Category Archives: fintech (finance technology)

5 Points. Unanimous Data Security Bill Post- Equifax.

Oregon’s SB 1551 (2018)  will require:

  • notification to consumers of a data breach within 45 days unless it could hinder law enforcement
  • if more than 250 Oregonians are affected, then notice must also go to the state Attorney General
  • a violation triggers Deceptive Trade Practices Act 
    • this means class action lawsuits
    • this also means big fines
  • no fees for credit freezes or thaws
  • prohibits ‘ “upselling” by breached companies or third-party contractors when they offer people free credit…

Lege TREND. Blockchain Bills in the Goldenrod flower state. 3 Key Elements to the Bills with Local Government Preemption

State: Nebraska

The legislation: 

  • LB 987 Bitcoin as acceptable currency
  • LB 691 Virtual Currency Money Laundering Act
  • LB 694  State preemtion on blockchain technology & prohibits local taxing of blockchain
  • LB 695 Blockchain state contracting

LB 694 & 695 will require that:

  • blockchain signatures are legally valid in Nebraska
  • smart contracts are valid in all commerce in Nebraska
  • local governments cannot tax, license or regulate blockchain technology

Omaha World Herald | Nebraska…

Lege trend. Increasing Consumer Protections in a Post-Equifax World.

A Rhode Island legislator wants companies that have had a data breach to:

  • notify the state and consumers in a “reasonable promptness”, quicker than the current 45 days
  • Increase the penalty from $100 to $150,000 per breach

WPRI | Lawmaker proposes law to protect victims of data breaches

Rhode Island HB 7387 (2018) 

Equifax Fix TREND. The different route a Plains State Takes. 3 Key Points from the Bill.

Nebraska Legislature is considering LB 757  that will:

  • Applies data security requires people and businesses that owns, licenses or maintains data of Nebraska residents
  • Requires a data security standard of “reasonable security procedures and practices:
  • Ties the state legislation to  Gramm-Leach-Bliley Act or the Health Insurance Portability and Accountability Act of 1996 

How does this differ from other state approaches?

  • Other states have focused on free credit freezes and free credit report…

+1 Southern State. Free Credit Report Freezes & Thaws. Read the Bills & the loyal opposition.

Florida legislature is considering SB 1302 and HB 953  that will end fees for freezing or unfreezing a credit report.

The bills make no other changes to credit reporting entities.

The opposition, the “Consumer Data Industry Association,” opposes bills that removes all fees from credit freezes.

Palm Beach Post | Florida considers ending fee to freeze credit as Equifax leads gripes

 

Lege TREND. +1 State. Bipartisan Data Security Bill Post-Equifax. 4 Requirements.

California’s SB 823 (2018)  requires:

  • Free credit card freezes and credit freeze lifts
  • Allowing all credit reporting agencies to freeze credit by initiaiting a request with 1 credit reporting agency
  • Allowing for electronic freezes and lifts

4 States currently allow for free credit freezes and freeze lifts:

  •  Indiana
  • Maine
  • North Carolina
  • South Carolina

Lege Trend. New Regulatory Division for Data Security. 5 Key Details to Draft one for your State.

The new federal legislation, The Data Breach Prevention and Compensation Act, would:

  • Create a new cybersecurity office within the Federal Trade Commission
  • Incentivize data security by imposing mandatory fines on credit reporting agencies with flawed security
  • Annual inspections by the FTC of credit reporting agencies
  • Fines would be divided to:
    • 50% to the consumers affected
    • 50% to the FTC to fund inspections and cybersecurity research
  • Credit reporting agencies would have to report to…

9 Parts. North Carolina Data Security Bill. Post-Equifax.

The state Attorney General and a State Representative are promoting an forthcoming North Carolina bill, the Act to Strengthen Identity Theft Protections.

Here’s what the bill will do:

  • Include ransomware in definition of data breach
  • Protect more information by creating a duty for businesses to have reasonable data security standards, and include insurance/medical information in the data breach notification law
  • Quicker consumer notification.  15 day time limit to notify the consumer & the…

Regulatory TREND. Imposing Data Security on Credit Reporting Agencies. Read the new Rules from NY

New York’s new rules on credit reporting agencies will do these 4 things:

  • Require consumer credit-reporting agencies to identify “dedicated points of contact” for New York’s Division of Consumer Protection
    • WHY? Ensure consumers can promptly get answers 
  • Mandate that credit-reporting agencies respond “within 10 days” to any requests for information made on behalf of consumers by the Division of Consumer Protection
  • Credit reporting agencies must “plainly disclose” to consumers all fees…

+ 1 State. Lege Trend. Credit Freezes after a Breach.

The State joining the post-Equifax hack legislative trend: Rhode Island

The proponent: The Rhode Island Attorney General

The legislation would:

  • Free credit freezes &un-freezes. prohibits credit bureaus from charging all Rhode Island consumers fees to place, temporarily lift, or remove security freezes on their accounts

WPRI | RI Attorney General files legislation on security freezes following Equifax data breach