Two committees of the Georgia House of Representatives convened today to advance bills concerning banking and the monetization of school sports. Both bills seek to enhance protections in the State of Georgia, especially for victims of fraud and student athletes.
Fraud Prevention
First, the House Committee on Banks and Banking convened to discuss House Bill (HB) 945, which addresses rampant fraud in the state. Specifically, the bill provides institutions with the ability to place holds on accounts of eligible adults for suspected financial exploitation.
Sponsored by Representative Bruce Williamson (R-112), this bill was drafted with personal experience in mind, as well as the input of committee members who have related experience.
The bill will protect banks that initiate training programs, and it clearly outlines the potential repercussions for employees who don’t recognize fraud properly.
To be clear, the Department of Banking won’t prescribe training details but will enact some requirements. The bill passed out of the committee with a unanimous vote and little resistance.
Athlete Protections
Second, the House Education Subcommittee on Policy and Innovation convened to discuss HB 383, also known as the Georgia High School NIL Protection Act. This bill’s primary purpose is to protect student athletes from being victimized by predatory contracts.
For context, NIL stands for name, image, and likeness, and refers to the ability of collegiate athletes to earn money from their brand. NIL is legal in Georgia and has been active for several years.
The bill achieves its purpose by preventing students who transition to collegiate sports from being trapped in high school-level contracts. Ten days after high school graduation, athlete contracts are void and must be renegotiated at the collegiate level.
HB 383 also establishes a moral standard by preventing student athletes from being endorsed or sponsored by businesses that produce alcohol, tobacco, or cannabis products. This rule applies especially to high school sports.
To be clear, HB 383 will not cap the amount of money a student athlete can make, because it has no intention of intruding on the free market. This bill also passed unanimously with little resistance.
