Trusted contact program established to mitigate financial exploitation and fraud, and liability limited.

This bill establishes a trusted contact program for financial services customers in Minnesota to help prevent and address financial exploitation and fraud. It allows customers to designate a trusted adult contact who can be reached by financial institutions in emergencies, when contact is lost, or when fraud is suspected. The bill also permits financial institutions to report suspected fraud or exploitation to law enforcement without liability and limits legal responsibility for both institutions and trusted contacts who act in good faith. Additionally, it allows banks to offer optional account features that let trusted contacts view account activity and set transaction limits for enhanced security.