The California Consumer Privacy Act (CCPA) is a landmark legislation measure that establishes a slew of new privacy rights for California individuals and stringent requirements for businesses that collect personal information about them. The act took effect on the 1st of January, 2020.
Personal information is defined by the CCPA as information that identifies, relates to, describes, or could reasonably be linked, directly or indirectly, to a specific consumer or household, such as a real name, alias, postal address, unique personal identifier, driver’s license number, or other similar identifiers. CCPA aims to improve the protection of consumer privacy rights.
With the CCPA, consumers in real estate have a right to know and to be properly informed about the kind of information being sold, data regarding collection, sale, and disclosure of procedures and timelines covering the business. In addition, according to the CCPA, consumers have the right to opt-out of a sale at any time during the process of transacting as long as the contract of agreement is not being breached.
In a similar vein, the CCPA, just like the European data privacy laws, grants lenders in California the right to ask that their data be removed from a particular transaction and be protected from discrimination against consumers exercising their data protection rights under the new law. Again, this act applies to lenders because their businesses fall within the requirements spelled out by the act. Hence, lenders are one step safer with this knowledge.
It is necessary to be well informed about the CCPA and other consumer-related laws affecting lending businesses and private lenders. To read more, click here.
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