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Committee approves 15-minute 'cooling off' proposal for peer-to-peer transfers after sponsor cites consumer complaints about Cash App
2436835 · February 27, 2025
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Summary
House panel approved HB 576, establishing a short delay for peer-to-peer transfers to allow senders to cancel mistaken payments; sponsor cited consumer complaints and a recent large settlement by a payments platform.
The House Agriculture and Consumer Affairs Committee voted to approve HB 576 (LC 550531), which would require a short waiting period for peer-to-peer cash transfers to permit senders to cancel mistaken payments.
The sponsor described the measure as a consumer-protection response to repeated complaints about instantaneous transfers with no recourse. “All this bill…
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