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. The Chief Financial Officer is required to establish the task force by October 1, 2026, and it will include representatives from various sectors, including financial institutions, consumer groups, and technology associations. Members will serve without compensation but are entitled to per diem and travel expenses.

The task force will meet at least three times in its first year and will have several duties, including evaluating best practices for combating scams, assessing prevention efforts in other jurisdictions, and developing educational strategies for consumers. A report detailing the task force's findings and recommendations must be submitted to legislative leaders within one year of its establishment, with annual updates thereafter. The section creating the task force is set to be repealed on October 2, 2029, unless it is reviewed and reenacted by the Legislature. The act is set to take effect on July 1, 2026.