Environment
No direct effect
Neutral — no direct effect identified.
Benefits
- No material direct effect identified.
Risks
- No material direct effect identified.
StateMinnesotaIntroduced
HF 4502: Trusted contact program established to mitigate financial exploitation and fraud, and liability limited.
Bernie Perryman
HF 4502 status: Introduced — Effective date 08/01/2026 (updated Aug 1, 2026).
Source
OpenStates
Confidence
Low
Analysis basis
OpenStates summary
01
What this bill does
Official summary alongside an AI-generated read on where it stands and why.
Overall Score
75OUT OF 100
Score:75/100 civic fit
Risk:Moderate Risk
Impact:Moderate Impact 50/100
Constitutionality85%
Bipartisan75%
Public opinion80%
Bill summary
**New Law to Stop Money Scams** This bill lets your bank keep a "trusted contact" on file. If they suspect you are being scammed, they can call that person to help protect your money. The law also ensures the bank won’t get in trouble for making these check-in calls. It is currently waiting for a vote in the House.
02
Impact analysis
✦ AI analysisModeled effects across six domains, estimated from bill text and comparable legislation.
Economy
Positive outlook
70%
Benefits
- Reduces consumer financial losses from fraud
- Provides liability safe harbor for financial institutions
- Lowers administrative costs of managing compromised accounts
Risks
- Operational costs of maintaining contact databases
- Increased compliance workload for bank staff
- Liability exposure if notification protocols fail
Society
Positive outlook
80%
Benefits
- Direct protection for elderly and vulnerable populations
- Facilitates family involvement in personal financial safety
- Increases success rates in stopping active scams
Risks
- Risk of unauthorized disclosure to third parties
- Potential for strained relationships via unwanted calls
- False accusations impacting consumer quality of life
Technology Industry
No direct effect
Neutral — no direct effect identified.
Benefits
- No material direct effect identified.
Risks
- No material direct effect identified.
Civic Accountability
No direct effect
Neutral — no direct effect identified.
Benefits
- No material direct effect identified.
Risks
- No material direct effect identified.
Public Health & Safety
No direct effect
Neutral — no direct effect identified.
Benefits
- No material direct effect identified.
Risks
- No material direct effect identified.
03
How trustworthy & consequential it is
Sourcing already shown above, this is what the analysis found worth flagging.
Source
OpenStates
Official bill text or data from OpenStates.
Confidence
Low
Information is limited or incomplete.
Analysis basis
OpenStates summary
Source used for this bill's analysis.
Source note
LegiScan returned a PDF-only document. PDF extraction is not enabled in this build, so the pipeline used a safer fallback.
Analysis scope
Source provided is a summary and does not contain full bill text or specific liability clauses.
04
Where it stands
Official record- IntroducedCurrent
- CommitteeUpcoming
- Chamber votesUpcoming
- Final agreementUpcoming
- GovernorUpcoming
- EnactedUpcoming
05
How it affects your district
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06
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