Bill > HB229

This bill creates a voluntary trusted contact program for banks and credit unions in Missouri, allowing customers or members to designate an adult trusted contact who can be contacted in specific situations such as suspected fraud, financial exploitation, or when the account holder becomes unresponsive. The bill defines a "trusted contact" as an adult person who can be reached by the financial institution during emergencies or when there are concerns about the account holder's financial safety. The legislation provides legal protections for both financial institutions and trusted contacts, ensuring that banks and credit unions can report suspected fraudulent activity to law enforcement without civil liability, and that trusted contacts who act in good faith are immune from legal action. The bill also allows financial institutions to offer accounts with enhanced security features, such as transaction limits and restricted account viewing for trusted contacts. Importantly, customers can withdraw their trusted contact designation at any time, and financial institutions are not obligated to implement such a program. The primary goal of this legislation is to provide an additional layer of protection for customers, particularly those who might be vulnerable to financial fraud or exploitation, by creating a mechanism for trusted individuals to be alerted or involved in exceptional circumstances.

https://house.mo.gov/Bill.aspx?bill=HB229&year=2025&code=R