Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Consumer Payments topic
No spam. Unsubscribe anytime.
Committee approves 15-minute 'cooling off' proposal for peer-to-peer transfers after sponsor cites consumer complaints about Cash App
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 does is ask for a 15 minute cooling off period when there is a peer to peer transfer,” the sponsor said, adding that 15 minutes allows most people to realize and correct an error.
The sponsor said the bill was drafted in response to complaints about large payments platforms and cited a recent settlement: “the biggest player of them all is a bad actor, Cash App. They just settled a hundred and $75,000,000 suit because they won't respond to consumers.” Committee members asked how the sponsor selected 15 minutes; the sponsor said the figure was chosen after discussing cases with affected consumers and that she had considered 30 minutes but settled on 15 as reasonable.
Committee members also raised practical questions about penalties, out‑of‑state providers and implementation. The sponsor said penalties would be set by the consumer division and that the bill’s enforcement details would be developed by regulators; she said she did not include a specific penalty schedule in the bill text.
The committee approved HB 576 by voice vote. The motion was announced as “do pass HB 576 LC 550531.”
