Relating to breaches of security with respect to account information associated with financial access devices; declaring an emergency.
Catchline/Summary:
Requires person that possesses or has access to account information to report breach of security to financial institution that issued financial access device. Requires person that possesses or has access to account information to report breach of security to financial institution that issued financial access device. Requires person to safeguard account information in accordance with standards that Department of Consumer and Business Services adopts by rule.
Subjects person to liability to financial institution for costs financial institution incurs as consequence of breach of security if person's failure to comply with standards for safeguarding account information amounts to gross negligence.
Becomes operative January 1, 2018.
Declares emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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HB 2581 House Committee On Business and Labor
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