Customers can designate ‘trusted contact’ with financial services

As part of a law taking effect Aug. 1, 2026, customers will be able to designate a trusted contact their financial services provider can contact if there’s suspected fraud in an account.

A financial institution will contact the customer’s trusted contact if:

• the customer isn’t responsive to the institution’s communications;

• there’s an emergency or urgent matter involving the customer and the institution can’t locate the customer;

• the financial institution suspects fraudulent activity or financial exploitation targeting the customer; or

• the customer’s account is deemed dormant, and the financial institution is attempting to verify the customer’s status and location.

A customer will be permitted to terminate a person’s designation as a trusted contact at any time and a trusted contact can withdraw their status at any time.

Rep. Bernie Perryman (R-St. Augusta) and Sen. Zach Duckworth (R-Lakeville) are the sponsors.

HF4502*/SF4652/CH86

HF4502* / SF4652 / CH86