Minnesota HF4502 establishes a trusted contact program to help prevent financial exploitation and fraud, and limits liability for financial services.

Minnesota HF4502 establishes a trusted contact program for financial services providers to mitigate financial exploitation and fraud. Customers can designate trusted contacts for the provider to contact in emergencies or suspected fraud. The provider can set transaction limits and permit limited access for trusted contacts. A trusted contact acting in good faith and exercising reasonable care is immune from liability. The provider is not liable for a trusted contact's actions or for declining to interact with a trusted contact.

Minnesota HF4502 establishes a trusted contact program to help prevent financial exploitation and fraud, and limits liability for financial services.

Minnesota HF4502 establishes a trusted contact program for financial services providers to mitigate financial exploitation and fraud. Customers can designate trusted contacts for the provider to contact in emergencies or suspected fraud. The provider can set transaction limits and permit limited access for trusted contacts. A trusted contact acting in good faith and exercising reasonable care is immune from liability. The provider is not liable for a trusted contact's actions or for declining to interact with a trusted contact.