The bill establishes the Task Force on Payment Scams, which will operate under the Department of Financial Services. The Chief Financial Officer is tasked with forming the task force by October 1, 2026, to address and prevent payment scams through various strategies, including examining current trends, identifying effective prevention methods, and ensuring representation from stakeholders with relevant expertise. Members of the task force 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 in its first year and will have specific duties, such as evaluating best practices and assessing methods used by scammers.

Additionally, the task force must submit a report within one year of its establishment, detailing its findings and recommendations to enhance the detection and prevention of payment scams. This report will be made publicly available and updated annually. The section establishing the task force is set to be repealed on October 2, 2029, unless it is reviewed and saved from repeal by the Legislature. The act is set to take effect on July 1, 2026.