There shall be an interagency task force to review and investigate financial scams across the commonwealth.

The task force shall consist of 21 members: 3 members who shall be appointed by the senate president, 1 of whom shall serve as co-chair; 1 of whom shall be financial professional with expertise in financial scams; 1 member who shall be appointed by the minority leader of the senate; 3 members who shall be appointed by the speaker of the house of representatives, 1 of whom shall serve as co-chair; 1 of whom shall be an attorney trained representing consumers affected by financial scams; 1 member who shall be appointed by the minority leader of the house of representatives; the attorney general or their designee; the secretary of state of the commonwealth or their designee; the state treasurer or their designee; the commissioner of the division of banks or their designee; the secretary of labor and workforce development or their designee; the secretary of elder affairs or their designee; the secretary of public safety and security or their designee; the secretary of technology services and security or their designee; the commissioner of MassAbility or their designee; the president of the Massachusetts Bankers Association, Inc. or their designee; the president of the Cooperative Credit Union Association, Inc. or their designee; the executive director of MASSPIRG or their designee; and the state director of AARP Massachusetts or their designee;

The task force shall: (i) gather and review information regarding known types of financial scams;  (ii) identify the sources of financial scams that pose the greatest risk to residents of the commonwealth; (iii) identify significant data gaps in the knowledge of financial scams and develop recommendations to address the gaps;  (iv) identify segments of the population who may be at greater risk to be victimized by financial scams; (v) identify opportunities for public education regarding financial scams and their effects on consumers;  (vi) examine the benefits and burdens of existing relief under current law from financial scams;  (vii) assess how state agencies can most effectively use their existing authority and resources to reduce or eliminate financial scams;  (viii) examine available data on financial scams and determine whether further examination is warranted;  (ix) examine additional tools or resources law enforcement or state agencies require to identify, track, and response to financial scams; and  (x) examine ways to limit exposure of Massachusetts residents to, and eliminate, financial scams.

The task force shall file a report of its findings and recommendations, together with drafts of legislation necessary to carry those recommendations into effect, by filing the same with the clerks of the senate and the house of representatives and the senate and house chairs of the joint committee on financial services not later than 1 year of the implementation date of this act.