HB945: HB945 Banking and finance; holds on accounts of eligible adults for suspected financial exploitation; provide

Georgia banks currently have no clear legal process for pausing a suspicious transaction when they believe an older or disabled customer is being scammed or exploited. This bill creates that process. It defines an 'eligible adult' as someone 65 or older or someone with a diagnosed mental or physical incapacity, dementia, or Alzheimer's. Financial institutions may let customers name a 'trusted contact' on their accounts, and if a bank reasonably suspects financial exploitation, it may place a hold on a transaction for up to 15 business days, extendable another 15 days, with notice to authorized account users and any trusted contact. The bill also requires bank employee training on exploitation, record-keeping for every hold placed, and gives banks legal immunity when they act in good faith. Separately, it regulates virtual currency kiosks (cryptocurrency ATMs), setting disclosure requirements, an 18 percent fee cap, daily transaction limits, and fraud-refund rules. It updates litigation financing registration and renewal procedures, adjusts merger notification rules for banks, and removes a requirement that certain lenders pull credit reports from a credit bureau. Most provisions take effect upon passage.

Elderly Georgians (65 and older) and disabled adults, their family members or designated trusted contacts, banks, credit unions, and other financial institutions, virtual currency kiosk owners and operators, litigation finance companies, and mortgage lenders and brokers regulated by the Department of Banking and Finance.

Families of older or disabled Georgians would gain a formal safeguard when banks suspect a scam or exploitation, potentially stopping a fraudulent transfer before money leaves an account. Cryptocurrency kiosk users would get new fraud warnings, fee caps, and refund rights, while litigation finance companies face updated registration rules.

• Section 1 defines 'disabled adult,' 'elderly adult,' 'eligible adult,' and 'financial exploitation' and revises the definition of 'financial institution' in O.C.G.A. § 7-1-4.
• Section 2 creates new Code sections (7-1-239.11 through 7-1-239.19) letting institutions record trusted contacts and place holds on suspicious transactions for up to 15 business days, extendable another 15 days, with written notice within three business days and mandatory record-keeping and staff training.
• Section 2 also grants financial institutions administrative, criminal, and civil immunity for good-faith holds or for choosing not to place one, unless employees act with actual knowledge of exploitation and malicious purpose.
• Section 3 bars anyone not chartered as a merchant acquirer limited purpose bank ('MALPB') from using that term in advertising or signage.
• Sections 5 and 22 revise bank merger notification procedures and create a process for merchant acquirer limited purpose banks to amend their charter articles.
• Sections 9, 12, 14, and 19 remove or adjust requirements that certain lenders obtain independent credit reports from a consumer reporting agency under the federal Fair Credit Reporting Act.
• Sections 11 create rules for virtual currency kiosks, including mandatory fraud warnings, an 18 percent cap on fees, daily transaction limits of $2,500 for new customers and $10,000 for existing customers, and refund rights for defrauded customers.
• Section 23-29 update litigation financing registration, renewal, cease-and-desist authority, and civil penalties (up to $1,000 per day) for unregistered litigation financiers.

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 ATMs
• litigation financing
• consumer protection