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GeorgiaHB 9452025-2026 Regular SessionHouseWALLET

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

Sponsored By: Johnny Chastain (Republican), Noel Williams (Republican), Bruce Williamson (Republican)

Signed by Governor

Banks & BankingBanking and Financial InstitutionsGeneral Bill

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Bill Overview

Analyzed Economic Effects

16 provisions identified: 6 benefits, 5 costs, 5 mixed.

Crypto kiosks must strengthen fraud safeguards

Qualifying virtual currency kiosk transfers fall under Georgia’s money-transmission rules. Operators must keep government-issued identification copies, prevent customers from sharing wallets, and be able to block designated wallets. They must use outside blockchain risk screening and risk-based monitoring after transactions. Live phone support must operate during kiosk hours, be available to law enforcement, and have recordings kept at least five years. Operators must report kiosk locations and employ a qualified, full-time compliance officer who owns no more than 20% of the business.

Fraud victims get crypto kiosk refunds

New and existing kiosk customers who were defrauded or deceived can request a full refund of transaction fees. New customers can also request the full amount of qualifying transactions made during their first 72 hours. For that transaction refund, contact both the operator and a government or law enforcement agency. Both reports must happen within five days after the last transaction in that first-72-hour period. Operators must issue required refunds within 72 hours of the request.

Banks gain protection from hold-related claims

Financial institutions, officers, directors, and employees gain protection from administrative, civil, and criminal liability for covered exploitation-related actions or delays. That protection requires good faith and reasonable care. They are also generally protected for choosing not to place a hold. Protection for not placing a hold does not apply when employees actually know about exploitation and act with malicious purpose.

Crypto kiosks cap fees and transactions

Virtual currency kiosk fees, commissions, exchange-rate markups, and other charges together cannot exceed 18% of the money exchanged or sent. New customers face a combined daily transaction limit of $2,500 during their first 72 hours. Customers registered with the operator for more than 72 hours face a $10,000 daily limit.

Fraud protections can delay adults’ payments

Financial institutions may hold transactions when they reasonably suspect financial exploitation of an eligible elderly or disabled adult. This covers the adult’s account, accounts where the adult is a beneficiary, and suspected perpetrators’ accounts. Written notice goes to authorized account parties and recorded trusted contacts within three business days, unless they may be involved. Holds expire after 15 business days, with one extension of up to 15 more business days if review supports the concern. Courts can change that deadline, and institutions can end holds early. Institutions must first train staff, enforce written review procedures, and keep training and hold records. A held payment order counts as received only after the hold ends and the transaction is submitted for processing.

Crypto customers get warnings and receipts

Kiosk operators must disclose risks and account terms before the first transaction, and transaction details before every transaction. Warnings explain possible irreversible transfers, price swings, public transaction records, no government backing or insurance, and limits on bond coverage. Changed disclosures must be updated before the next transaction. Disclosures must be clear, in English and the customer’s selected language when applicable; specified warnings require at least 24-point sans-serif print and acknowledgment. Each completed transaction requires a receipt showing contact information, customer and transaction details, wallet addresses, transaction ID, charges, exchange rates, taxes, refund policy, liability terms, and state contact information. Electronic receipts require the customer’s request or agreement.

Foreign bank customers get moving notices

A foreign bank’s Georgia representative office must notify the state at least 30 days before moving within Georgia. The notice must include new street and mailing addresses. Customer notices must appear at the affected office and on the bank’s website at least 30 days before the move. The state can require an application if the notice raises supervisory concerns.

Lawsuit funding contracts must identify funders

Lawsuit funding agreements must clearly show the registered funder’s name, unique identifying number, and business address. These details are required in addition to other applicable disclosures.

Trusted contacts help protect vulnerable adults

Financial institutions may offer trusted contacts for each account an eligible elderly or disabled adult owns wholly or partly. The contact must be a person age 18 or older, and the institution must record the designation. The institution cannot require the contact’s consent. Contacts can be named before the owner becomes eligible, but cannot be contacted under these protections until then. Institutions that reasonably suspect exploitation can access only the confidential records needed to decide whether to place a hold.

Covered mortgage borrowers pay closing fee

Borrowers pay a $10 fee at closing for each mortgage loan covered by the law. The fee applies whether or not a licensed mortgage broker or lender closes the loan. The secured party listed on the lien document collects it and sends it to the banking department for the state general fund.

Lawsuit funders face registration and penalties

Lawsuit funders must register through the multistate licensing system, submit sworn business information, and pay nonrefundable state-set application fees. The state investigates applicants and can require applicant-paid criminal-history checks for funders and their owners or leaders. Unless the chapter provides otherwise, renewals and nonrefundable, non-prorated annual fees are due December 1; registrations expire December 31. The state can immediately order unregistered activity to stop; the order becomes final after 30 days. It must cancel the order if the person registers or proves an exemption within that period. Violating a final order can bring penalties up to $1,000 per day, and a penalty hearing must be requested within 10 days after notice.

Some bank mergers face state objections

Merger parties must notify Georgia’s banking department when the resulting bank or trust company will not be Georgia-chartered. Notice is due when they apply to the appropriate regulator. They must provide the application, requested information, and regulators’ approval certificate. The department can object for good cause before completion. After an objection, the transaction cannot proceed without department approval.

Mortgage companies face revised oversight coverage

Covered mortgage servicers handle at least 2,000 residential loans for others, based on the latest year-end Mortgage Call Report. The count excludes owned whole loans, reverse mortgages handled for others, and loans serviced temporarily before sale. This threshold determines which lenders face covered-servicer requirements. Rules governing acquisitions without prior approval expressly include licensed or licensing-exempt mortgage lenders and brokers. They cover direct and indirect acquisitions of interests in licensees, including mergers and consolidations.

Mortgage points face flexible benchmark limits

For home loans covered by Georgia’s fair-lending law, qualifying discount points must be knowingly paid and actually lower the interest rate. The rate before points cannot exceed the average prime offer rate by more than one percentage point. The banking department can adopt or reference an alternative benchmark formula by rule.

Installment lenders face revised licensing coverage

Listed banks and similar institutions qualify for installment-loan licensing exemptions only when their deposits are federally insured. Their wholly owned subsidiaries also qualify. Pawnbrokers and government entities remain listed as exempt persons, but their transactions lose an express exemption. The banking department can consider independent credit reports when reviewing licensees and applicants. Those reports are not limited to reports from agencies described in federal credit-reporting law.

Banks face naming and charter rules

Nonqualifying businesses cannot use merchant-acquirer bank terms, subject to the law’s naming exception. State-chartered banks, trust companies, and merchant-acquirer banks follow corporation or limited liability company rules based on their structure. State-chartered credit unions follow nonprofit corporation rules; all these entity rules apply only when consistent with banking law and state rules. Merchant-acquirer banks may request authorized charter changes, including changes to names, shares, purposes, and main offices. They must file amendments, pay required fees, and receive approval or denial within 60 days. Approved changes take effect when the Secretary of State issues a certificate, after applicable legal criteria are met.

Sponsors & Cosponsors

Sponsors

  • Johnny Chastain

    Republican • House

  • Noel Williams

    Republican • House

  • Bruce Williamson

    Republican • House

Cosponsors

  • Mike Hodges

    Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 328 • No: 130

Senate vote • 3/10/2026

MOTION TO RESOLVE DEBATE

Yes: 43 • No: 3 • Other: 5

Senate vote • 3/10/2026

ADOPTION OF THE AMENDMENT BY THE SEN FROM THE 19TH AS AMENDED

Yes: 9 • No: 41 • Other: 2

Senate vote • 3/10/2026

ADOPTION OF AMEND #1A BY SEN FROM THE 14TH TO AMEND #1 BY SEN FROM THE 19TH

Yes: 17 • No: 31 • Other: 4

Senate vote • 3/10/2026

PASSAGE

Yes: 50 • No: 0 • Other: 2

Senate vote • 3/10/2026

ADOPTION OF AMEND #1C BY SEN FROM THE 23RD TO AMEND #1 BY SEN FROM THE 19TH

Yes: 21 • No: 28 • Other: 3

Senate vote • 3/10/2026

ADOPTION OF AMEND #1B BY SEN FROM THE 35TH TO AMEND #1 BY SEN FROM THE 19TH

Yes: 27 • No: 22 • Other: 3

House vote • 2/6/2026

PASSAGE

Yes: 161 • No: 5 • Other: 6

Actions Timeline

  1. Effective Date

    7/1/2026

  2. House Date Signed by Governor

    5/11/2026House

  3. Act 478

    5/11/2026

  4. House Sent to Governor

    4/6/2026House

  5. Senate Third Read

    3/10/2026Senate

  6. Senate Passed/Adopted

    3/10/2026Senate

  7. Senate Read Second Time

    2/24/2026Senate

  8. Senate Committee Favorably Reported

    2/20/2026Senate

  9. Senate Read and Referred

    2/9/2026Senate

  10. House Third Readers

    2/6/2026House

  11. House Passed/Adopted By Substitute

    2/6/2026House

  12. House Committee Favorably Reported By Substitute

    2/2/2026House

  13. House Second Readers

    1/14/2026House

  14. House First Readers

    1/13/2026House

  15. House Hopper

    1/12/2026House

Bill Text

  • HB 945/AP* (v11)

    PDF

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