This bill establishes a trusted contact program for financial institutions in Minnesota to help mitigate financial exploitation and fraud. It allows customers to designate one or more trusted contacts who can be reached by the financial services provider in specific situations, such as when the customer is unresponsive, when there is an emergency, or when there is suspicion of fraud. The bill also permits financial services providers to report suspected fraudulent activities to law enforcement agencies and outlines the procedures for implementing the trusted contact program, including the ability for customers to terminate or withdraw trusted contacts at any time.

Additionally, the bill limits the liability of financial services providers regarding the actions of trusted contacts and their decisions to report suspected fraud. 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, the bill provides immunity from liability for trusted contacts who act in good faith and with reasonable care. Overall, the legislation aims to enhance customer protection while providing financial institutions with the necessary tools to address potential exploitation and fraud.