Trusted contact program established to mitigate financial exploitation and fraud

This bill establishes a trusted contact program for financial services customers in Minnesota to help prevent financial exploitation and fraud. It allows customers to designate a trusted adult to contact the financial institution in emergencies, when the customer cannot be reached, or when fraud or exploitation is suspected. The program also permits financial institutions to voluntarily offer accounts with security features that allow trusted contacts to view account activity and set transaction limits. Financial institutions and trusted contacts are protected from liability if they act in good faith when using the program.