The bill establishes the Task Force on Payment Scams, which will operate under the Department of Financial Services. The task force is tasked with recognizing and preventing payment scams by examining current trends, identifying effective prevention methods, and issuing recommendations. It will be chaired by the Chief Financial Officer and will include representatives from various sectors, including agriculture, law enforcement, financial institutions, and consumer groups. Members will serve without compensation but will be entitled to per diem and travel expenses. The task force is required to meet at least three times within the first year of its establishment and will have specific duties, including evaluating best practices for combating scams and determining educational strategies for consumers.

Additionally, the task force must submit a report detailing its findings and recommendations to the President of the Senate and the Speaker of the House of Representatives within one year of its establishment, with annual updates thereafter. The bill also includes a provision for the task force's repeal on October 2, 2029, unless it is reviewed and saved from repeal by the Legislature. The effective date for this act is set for July 1, 2026.