purpose banks
to amend their articles; to provide for department investigations related to litigation finance
applicants; to provide for renewal of litigation finance registration; to provide for procedures
for cease and desist orders for unregistered persons providing litigation finance; to provide
for judicial hearings to review department decisions regarding litigation finance; to provide
for registrant disclosures; to provide for access to certain records of a disabled adult or elder
person; to provide for definitions; to make conforming changes; to provide for construction;
to provide for related matters; to repeal conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, is
amended in Article 1 of Chapter 1, relating to Department of Banking and Finance and
financial institutions generally, by revising paragraph (21) of Code Section 7-1-4, relating
to definitions, and adding new paragraphs to read as follows:
<ins>"(17.1) 'Disabled adult' means a natural person 18 years of age or older who:
(A) Is mentally or physically incapacitated as defined in Code Section 16-5-100;
(B) Has Alzheimer's disease as defined in Code Section 16-5-100; or
(C) Has dementia as defined in Code Section 16-5-100.
(17.2) 'Elderly adult' means a natural person 65 years of age or older.
(17.3) 'Eligible adult' means a disabled adult or an elderly adult."
"(20.1) 'Financial exploitation' means the wrongful or unauthorized taking, withholding,
appropriation, or use of money, assets, or property of an eligible adult; or any act or
omission by a person, including through the use of a power of attorney, guardianship, or
conservatorship of an eligible adult, with the intent to:
(A) Obtain control over an eligible adult's money, assets, or property through
deception, intimidation, or undue influence to deprive the eligible adult of the
ownership, use, benefit, or possession of such money, assets, or property; or
</ins>
<ins>(B) Divert the eligible adult's money, assets, or property to deprive the eligible adult
of the ownership, use, benefit, or possession of such money, assets, or property.
</ins> (21) 'Financial institution' means:
(A) A bank;
(B) A trust company;
(C) Reserved;
(D) A credit union;
(E) A corporation licensed to engage in the business of money transmission in this state
on April 1, 1975, or so licensed pursuant to Article 4 of this chapter;
(F) Business development corporations existing on April 1, 1975, pursuant to the
former 'Georgia Business Development Corporation Act of 1972,' approved
April 3, 1972 (Ga. L. 1972, p. 798), or organized pursuant to Article 6 of this chapter;
(G) <del>An international bank agency doing business in this state on April 1, 1975, or
pursuant to the former 'International Bank Agency Act,' approved April 6, 1972 (Ga.
L. 1972, p. 1140), or authorized to do business in this state pursuant to Article 5 of this
chapter</del> <ins>Reserved;
</ins> (H) In addition, as the context requires, a national bank, savings and loan association,
or federal credit union for the purpose of the following provisions:
(i) Code Section 7-1-2, relating to findings of the General Assembly;
(ii) Code Section 7-1-8, relating to <del>supplementary principles of law</del> <ins>applicability of
common law;
</ins> (iii) Code Section 7-1-37, relating to <del>restrictions on officials and personnel</del> <ins>prohibited
transactions for department officials and personnel;
</ins> (iv) Code Section 7-1-70, relating to disclosure of information;
(v) Code Section 7-1-90, relating to judicial review of department actions;
(vi) Code Sections 7-1-111 and 7-1-112, relating to emergency closings and business
restrictions, <ins>respectively;
</ins>
(vii) Paragraph (3) of subsection (a) of Code Section 7-1-394, relating to criteria to
be considered in approving new banks;
(viii) Code Section 7-1-840, relating to criminal prosecutions; and
(ix) Code Section 7-1-841, relating to application of Title 16 provisions;
(I) A bank holding company as defined in Code Section 7-1-605 for the purposes of
Code Sections 7-1-61, 7-1-71, and 7-1-91;
(J) Banks chartered by states other than Georgia for the purposes of paragraph (10) of
Code Section 7-1-261, relating to agency relationships;
(K) Federal credit unions for the purposes of Part 6 of Article 2 of this chapter, relating
to deposits, safe-deposit agreements, and money received for transmission, and
Article 8 of this chapter, relating to multiple-party accounts; and
(L) Banks and credit unions chartered by states other than Georgia, national banks,
federal credit unions, and federal savings and loan associations for the purposes of
<ins>Part 15 of this article and</ins> paragraph (1) of Code Section 7-1-650, provided that such
institutions have federal deposit insurance."
<ins>"(41)(A) 'Trusted contact' means a natural person 18 years of age or older who the
account owner has expressly identified and recorded in a financial institution's books
and records as the person who may be contacted about either the account or the account
owner to:
(i) Address possible financial exploitation or to confirm the specifics of the account
owner's current contact information or health status;
(ii) Determine the identity of any conservator, executor, trustee, or individual or
entity granted power of attorney over the account holder; or
(iii) Address any other concern reasonably related to the administration of the
account.
(B) Such term may include a joint account owner or an individual or entity who has
been granted a power of attorney."
</ins>
SECTION 2.
Said title is further amended in said article by adding a new part to read as follows:
<ins>"Part 15
7-1-239.11.
(a) A financial institution may permit any customer or member of the financial institution
who is an eligible adult to designate, upon each account owned wholly or partially by such
eligible adult, at least one trusted contact in addition to a co-owner, beneficiary, or
fiduciary on the account.
(b) For each such designation, the eligible adult shall provide the trusted contact's name,
mailing address, and any other contact information that the financial institution may use
to contact the trusted contact.
(c) A financial institution may permit a customer or member to designate such trusted
contact prior to the customer or member becoming an eligible adult but may not contact
such trusted contact until the customer or member becomes an eligible adult.
(d) The financial institution shall maintain such trusted contact in a record associated with
each account to which the designation applies.
(e) A financial institution may establish reasonable procedures to confirm the identity of
the trusted contact.
(f) A financial institution shall not require a person designated as a trusted contact to
consent as a precondition of being recorded as a trusted contact on any account.
(g) Absent a requirement in the account agreement to the contrary, when contacting a
trusted contact pursuant to this part, the financial institution may choose to only disclose
the fact that financial exploitation is suspected.
</ins>
<ins>7-1-239.12.
(a) If a financial institution has reasonable cause to suspect that a transaction may involve,
facilitate, result in, or contribute to financial exploitation, the financial institution may but
is not required to place a hold on the execution of a financial transaction on an account:
(1) Of an eligible adult;
(2) On which the eligible adult is a beneficiary; or
(3) Of a person suspected of perpetrating the financial exploitation.
(b) A financial institution may place a hold on the execution of a financial transaction as
described in subsection (a) of this Code section if the Department of Human Services or
a law enforcement agency provides information to the financial institution demonstrating
reasonable cause to suspect that a transaction may involve, facilitate, result in, or contribute
to financial exploitation.
7-1-239.13.
A financial institution that places a hold on an account pursuant to Code
Section 7-1-239.12 shall:
(1) Notify in writing all parties authorized to transact business on the account and any
trusted contact on the account no later than three business days after the date the hold is
placed, unless the financial institution reasonably believes that these persons have
engaged in, are engaging in, have attempted to engage in, or will attempt to engage in the
suspected financial exploitation of the eligible adult. Such notice may be provided
electronically and shall include any reason for a delay; and
(2) Initiate a review of the facts and circumstances that caused the financial institution
to suspect financial exploitation.
</ins>
<ins>7-1-239.14.
(a) Any hold placed on any account pursuant to this part expires on the fifteenth business
day after the date the hold was placed.
(b) The financial institution may extend the hold for up to an additional 15 business days
if the financial institution's review of the available facts or circumstances continues to
support the reasonable belief that a transaction may involve, facilitate, result in, or
contribute to financial exploitation.
(c) The length of such hold may be shortened or extended at any time by any court of
competent jurisdiction.
(d) Nothing in this Code section prevents a financial institution from terminating a hold
after communication with parties authorized to transact business on the account or trusted
contacts or after the review of available facts and circumstances.
7-1-239.15.
Before placing a hold in accordance with this part, a financial institution shall:
(1) Develop training policies or programs reasonably designed to educate employees
who perform or approve transactions on issues pertaining to financial exploitation;
(2) Conduct such training policies or programs for employees and maintain a written
record of all such training; and
(3) Develop, maintain, and enforce written procedures regarding the manner in which
suspected financial exploitation is reviewed internally.
7-1-239.16.
(a) A financial institution shall create and maintain a record of all holds placed pursuant
to this part.
(b) For each hold, such records shall include the:
(1) Account holder's information;
</ins>
<ins>(2) Date the hold was first placed;
(3) Facts and circumstances that caused the employee to suspect financial exploitation;
and
(4) Resolution of the hold.
7-1-239.17.
(a) Absent a reasonable belief of financial exploitation, this part does not otherwise alter
a financial institution's obligations to all parties authorized to transact business on an
account.
(b) When a financial institution exercises its discretion to place a hold on a transaction
pursuant to this part, the payment order for the transaction shall not be deemed as received
until the financial institution has removed the hold and the transaction has been submitted
for processing.
7-1-239.18.
(a) A financial institution acting in good faith and exercising reasonable care to comply
with this part is immune from any administrative, criminal, or civil liability that might
otherwise arise from the financial institution's action, inaction, delay in a disbursement,
hold, or other transaction in accordance with this part. This immunity from liability
extends to the officers, directors, and employees of the financial institution.
(b) Absent the financial institution's employees having actual knowledge of financial
exploitation and acting with malicious purpose, the financial institution and its officers,
directors, and employees are immune from administrative, criminal, and civil liability for
failure to exercise its discretion to place a hold under this part.
(c) This Code section does not alter, extend, supersede, or diminish any immunity
otherwise granted to financial institutions.
</ins>
<ins>7-1-239.19.
This part does not create new rights or impose new obligations or new duties on a financial
institution under other applicable law."
</ins> SECTION 3.
Said title is further amended in Article 2 of Chapter 1, relating to banks and trust companies,
by revising paragraph (1) of subsection (c) of Code Section 7-1-243, relating to restrictions
on banking and trust nomenclature, and adding a new subsection to read as follows:
<ins>"(a.2) Except as provided in subsection (c) of this Code section, no person or corporation,
except a merchant acquirer limited purpose bank as defined in Code Section 7-9-2, shall
use the term 'MALPB' or any other similar term indicating that the business done is that of
a merchant acquirer limited purpose bank on any sign at its place of business or elsewhere,
or on any of its letterheads, blank checks, blank notes, receipts, certificates, circulars,
advertisements, or any other written or printed matter."
</ins> "(1) Prevent the use of the <del>words</del> <ins>terms</ins> 'banks,' 'banker,' 'banking,' 'banker's,' 'trust,'
<ins>'MALPB,'</ins> or any similar <del>word</del> <ins>term</ins> in a context clearly not purporting to refer to a
banking or a trust business or to a business primarily engaged in <ins>merchant acquiring
activities as defined in Code Section 7-9-2,</ins> the lending of money, underwriting or sale
of securities, acting as a financial planner, financial service provider, investment or trust
adviser, or acting as a loan broker;"
SECTION 4.
Said title is further amended in said article by adding a new Code section to read as follows:
<ins>"7-1-390.2.
(a) To the extent the provisions of Chapter 2 of Title 14 are consistent with and not in
conflict with the other provisions of this chapter and the rules and regulations of the
</ins>
<ins>department, such provisions shall apply to banks and trust companies chartered by the
department pursuant to this chapter and not organized as limited liability companies.
(b) To the extent the provisions of Chapter 11 of Title 14 are consistent with and not in
conflict with the other provisions of this chapter and the rules and regulations of the
department, such provisions shall apply to banks and trust companies chartered by the
department pursuant to this chapter and organized as limited liability companies."
</ins> SECTION 5.
Said title is further amended in said article by revising subsections (b) and (c) of Code
Section 7-1-534, relating to approval or disapproval by department and resulting bank or trust
company not chartered by department, as follows:
"(b) <ins>Except as provided in subsection (c) of this Code section, within</ins> <del>Within</del> 90 days after
receipt of the articles of merger, share exchange, or consolidation, the notice <del>of merger or
share exchange,</del> <ins>merger, share exchange, or consolidation,</ins> and the filings required by Code
Section 7-1-533, or within an additional period of not more than 30 days after an
amendment to the application is received within the initial 90 day period, the department
shall, in its discretion, approve or disapprove the articles on the basis of its investigation
and the criteria set forth in subsection (a) of this Code section. Except as provided in Code
Section 7-1-535, the department shall give the Secretary of State written notice of its
approval with a copy of the articles of merger, share exchange, or consolidation and a copy
of the notice of <del>merger or share exchange</del> <ins>merger, share exchange, or consolidation
</ins> attached. The department shall also give the parties to the plan written notice of its
decision and, in the event of disapproval, a statement in general of the reasons for its
decision. The decision of the department shall be conclusive, except that it may be subject
to judicial review as provided in Code Section 7-1-90.
<del>(c)(1)</del> If a merger or consolidation would result in a bank or trust company that would not
be chartered by the department, prior to the consummation of the merger or consolidation,
the bank or trust company shall: <ins>notify the department upon filing an application with the
appropriate federal or state financial regulator. The notification requirements of this
subsection shall be satisfied by furnishing the department with a copy of the application or
applications filed with the applicable bank supervisory agencies seeking approval for the
proposed transaction and such other information as the department requests. The parties
to such transaction shall also file with the department a certificate of approval of the
acquisition by the appropriate supervisory agencies prior to consummation of the
transaction. The department may, for good cause shown, object to the transaction by letter
to the proposed resulting bank or trust company, the Georgia bank or trust company, and
to the appropriate federal or state financial regulator before consummation of the
transaction. In the event of such objection, the acquisition cannot be consummated without
the parties obtaining the approval of the department. Unless the department has objected
to the transaction, the department shall forward to the Secretary of State written
confirmation that the requirements of this subsection have been satisfied.
</ins> <del>(A) Notify the department of the proposed merger or consolidation;
(B) Provide such evidence of the adoption of the plan of merger or consolidation as the
department may request;
(C) Notify the department of any abandonment or disapproval of the plan of merger
or consolidation; and
(D) File with the department and the Secretary of State a certificate of the approval of
the merger or consolidation by the appropriate regulator.
(2) Upon receipt of written confirmation from the department that the requirements of
this subsection have been satisfied, each party to the merger or consolidation, except the
resulting bank or trust company, shall cease to exist as a separate entity, as provided in
subsection (c) of Code Section 7-1-536, and its articles shall automatically terminate."
</del>
SECTION 6.
Said title is further amended in Article 3 of Chapter 1, relating to credit unions, by adding
a new Code section to read as follows:
<ins>"7-1-632.1.
To the extent the provisions of Chapter 3 of Title 14 are consistent with and not in conflict
with the other provisions of this chapter and the rules and regulations of the department,
such provisions shall apply to credit unions chartered by the department pursuant to this
chapter."
</ins> SECTION 7.
Said title is further amended in Article 4 of Chapter 1, relating to money transmission, by
designating Code Sections 7-1-680 through 7-1-698 as Part 1.
SECTION 8.
Said title is further amended in said article by revising subparagraph (A) of paragraph (14)
of Code Section 7-1-680, relating to definitions regarding money transmission, as follows:
"(A) Receiving money or monetary value for transmission or transmitting money or
monetary value within the United States or to locations abroad by any and all means,
including, but not limited to:
(i) An order;
(ii) A wire;
(iii) A facsimile; <del>and
</del> (iv) An electronic transfer; <ins>and
(v) A virtual currency kiosk as defined in Code Section 7-1-699;"
</ins>
SECTION 9.
Said title is further amended in said article by revising subparagraph (f)(1)(B) of Code
Section 7-1-689, relating to record keeping, investigation and examination requirements and
powers, and limitations on civil liability, as follows:
"(B) Personal history and experience information, including, but not limited to,
independent credit reports <del>obtained from a consumer reporting agency described in the
federal Fair Credit Reporting Act, 15 U.S.C. Section 1681a;"
</del> SECTION 10.
Said title is further amended in said article by repealing and reserving Code Section 7-1-698,
relating to continuing effectiveness of existing licenses.
SECTION 11.
Said title is further amended in said article by adding a new part to read as follows:
<ins>"Part 2
7-1-699.
As used in this part, the term:
(1) 'Existing customer' means a consumer who:
(A) Is engaging in a virtual currency transaction at a virtual currency kiosk in this state;
and
(B) Has been registered as a customer of such operator for more than 72 hours.
(2) 'New customer' means a consumer who:
(A) Is engaging in a virtual currency transaction at a virtual currency kiosk in this state;
and
(B) Has been registered as a customer of such operator for less than 72 hours.
</ins>
<ins>(3) 'New customer time period' means the first 72 hours after a consumer becomes a new
customer of a virtual currency kiosk.
(4)(A) 'Operator' means a person who performs money transmission through a virtual
kiosk by:
(i) Facilitating the exchange of fiat currency for virtual currency, virtual currency for
fiat currency, or virtual currency for other virtual currency; or
(ii) Directly or indirectly transmitting virtual currency
(B) An operator may:
(i) Be an owner; or
(ii) Enter into a contract with the owner to perform money transmission or initiate
money transmission at the location of the virtual currency kiosk.
(5) 'Owner' means a person who owns a virtual currency kiosk.
(6) 'Virtual currency address' means an alphanumeric identifier representing a destination
for a transfer of virtual currency that is associated with a virtual currency wallet.
(7) 'Virtual currency kiosk' means an electronic terminal acting as a mechanical agent
of the operator to enable the operator to:
(A) Facilitate the exchange of fiat currency for virtual currency, virtual currency for
fiat currency, or virtual currency for other virtual currency; or
(B) Directly or indirectly transmit virtual currency.
(8) 'Virtual currency wallet' means a software application or other mechanism providing
a means for holding, storing, and transferring virtual currency.
7-1-699.1.
(a) The operator shall, in establishing a relationship with a customer and prior to initiating
an initial virtual currency transaction at a virtual currency kiosk for, or on behalf of or with,
the customer, disclose in clear, conspicuous, and legible writing in the English language
</ins>
<ins>and if applicable, in the language selected by the customer at the beginning of the
relationship or transaction, the following:
(1) A disclosure, which shall be acknowledged by the customer, provided separately
from the disclosures provided pursuant to paragraphs (2) through (7) of this subsection,
written prominently and in bold type stating the following: 'WARNING: LOSSES DUE
TO FRAUDULENT OR ACCIDENTAL TRANSACTIONS MAY NOT BE
RECOVERABLE AND TRANSACTIONS IN VIRTUAL CURRENCY ARE
IRREVERSIBLE.';
(2) Virtual currency is not backed or insured by the government, and accounts and value
balances are not subject to the Federal Deposit Insurance Corporation, National Credit
Union Administration, or Securities Investor Protection Corporation protections;
(3) Some virtual currency transactions shall be deemed complete when recorded on a
public ledger, which may not be the date or time when the customer initiated the virtual
currency transaction;
(4) The value of virtual currency may be derived from the continued willingness of
market participants to exchange fiat currency for virtual currency, which may result in
the permanent and total loss of the value of a particular currency if the market for that
virtual currency disappears;
(5) The volatility and unpredictability of the price of virtual currency relative to fiat
currency may result in a significant loss over a short period of time;
(6) Any bond maintained by the operator for the benefit of the customers of such
operator may not be sufficient to cover all losses incurred by such customers;
(7) Virtual currency transactions are irreversible and are frequently used by persons
seeking to defraud customers, including, but not limited to, a person impersonating a
customer's loved ones, threatening jail time, stating that a customer's identity has been
stolen, insisting that a customer withdraw money from the customer's bank account and
</ins>
<ins>purchase cryptocurrency, alleging a customer's personal computer has been hacked, or
perpetuating or conducting a romance scam; and
(8) Such other disclosures the department requires by rule.
(b) Nothing in this Code section shall be construed to prohibit operators from providing
additional disclosures to customers.
7-1-699.2.
The operator shall, when opening an account for a new customer and prior to initiating an
initial virtual currency transaction at a virtual currency kiosk for, on behalf of, or with such
customer, disclose in clear, conspicuous, and legible writing in the English language, and,
if applicable, in the language selected by the customer at the beginning of the relationship
or transaction, using not less than 24 point sans-serif font, all relevant terms and conditions
associated with the products, services, and activities of the operator and virtual currency
generally, including, but not limited to, the following:
(1) The customer's liability for unauthorized virtual currency transactions;
(2) The customer's right to stop payment of a preauthorized virtual currency transaction
and the procedure used to initiate a stop-payment order, if applicable;
(3) Under what circumstances the operator will, absent a court or government order,
disclose information concerning the customer's account to third parties;
(4) The requirement that the operator communicate to the customer what customer
information might be disclosed to third parties;
(5) The customer's right to receive a receipt for a virtual currency transaction at the time
of the transaction; and
(6) Upon any change in the rules or policies of the operator, the customer's right to
consent to such changed rules or policies prior to performing any transaction after such
change.
</ins>
<ins>7-1-699.3.
The operator shall, prior to each virtual currency transaction initiated at a virtual currency
kiosk for, on behalf of, or with a customer, disclose to such customer in clear, conspicuous,
and legible writing in the English language, and, if applicable, in the language selected by
the customer at the beginning of the relationship or transaction, using not less than 24 point
sans-serif font, the terms and conditions of the virtual currency transaction, including, but
not limited to, the following:
(1) The amount of the transaction;
(2) Any fees, expenses, and charges borne by the customer, including, but not limited to,
any applicable exchange rates;
(3) The type and nature of the virtual currency transaction;
(4) A warning that, once executed, the virtual currency transaction is irreversible, if
applicable;
(5) A daily virtual currency transaction limit in accordance with this part; and
(6) The difference in the sale price of the virtual currency compared with the current
market price.
7-1-699.4.
The operator shall ensure that if the information contained in the disclosures required by
Code Sections 7-1-699.1 and 7-1-699.2 changes, any existing customer initiating a virtual
currency transaction after the date of any change to the disclosure information shall be
provided with the updated disclosure information and acknowledge the same prior to
completing such virtual currency transaction.
</ins>
<ins>7-1-699.5.
The operator shall ensure that each customer acknowledges the receipt of all disclosures
required under this part. Acknowledgment of such disclosures shall not impact the rights
of the customer, including, but not limited to, the ability to obtain a refund from an
operator.
7-1-699.6.
(a) The operator shall, upon completion of any virtual currency transaction initiated at a
virtual currency kiosk, provide the customer with a receipt containing the following
information:
(1) The name of and contact information for the operator, including, but not limited to,
the operator's business address and a customer service telephone number established by
the operator to answer questions and register complaints;
(2) The name of and contact information for the owner, including, but not limited to, the
owner's business address and a telephone number if the virtual currency kiosk is owned
by a person other than the operator;
(3) The name of the customer;
(4) The type, value, date, and precise time of such virtual currency transaction and each
virtual currency address;
(5) The amount of such virtual currency transaction expressed in United States currency;
(6) The full unique transaction hash or identification number;
(7) The public virtual currency address of the customer;
(8) The unique identifier;
(9) Any fee charged, including, but not limited to, any fee charged directly or indirectly
by the operator, the owner, or a third party involved in the virtual currency transaction;
(10) The exchange rate, if applicable;
(11) Any tax collected by the operator for the virtual currency transaction;
</ins>
<ins>(12) A statement of the liability of the operator for nondelivery or delayed delivery;
(13) A statement of the refund policy of the operator;
(14) The email address of the department and a statement disclosing that the operator's
customers may contact the department with questions or complaints about the operator's
virtual currency kiosk services; and
(15) Any additional information the department may require.
(b) The receipt required by subsection (a) of this Code section:
(1) Shall be provided in retainable form in the English language and, if applicable, the
language selected by the customer at the beginning of the relationship or virtual currency
transaction; and
(2) May be provided electronically if the customer requests or agrees to receive an
electronic receipt.
7-1-699.7.
The total amount of any fee, commission, spread, or other charges related to a transaction
initiated at a virtual currency kiosk shall not exceed 18 percent of the amount of the fiat
currency exchanged or transmitted.
7-1-699.8.
(a) There is established an aggregated maximum daily transaction limit of $2,500.00 for
each new customer for transactions initiated at a virtual currency kiosk.
(b) There is established an aggregated maximum daily transaction limit of $10,000.00 for
each existing customer for transactions initiated at a virtual currency kiosk.
7-1-699.9.
(a) An operator shall issue a refund to:
</ins>
<ins>(1) A new customer for the full amount of all transactions initiated at a virtual currency
kiosk within the new customer time period upon request of the new customer. In order
to receive a refund under this paragraph, a new customer shall:
(A) Have been defrauded, fraudulently induced, or otherwise deceived to engage in the
virtual currency transactions; and
(B) Contact the operator and a government or law enforcement agency to inform them
of the complained of activity within five days of the last transaction to occur during the
new customer time period.
(2) A new or existing customer for the full amount of fees initiated at a virtual currency
kiosk if the customer has been defrauded, fraudulently induced, or otherwise deceived to
engage in the virtual currency transactions.
(b) If the conditions of paragraphs (1) and (2) of subsection (a) of this Code section have
been satisfied, the operator shall issue such refund to the customer within 72 hours of the
request.
7-1-699.10.
Each operator shall:
(1) Obtain a copy or scan of a government issued identification card that identifies each
customer of such operator;
(2) Maintain restrictions that prevent more than one customer of such operator from
using the same virtual currency wallet;
(3) Be able to prevent designated virtual currency wallets from being used at any virtual
currency kiosk owned or operated by such operator;
(4) Regularly use an established third party that specializes in performing blockchain
analyses to preemptively perform such analyses to identify and prevent high risk or
sanctioned virtual currency wallets from being used by customers at virtual currency
kiosks operated by such operator;
</ins>
<ins>(5) Define in the operator's policies and procedures a risk based method of monitoring
customers of such operator on a post-transaction basis;
(6)(A) Offer during the hours of operation of the virtual currency kiosks timely live
customer support by telephone from a telephone number prominently displayed at or
on such virtual currency kiosks. During such communication, which shall be recorded
and maintained by the operator for not less than five years, the operator shall:
(i) Positively identify the customer;
(ii) Reconfirm any attestations made by the customer at a virtual currency kiosk
operated by the operator;
(iii) Discuss the transaction; and
(iv) Discuss types of fraudulent schemes relating to virtual currency;
(B) Such customer support shall also be available for law enforcement to contact the
operator;
(7) Designate and employ a chief compliance officer who shall:
(A) Be qualified to coordinate and monitor a compliance program to ensure
compliance with this part and all other applicable federal and state laws, rules, and
regulations;
(B) Be employed on a full-time basis by such operator; and
(C) Not own more than 20 percent of the virtual currency kiosk operator that employs
the chief compliance officer;
(8) Use covered employees to fulfill the operator's compliance responsibilities under
federal and state laws, rules, and regulations; and
(9) Report to the department the locations of each of the operator's virtual currency
kiosks in this state in a form prescribed by the department. Such report shall include, but
shall not be limited to, the:
(A) Address of the location of the virtual currency kiosk;
(B) Name of the business as displayed at the location of the virtual currency kiosk;
</ins>
<ins>(C) Name of the business that signed the lease or other contract with the virtual
currency kiosk for the subject location; and
(D) Owner of the virtual currency kiosk at such location, if not owned by the operator.
7-1-699.11.
Nothing in this part shall be construed to waive, change, or otherwise modify other
requirements imposed on operators of virtual currency kiosks throughout this title."
</ins> SECTION 12.
Said title is further amended in Article 4A of Chapter 1, relating to cashing of payment
instruments, by revising subparagraph (f)(1)(B) of Code Section 7-1-706, relating to record
keeping, investigation and examination requirements and powers, and limitation on civil
liability, as follows:
"(B) Personal history and experience information, including, but not limited to,
independent credit reports <del>obtained from a consumer reporting agency described in the
federal Fair Credit Reporting Act, 15 U.S.C. Section 1681a;</del> and"
SECTION 13.
Said title is further amended in Article 13 of Chapter 1, relating to licensing of mortgage
lenders and mortgage brokers, by revising paragraph (5.3) of Code Section 7-1-1000, relating
to definitions, as follows:
"(5.3) 'Covered servicer' means a mortgage lender with a servicing portfolio of 2,000 or
more residential mortgage <ins>loans</ins> serviced or subserviced <ins>for others</ins> <del>loans</del> as reported in
the mortgage lender's <ins>aggregate</ins> Mortgage Call Report <ins>data</ins> as of the most recent calendar
year end, excluding whole loans owned, reverse mortgages that are serviced or
subserviced for others, and loans being interim serviced prior to sale."
SECTION 14.
Said title is further amended in said article by revising subparagraph (k)(2)(A) of Code
Section 7-1-1004, relating to investigation of applicant, requirements for applicant, and
denial and revocation of license, as follows:
"(A) An independent credit report <del>obtained from a consumer reporting agency
described in section 603(p) of the Fair Credit Reporting Act, 15 U.S.C. Section
1681a(p);</del> and"
SECTION 15.
Said title is further amended in said article by revising paragraph (1) of subsection (c) of
Code Section 7-1-1008, relating to prohibited acquisitions of shares without prior approval,
as follows:
"(1) The acquisition of an interest in a licensee directly or indirectly, including an
acquisition by merger or consolidation by or with a person licensed <ins>as a mortgage lender
or mortgage broker</ins> by this article or a person exempt <ins>as a mortgage lender or mortgage
broker</ins> from this article under Code Section 7-1-1001;"
SECTION 16.
Said title is further amended in said article by revising paragraphs (1) and (2) of
subsection (b) of Code Section 7-1-1011, relating to annual fees, as follows:
"(1) As used in this subsection, the term 'collecting agent' means the person listed as the
secured party on a security deed or other loan document that establishes a lien on the
residential <del>real</del> property taken as collateral at the time of the closing of the mortgage loan
transaction.
(2) There shall be imposed on the closing of every mortgage loan subject to regulation
under this article which, as defined in Code Section 7-1-1000, includes all mortgage loans
<ins>made on residential property,</ins> whether or not closed by a mortgage broker or mortgage
lender licensee, a fee of $10.00. The fee shall be paid by the borrower to the collecting
agent at the time of closing of the mortgage loan transaction. The collecting agent shall
remit the fee to the department at the time and in the manner specified by regulation of
the department. Revenue collected by the department pursuant to this subsection shall
be deposited in the general fund of the state."
SECTION 17.
Said title is further amended in Article 14 of Chapter 1, relating to foreign banking
institutions, by revising Code Section 7-1-1132, relating to location and authority of offices
and relocation, as follows:
"7-1-1132.
A Georgia state representative office may engage in the activities authorized by this article
at each location registered with the department as a representative office. A Georgia state
representative office may change its location in this state by filing a notification with the
department containing the street address and mailing address of the new location no less
than 30 days in advance of relocation. The department may require an application for such
relocation if the notification raises <del>supervisor</del> <ins>supervisory</ins> concerns. All relocations shall
include a notice to customers posted in a conspicuous place of the affected location as well
as on the bank's website at least 30 days before relocating."
SECTION 18.
Said title is further amended in Article 1 of Chapter 3, relating to general provisions
regarding installment loans, by revising paragraphs (1), (2), (3), and (6) of subsection (b) of
Code Section 7-3-4, relating to licensing requirement and exemptions, as follows:
"(1) <ins>Any state or federally chartered bank, trust company, credit union, savings and loan
association, savings bank, or industrial bank, provided that each such bank, trust
company, credit union, savings and loan association, savings bank, or industrial bank has
</ins>
<ins>deposits that are federally insured</ins> <del>Businesses chartered or licensed under the authority
of any law of this state or of the United States as banks, trust companies, savings and loan
associations, savings banks, or credit unions or to the transactions of such businesses;
</del> (2) <del>Banks or credit unions chartered under the authority of any state which have deposits
that are federally insured or to the transactions of such businesses</del> <ins>A wholly owned
subsidiary of a state or federally chartered bank, trust company, credit union, savings and
loan association, savings bank, or industrial bank, provided that each such bank, trust
company, credit union, savings and loan association, savings bank, or industrial bank has
deposits that are federally insured;
</ins> (3) Pawnbrokers, as defined in Code Section 44-12-130, <del>or to the transactions of
pawnbrokers;"
</del> "(6) Any agency, division, or instrumentality of the federal government of the United
States of America; the government of the State of Georgia or the government of any other
state; or any county or municipal government in the State of Georgia; <del>and the transactions
of all such governmental entities;"
</del> SECTION 19.
Said title is further amended in Article 5 of Chapter 3, relating to regulation by the
department, by revising subparagraph (d)(2)(B) of Code Section 7-3-40, relating to
investigations and examinations, payment of fees, and cooperation by licensee, as follows:
"(B) Personal history and experience information, including, but not limited to,
independent credit reports <del>obtained from a consumer reporting agency described in the
federal Fair Credit Reporting Act, 15 U.S.C. Section 1681a;</del> and"
SECTION 20.
Said title is further amended in Chapter 6A, the "Georgia Fair Lending Act," by revising
paragraph (4) of Code Section 7-6A-2, relating to definitions, as follows:
"(4) 'Bona fide discount points' means loan discount points knowingly paid by the
borrower for the express purpose of reducing, and which in fact do result in a bona fide
reduction of, the interest rate applicable to the home loan; provided, however, that the
undiscounted interest rate for the home loan does not exceed by more than one percentage
point the average prime offer rate as defined in 12 C.F.R. 1026.35 that applies to a
comparable transaction, as published by the United States Consumer Financial Protection
Bureau as of the last date the discounted interest rate for the transaction is set before
consummation <ins>or such other formula adopted or referenced by the department pursuant
to regulation."
</ins> SECTION 21.
Said title is further amended in Chapter 9, relating to Georgia merchant acquirer limited
purpose bank, by revising Code Section 7-9-3, relating to chartering of merchant acquirer
limited purpose banks and regulation limited, as follows:
"7-9-3.
<ins>(a)</ins> A corporation that performs merchant acquiring activities or settlement activities in this
state may elect to obtain a charter from the department. Those corporations chartered by
the department shall be subject to the provisions of this chapter and any rules and
regulations adopted by the department for purposes of regulating chartered merchant
acquirer limited purpose banks. The department shall have no authority to regulate a
corporation performing merchant acquiring activities or settlement activities that has not
been chartered by the department.
<ins>(b) To the extent the provisions of Chapter 2 of Title 14 are consistent with and not in
conflict with the other provisions of this chapter and the rules and regulations of the
</ins>
<ins>department, such provisions shall apply to corporations chartered by the department
pursuant to this chapter and not organized as limited liability companies.
(c) To the extent the provisions of Chapter 11 of Title 14 are consistent with and not in
conflict with the other provisions of this chapter and the rules and regulations of the
department, such provisions shall apply to corporations chartered by the department
pursuant to this chapter and organized as limited liability companies."
</ins> SECTION 22.
Said title is further amended in said chapter by adding a new Code section to read as follows:
<ins>"7-9-10.1.
(a) A merchant acquirer limited purpose bank may, in the manner provided in this Code
section, amend its articles at any time in order to make any change which would be
authorized for inclusion in original articles under this chapter, including without limitation
an amendment to:
(1) Adopt a new name permitted to be used under this chapter;
(2) Renew the term for which it is to exist or to provide for perpetual duration;
(3) Change, add to, or diminish the statement of its purpose or purposes;
(4) Increase or diminish the aggregate number of shares which it has authority to issue
or to reclassify the shares by changing the number, par value, designations, preferences,
redemption provisions, or relative, participating, optional, or other special rights of the
shares or the qualifications, limitations, or restrictions of such rights, either with or
without an increase or decrease in the number of shares;
(5) Restate the articles in their entirety; or
(6) Change its main office location to a new location.
(b) Articles restated in their entirety shall state the street address and county of the current,
instead of the original, main office of the merchant acquirer limited purpose bank.
</ins>
<ins>(c) Articles need not be amended for the addition or change of a registered agent or the
change of a registered office. The merchant acquirer limited purpose bank shall, however,
notify in writing the department and the Secretary of State of such changes.
(d) The articles of amendment shall be filed with the department together with the fee
required by Code Section 7-1-862. The filing of articles of amendment shall constitute an
application for a certificate of amendment. If the articles of amendment involve a change
in the name of a merchant acquirer limited purpose bank, it shall reserve the proposed new
name under the procedures of Code Section 7-1-131.
(e) Upon receipt of the articles of amendment, the department shall conduct such
investigation as it may deem necessary to determine:
(1) That the articles of amendment and supporting items satisfy the requirements of this
chapter;
(2) Where the amendment would grant new powers or status to a merchant acquirer
limited purpose bank, that the criteria for granting such powers or status as an original
matter have been satisfied;
(3) Where the amendment decreases the capital stock of the institution, that the
remaining capital stock will be adequate to support its anticipated business;
(4) Where the amendment provides for a change to a new location, that the criteria for
establishing a new office at the new location have been satisfied; and
(5) That the interests of the shareholders and the public will not be impaired by the
amendment.
(f) Within 60 days after the receipt of the articles of amendment the department shall
approve or disapprove the articles of amendment on the basis of its investigation and
criteria set forth in subsection (e) of this Code section. If the department approves the
articles of amendment, it shall deliver its written approval to the Secretary of State with a
copy of the amendment attached and notify the merchant acquirer limited purpose bank of
its action. If the department disapproves the articles of amendment, it shall give written
</ins>
<ins>notice to the merchant acquirer limited purpose bank and furnish it a statement generally
setting out the unfavorable factors influencing the department's decision. The decision of
the department shall be conclusive, except that it may be subject to judicial review as
provided in Code Section 7-1-90.
(g) If all fees and charges required by law have been paid and, in the case of a change of
name, if the proposed new name of the merchant acquirer limited purpose bank continues
to be reserved or is available on the records of the Secretary of State, upon the receipt by
the Secretary of State of the written approval of the department, the Secretary of State shall
immediately issue to the merchant acquirer limited purpose bank a certificate of
amendment and shall retain a copy thereof along with the approved articles of amendment
and the written approval of the department.
(h) As of the issuance of the certificate of amendment by the Secretary of State, each
amendment shall become effective and the articles shall be deemed to be amended
accordingly.
(i) The certificate of amendment shall be conclusive evidence of the performance of all
conditions required by this chapter for amendment of articles, except as against the state.
(j) No amendment shall affect any existing cause of action in favor of or against the
merchant acquirer limited purpose bank, any pending action in which the merchant acquirer
limited purpose bank is a party or existing rights of persons other than shareholders. If the
amendment changes the name of the merchant acquirer limited purpose bank, no action by
or against the institution shall be abated for that reason."
</ins> SECTION 23.
Said title is further amended in Chapter 10, relating to litigation financing, by revising Code
Section 7-10-1, relating to definitions, and adding new paragraphs to read as follows:
"7-10-1.
As used in this chapter, the term:
(1) 'Affiliate' or 'affiliated' means a person that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with another
person.
(2) 'Commissioner' means the commissioner of banking and finance.
(3) 'Consumer' means any individual who resides, is present, or is domiciled in this state
or who is or has standing to become a plaintiff, claimant, or complainant in a civil action,
administrative proceeding, legal claim, or other legal proceeding or in pursuit of any
claim or cause of action in this state.
(4) 'Department' means the Department of Banking and Finance.
(5) 'Entity' means any domestic or foreign corporation, partnership, limited partnership,
limited liability company, trust, fund, plan, or any other business, enterprise, association,
or organization of any kind or nature.
(6) <ins>'Financial institution' means:
(A) A state or federally chartered bank whose deposits are federally insured;
(B) A trust company;
(C) A state or federal savings and loan association whose deposits are federally
insured;
(D) A state or federally chartered credit union whose deposits are federally insured;
(E) A foreign bank branch or foreign bank agency authorized to do business in this
state pursuant to Article 14 of Chapter 1 of Title 7; or
</ins> (F) A bank holding company.
<ins>(7)</ins> 'Foreign person' means an individual or an entity that is not:
(A) A citizen of the United States;
(B) An alien lawfully admitted for permanent residence in the United States;
(C) An unincorporated association with a majority of members who are citizens of the
United States or aliens lawfully admitted for permanent residence in the United States;
or
(D) A corporation that is incorporated in the United States.
<del>(7)(8)</del> 'Foreign principal' means:
(A) The government or a government official of any country other than the United
States;
(B) A political subdivision or political party of a country other than the United States;
or
(C) A partnership, association, corporation, organization, or other combination of
persons organized under the laws of or having its principal place of business in a
country other than the United States whose shares or other ownership interest is owned
by the government or a government official of a country other than the United States
or is owned by a political subdivision or political party of a country other than the
United States.
<del>(8)(9)</del> 'Legal representative' means any attorney, group of attorneys, or law firm duly
licensed and authorized to practice law and to represent a consumer in a civil action,
administrative proceeding, legal claim, or other legal proceeding seeking to recover
damages in this state.
<ins>(9)(10)</ins> 'Litigation financier' means any person engaged in or formed, created, or
established for the purpose of engaging in any kind of business or economic activity that
involves providing litigation financing in exchange for consideration of any kind.
(10)(11)(A) <del>'Litigation financing agreement' or 'litigation financing'</del> <ins>'Litigation
financing' or 'litigation financing agreement'</ins> means an agreement in which a litigation
financier agrees to provide financing to a consumer or entity that is or has standing to
become a party to a civil action, administrative proceeding, legal claim, or other legal
proceeding seeking to recover monetary damages, or to counsel for such consumer or
entity, in exchange for a right to receive payment, which right is contingent in any
respect on the outcome of such action, claim, or proceedings by settlement, judgment,
or otherwise, or on the outcome of any matter within a portfolio that includes such
action, claim, or proceedings and involves the same legal representative or affiliated
representative.
(B) Such term shall not include:
(i) An agreement wherein a legal representative consents to provide legal services on
a contingency fee basis or to advance his or her client's legal costs, and where such
services or costs are provided by the legal representative in accordance with the
Georgia Rules of Professional Conduct maintained and enforced by the State Bar of
Georgia;
(ii) A preexisting contractual obligation to indemnify or defend a party to a civil
action, administrative proceeding, legal claim, or other legal proceeding seeking to
recover monetary damages, or any other legal proceeding;
(iii) Any obligation of a health insurer to pay any sums for healthcare for an injured
person under the terms of a health insurance plan or agreement;
(iv) Any obligation to repay a financial institution, <del>as such term is defined in Code
Section 10-5A-1,</del> for loans made directly to a party to a civil action, administrative
proceeding, legal claim, or other legal proceeding seeking to recover monetary
damages, or such party's legal representative, provided that such repayment of such
loan is not contingent upon the outcome of such action, claim, or proceedings, or on
the outcome of any matter within a portfolio that includes such action, claim, or
proceedings, and involves the same legal representative or affiliated legal
representative;
(v) Funding provided to a nonprofit organization that is funded by private donations,
represents one or more clients on a <del>pro-bono</del> <ins>pro bono,</ins> no-cost basis, and seeks only
injunctive relief on behalf of its clients; provided, however, that the provisions of this
division shall not be construed to prohibit or otherwise affect any award of costs or
attorney's fees to such nonprofit organization seeking only injunctive relief on behalf
of a client that such nonprofit organization represents on a <del>pro-bono</del> <ins>pro bono,</ins> no-cost
basis, or to such client; or
(vi) Banks, institutional investors, and persons that provide financing to a litigation
financier but do not engage in the business of litigation financing; provided, however,
that this exclusion shall not apply to banks, institutional investors, and persons
affiliated with a litigation financier.
<del>(11)(12)</del> 'Litigation financing contract' or 'contract' means a written contract
memorializing the terms and conditions of a litigation financing agreement.
<ins>(12.1) 'Nationwide Multistate Licensing System and Registry' means a licensing system
developed and maintained by the Conference of State Bank Supervisors and the
American Association of Residential Mortgage Regulators for the licensing and
registration of certain persons engaged in nondepository activities.
(13) 'Person' means an individual or entity.
</ins> <del>(12)(14)</del> 'Sovereign wealth fund' means an investment fund owned or controlled by a
foreign principal or an agent of such foreign principal.
<ins>(15) 'Unique identifier' means a number or other identifier assigned by protocols
established by the Nationwide Multistate Licensing System and Registry."
</ins> SECTION 24.
Said title is further amended in said chapter by redesignating subsections (f), (g), and (h) of
Code Section 7-10-2, relating to registration requirements and regulation by department, as
subsections (g), (i), and (j), respectively, and by adding new subsections to read as follows:
<ins>"(f) The department shall conduct an investigation of every applicant for registration to
determine if all conditions for registration set forth in this chapter and the rules and
regulations of the department have been satisfied."
"(h) Except as specifically provided in this chapter, all registrations issued pursuant to this
chapter shall expire on December 31 of each year and each application for renewal shall
</ins>
<ins>be made annually on or before December 1 of each year. A registration may be renewed
by the filing of an application substantially conforming to the requirements of
subsection (c) or (d) of this Code section and Code Section 7-10-2.1 as specifically
modified in the department's rules and regulations. An annual registration fee established
by rule or regulation of the department to defray the cost of supervision shall be paid with
each renewal application and shall not be refunded or prorated."
</ins> SECTION 25.
Said title is further amended in said chapter by adding a new Code section to read as follows:
<ins>"7-10-2.1.
(a) Each applicant for registration under this chapter shall:
(1) Submit an application in writing, which is made under oath and in such form as the
department may prescribe;
(2) Furnish to the Nationwide Multistate Licensing System and Registry the following
information:
(A) The legal name and principal office address of the person applying for the
registration;
(B) The name, residence, and business address of each director, officer, partner, or
owner; and
(C) The location where its initial registered office will be located in this state, if any;
and
(3) Submit such other data, financial statements, and pertinent information as the
department may require with respect to the applicant, a director, officer, partner, or
owner.
(b) The application for registration shall be filed together with:
(1) A fee established by the department through rule or regulation which shall not be
refundable;
</ins>
<ins>(2) Items required by other provisions of this chapter including, but limited to, Code
Sections 7-10-2 and 7-10-3; and
(3) Other information as may be required by the department.
(c) The department shall enact rules and regulations regarding the time frame by which all
persons shall submit an application for registration through the Nationwide Multistate
Licensing System and Registry."
</ins> SECTION 26.
Said title is further amended in said chapter by redesignating subsections (a) through (d) of
Code Section 7-10-3, relating to denial of registration and procedures, as subsections (c)
through (f), respectively, by revising the introductory language of subsection (c), and by
adding new subsections to read as follows:
<ins>"(a) For the purposes of this Code section, the term 'conviction data' means a record of
finding, verdict, or plea of guilty or plea of nolo contendere with regard to any crime,
regardless of whether an appeal of the conviction has been sought.
(b) The department shall be authorized to obtain conviction data with respect to any
applicant or registrant and any person who is a director, officer, partner, or owner of any
applicant or registrant. Criminal history record checks may be requested by the department
through the Georgia Crime Information Center and the Federal Bureau of Investigation.
The department shall have the authority to receive the results of such checks. In connection
with an application under this chapter, the department may use the Nationwide Multistate
Licensing System and Registry as a channeling agent for the submission of fingerprints to
the Federal Bureau of Investigation and any governmental agency or entity authorized to
receive such information for a state, national, and international criminal history background
check and the receipt of such checks by the department. Fees required for a criminal
history record check by the Georgia Crime Information Center or the Federal Bureau of
Investigation shall be paid by the applicant or registrant.
</ins>
<ins>(c)</ins> The department may deny a registration to act as a litigation financier or deny a
registered litigation financier's amended registration pursuant to subsection <ins>(f)(g)</ins> of Code
Section 7-10-2 if the department finds that:"
SECTION 27.
Said title is further amended in said chapter by adding a new Code section to read as follows:
<ins>"7-10-3.1.
(a) The department may issue an order requiring a person to cease and desist immediately
from unauthorized activities whenever it shall appear to the department that a person not
registered under this chapter is engaging in or has engaged in activities requiring
registration under this chapter. Such cease and desist order shall be final 30 days from the
date of issuance and there shall be no opportunity for an administrative hearing. If the
proper registration or evidence of exemption is obtained within the 30 day period, the cease
and desist order shall be rescinded by the department.
(b) The cease and desist order shall be in writing, sent by registered or certified mail or
statutory overnight delivery, and addressed to the person's business address and, if the
person is an individual, to the individual's personal address. Any cease and desist order
sent to a person at its business address and, if an individual, his or her personal address that
is returned to the department as refused or unclaimed shall be deemed received and
lawfully served.
(c) Whenever a person fails to comply with the terms of a final order or decision of the
department issued pursuant to this chapter, the department may, through the attorney
general and upon three days' notice to such person, petition the principal court for an order
directing such person to obey the order of the department within the period of time as shall
be fixed by the court. Upon the filing of such petition, the court shall allow a motion to
show cause why it should not be granted. After a hearing on the merits or after failure of
</ins>
<ins>such person to appear when ordered, the court shall grant the petition of the department
upon a finding that the order of the department was properly issued.
(d) Any person who violates the terms of any final order or decision pursuant to this
chapter shall be liable for a civil penalty not to exceed $1,000.00. Each day the violation
continues shall constitute a separate offense. In determining the amount of the penalty, the
department shall take into account the appropriateness of the penalty relative to the size of
the financial resources of such person, the good faith efforts of such person to comply with
the order, the gravity of the violation, the history of previous violations by such person, and
other factors or circumstances that have contributed to the violation. The department may
at its discretion compromise, modify, or refund any penalty which is subject to imposition
or has been imposed pursuant to this Code section. Any person assessed as provided in this
subsection shall have the right to request a hearing into the matter within ten days after the
notification of the assessment has been served, otherwise the penalty shall be final except
as to judicial review as provided in Code Section 7-1-90.
(e) Judicial review of any final order or decision of the department entered pursuant to this
chapter shall be available solely in the superior court of the county of domicile of the
department.
(f) In addition to any other administrative penalties authorized by this chapter, the
department may prescribe administrative fines for violations of this chapter and any rules
and regulations promulgated by the department pursuant to this chapter."
</ins> SECTION 28.
Said title is further amended in said chapter by adding a new subsection to Code
Section 7-10-6, relating to contract requirements, disclosures, and representation by counsel,
to read as follows:
<ins>"(g) In addition to any applicable disclosure requirements, a litigation financing agreement
shall clearly display the registrant's name, unique identifier, and business address."
</ins>
SECTION 29.
Said title is amended in said chapter by revising Code Section 7-10-10, relating to use of
nation-wide multistate licensing system and registry, as follows:
"7-10-10.
(a) The department is authorized to:
(1) Participate in the <del>nation-wide multistate licensing system and registry</del> <ins>Nationwide
Multistate Licensing System and Registry</ins> in order to facilitate the sharing of information
and standardization of the registration processes for litigation financiers by electronic or
other means;
(2) Enter into operating agreements, information sharing agreements, interstate
cooperative agreements, and other contracts necessary for the department's participation
in the <del>nation-wide multistate licensing system and registry</del> <ins>Nationwide Multistate
Licensing System and Registry;
</ins> (3) Request that the <del>nation-wide multistate licensing system and registry</del> <ins>Nationwide
Multistate Licensing System and Registry</ins> adopt an appropriate privacy, data security, and
security breach notification policy that is in full compliance with existing state and
federal law;
(4) Disclose or cause to be disclosed without liability via the <del>nation-wide multistate
licensing system and registry</del> <ins>Nationwide Multistate Licensing System and Registry
</ins> registration information, including, but not limited to, violations of this chapter and
enforcement actions;
(5) Establish and adopt, by rule or regulation, requirements for participation by
registrants in the <del>nation-wide multistate licensing system and registry</del> <ins>Nationwide
Multistate Licensing System and Registry</ins> upon the department's determination that each
new or amended requirement is consistent with both the public interest and the purposes
of this chapter; and
(6) Pay all fees received from applicants and registrants related to registrations to the
Office of the State Treasurer; provided, however, that the department may net such fees
to recover the cost of participation in the <del>nation-wide multistate licensing system and
registry</del> <ins>Nationwide Multistate Licensing System and Registry.
</ins> (b) Irrespective of its participation in the <del>nation-wide multistate licensing system and
registry</del> <ins>Nationwide Multistate Licensing System and Registry,</ins> the department retains full
and exclusive authority over determinations whether to grant registrations to litigation
financiers under this chapter. Nothing in this Code section shall be construed to reduce this
authority.
(c) Applicants and registrants shall be required to pay any charges associated with their
utilization of the <del>nation-wide multistate licensing system and registry</del> <ins>Nationwide
Multistate Licensing System and Registry."
</ins> SECTION 30.
Title 30 of the Official Code of Georgia Annotated, relating to handicapped persons, is
amended in Chapter 5, relating to protection of disabled adults and elder persons, by revising
paragraphs (3) and (4) of subsection (b) of Code Section 30-5-7, relating to confidentiality
of public records, reasonable access, and redaction in certain circumstances, and by adding
a new paragraph to read as follows:
"(3) Agencies participating in joint investigations at the request of and with the
department, or conducting separate investigations of abuse, neglect, or exploitation within
an agency's scope of authority, unless such records are wholly owned by the federal
government; <del>and
</del> (4) Coroners or medical examiners in suspicious death investigations; <ins>and
(5) A financial institution, as defined in Code Section 7-1-4, that has a reasonable belief
that a financial transaction initiated with such financial institution may involve, facilitate,
result in, or contribute to the financial exploitation of a disabled adult or elder person.
</ins>
<ins>Such financial institution shall have reasonable access only to such records as necessary
to inform its decision to place a hold on an account pursuant to Code Section 7-1-239.12."
</ins> SECTION 31.
All laws and parts of laws in conflict with this Act are repealed.

## Summaries written by Georgia Commons

The following was written by claude-sonnet-5 from the text above and is not part of the bill. Quote the text, not the summary.

House Bill 945 lets Georgia banks and credit unions temporarily freeze transactions when they suspect an elderly or disabled customer is being financially exploited, and separately creates new state rules for cryptocurrency ATM kiosks and litigation-funding companies.

### Plain-language summary

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.

### What it does

- 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.

### Who it affects

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.

### Why it matters

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.

### Key provisions

- 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.

## Status

- Status: Passed (2026-05-11)
- Last action: Effective Date 2026-07-01 (2026-05-11)
- Sponsors: Bruce Williamson, Noel Williams, Johnny Chastain, Mike Hodges
- Official page: https://www.legis.ga.gov/legislation/72143

> The history, votes, and amendments (2,214 characters) are at https://georgiacommons.org/bills/2025-2026/hb945.md?full=1