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Committee backs 15-minute "cooling off" window for peer-to-peer transfers in HB 576
Summary
The committee approved HB 576, which would require a brief delay on peer-to-peer transfers to allow senders to reverse mistaken payments; penalties and enforcement will be handled by the state consumer division.
The House Agriculture & Consumer Affairs Committee voted to advance HB 576, a consumer-protection bill that would require a short delay on peer-to-peer (P2P) transfers to let senders reverse mistaken payments.
The sponsor described the bill as a narrowly tailored remedy for consumers who lose money when instant-transfer platforms provide no effective recovery mechanism. The…
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