| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 25 LC 55 0531 | |
| 2 | 2 | House Bill 576 | |
| 3 | 3 | By: Representatives Williams of the 168 | |
| 4 | 4 | th | |
| 5 | 5 | , Smith of the 18 | |
| 6 | 6 | th | |
| 7 | 7 | , Lumsden of the 12 | |
| 8 | 8 | th | |
| 9 | 9 | , Jackson | |
| 10 | 10 | of the 128 | |
| 11 | 11 | th | |
| 12 | 12 | , and Hugley of the 141 | |
| 13 | 13 | st | |
| 14 | 14 | ||
| 15 | 15 | A BILL TO BE ENTITLED | |
| 16 | 16 | AN ACT | |
| 17 | 17 | To amend Part 2 of Article 15 of Chapter 1 of Title 10 of the Official Code of Georgia | |
| 18 | 18 | 1 | |
| 19 | 19 | Annotated, relating to the "Fair Business Practices Act of 1975," so as to require that the2 | |
| 20 | 20 | processing of transactions initiated by users of peer-to-peer payment platforms be delayed;3 | |
| 21 | 21 | to provide for the cancellation of such transactions during such delay period; to provide for4 | |
| 22 | 22 | penalties; to provide definitions; to provide for related matters; to repeal conflicting laws;5 | |
| 23 | 23 | and for other purposes.6 | |
| 24 | 24 | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7 | |
| 25 | 25 | SECTION 1.8 | |
| 26 | 26 | Part 2 of Article 15 of Chapter 1 of Title 10 of the Official Code of Georgia Annotated,9 | |
| 27 | 27 | relating to the "Fair Business Practices Act of 1975," is amended by adding a new Code10 | |
| 28 | 28 | section to read as follows:11 | |
| 29 | 29 | "10-1-393.20. | |
| 30 | 30 | 12 | |
| 31 | 31 | (a) As used in this Code section, the term:13 | |
| 32 | 32 | (1) 'Money transmitter' shall have the same meaning as provided in Code14 | |
| 33 | 33 | Section 7-1-680.15 | |
| 34 | 34 | H. B. 576 | |
| 35 | 35 | - 1 - 25 LC 55 0531 | |
| 36 | 36 | (2) 'Peer-to-peer payment platform' means an online digital platform that allows a user16 | |
| 37 | 37 | to transfer funds from his or her bank account to another person's bank account.17 | |
| 38 | 38 | (b) Any money transmitter that operates a peer-to-peer payment platform shall delay the18 | |
| 39 | 39 | processing of any transaction on such platform involving the transfer of funds initiated by19 | |
| 40 | 40 | a user of such platform for a period of not less than 15 minutes, during which time such20 | |
| 41 | 41 | user shall be able to cancel the transaction.21 | |
| 42 | 42 | (c) Any money transmitter that violates this Code section shall be subject to the penalties22 | |
| 43 | 43 | provided in this part."23 | |
| 44 | 44 | SECTION 2.24 | |
| 45 | 45 | All laws and parts of laws in conflict with this Act are repealed.25 | |
| 46 | 46 | H. B. 576 | |
| 47 | 47 | - 2 - |