Banking committee advances bill letting participating banks pause suspicious transactions to protect seniors

House Bill 945, presented to the Banking Committee by Representative Wilson and agency counsel Amy Patterson, was approved unanimously after committee discussion.

The sponsor described the measure as a routine cleanup for the Georgia Department of Banking and Finance and said it carries an amendment focused on protecting seniors. "It is a housekeeping bill," Representative Wilson said as he introduced the measure and the department staff.

Amy Patterson, deputy commissioner for legal affairs at the Department of Banking and Finance, explained the bill's most substantive consumer protection: an opt‑in authority for depository institutions and credit unions to temporarily pause suspicious transactions when they "reasonably believe an elderly or disabled adult has been financially exploited." Patterson said the proposal requires notice, documentation and employee training and limits the initial holds. "The initial hold could be for up to 15 days," she said.

The bill would also impose new consumer protections and supervision for virtual‑currency kiosks — machines that convert cash to cryptocurrency — including a proposed 18% cap on transaction fees, a $2,500 maximum on initial account openings, and a five‑day window for a consumer to report clear fraud and secure a refund of principal in specified circumstances. Representative Wilson called unattended kiosks "criminal ATMs" and said the rules aim to provide disclaimers and refund pathways where fraud is obvious.

Another element would tighten oversight of litigation financiers: that industry would face annual registration, disclosure of ownership changes, criminal background checks for new owners and the department would have authority to issue cease‑and‑desist orders against unregistered actors.

Committee members pressed the department on liability and enforcement. One lawmaker warned the immunity language in the bill could be read broadly and asked whether administrative enforcement would be hampered if an employee "turned a blind eye." Patterson replied the department retains examination authority and that participants must have reasonable‑suspicion protocols to place holds; she said the rules are intended to avoid chilling participation by financial institutions that would otherwise act to protect vulnerable customers.

After brief further debate about opt‑in incentives for community banks, a committee member moved to pass the bill and it was seconded. The chair called for the vote and declared the bill approved: "Your bill is unanimous." The committee recorded no opposition and advanced HB 945 to the next step.

The bill as passed by the committee would now proceed to the chamber's next consideration; proponents said implementation details and training protocols will be addressed in rulemaking and through the department's supervisory processes.