Bill > HB1049

This bill creates a legal framework for banks and credit unions in Missouri to establish voluntary trusted contact programs, allowing customers or members to designate an adult trusted contact who can be reached in specific circumstances such as emergencies, suspected financial exploitation, or when the account holder becomes unresponsive. Under this legislation, financial institutions can report suspected fraudulent activity to law enforcement agencies and will be immune from civil liability for doing so. The bill enables banks and credit unions to offer accounts with enhanced security features, such as transaction limits and limited account activity viewing for trusted contacts. Importantly, the legislation protects both the financial institutions and the trusted contacts from liability, provided they act in good faith and exercise reasonable care. Customers and members can withdraw their trusted contact designation at any time, and the trusted contacts can also choose to withdraw from this role. The primary goal of this bill is to provide an additional layer of protection and communication for vulnerable account holders by allowing them to proactively designate a person who can be contacted in unusual or potentially concerning financial situations.

Business and Industry, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB1049&year=2025&code=R