The bill establishes a trusted contact program for financial services providers in Minnesota to help mitigate financial exploitation and fraud. It defines a "trusted contact" as an individual designated by a customer who can be contacted by the financial services provider in specific situations, such as emergencies or suspected fraud. The bill allows financial services providers to report suspected fraudulent activities to law enforcement and mandates that they may offer a trusted contact program, where customers can designate one or more trusted contacts for various scenarios, including when the customer is unresponsive or when their account is deemed dormant.

Additionally, the bill limits the liability of financial services providers regarding the actions of trusted contacts and their decisions to report suspected fraudulent activities. It specifies that providers are not liable for a trusted contact's actions or for declining to interact with a trusted contact if they believe it is not in the customer's best interest. Furthermore, trusted contacts acting in good faith are granted immunity from liability. This legislation aims to enhance customer protection while providing financial institutions with a framework to address potential exploitation and fraud effectively.