In a post-GDPR world, more and more states are considering enacting their own comprehensive privacy laws. With the absence of a federal regulation, many states have found, that in making sure their citizens’ data is adequately protected, it is necessary to pass their own privacy laws.
As of today, eleven states have enacted privacy laws, four of which are effective now; seven of which will become effective in the future. These privacy laws vary in their scope and specifics from state to state; but they all include the right for their citizens to access their data, know how said data is collected, modify or delete it, and more. Because the regulations and rights conferred vary from state to state, private lenders and other organizations should have both a general understanding of the concept of privacy laws and the specifics of their laws in the state in which they maintain operations with customer data.
Important Elements:
• Post-GDPR world: legislators moving towards enacting state privacy laws
• 11 states have enacted privacy laws, 4 effective now, 7 coming
• Regulations and rights conferred vary from state to state
• Private lenders and other organizations need to understand concept of privacy laws and specifics of state laws
You can read this full article at: https://geracilawfirm.com/a-private-lenders-roadmap-to-state-privacy-laws/(subscription required)
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