Plain English Breakdown
The bill status shows it was 'Withdrawn' and 'Recommitted,' meaning it has not been finalized or enacted into law despite earlier passing both chambers.
HB576: Delaying Peer-to-Peer Payment Transactions
This bill proposes requiring a delay in processing transactions on peer-to-peer payment platforms and allowing users to cancel those transactions during the waiting period.
What This Bill Does
- Requires that the processing of transactions started by users of peer-to-peer payment platforms be delayed.
- Provides for the cancellation of these transactions during the required delay period.
- Establishes penalties for breaking these rules.
- Defines terms used in the law regarding these platforms and delays.
Who It Names or Affects
- Users of peer-to-peer payment platforms
- Companies that process transactions for these platforms
Limits and Unknowns
- The bill text does not state exactly how long the required delay must be.
- The source material does not list specific amounts or details for penalties if rules are broken.
- No effective date is listed, so it is unknown when these changes would start.
- The bill was withdrawn and recommitted to committee on April 4, 2025.