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Senate Commerce Committee Statement to Senate, No. 1233 with committee amendments (June 16, 2021)

Summary

A Senate Commerce Committee statement, dated June 16, 2021, to Senate, No. 1233 of the State of New Jersey, with committee amendments. The committee reports Senate Bill No. 1233 favorably and with committee amendments. As amended, the bill requires any person or legal entity that owns or licenses personal information about a resident of this State to develop, implement and maintain a comprehensive information security program with administrative, technical and physical safeguards. A violation would be an unlawful practice under the consumer fraud act, punishable by a monetary penalty of not more than $10,000 for a first offense and not more than $20,000 for any subsequent offense. The amendments clarify the definition of person and exclude certain insured depository institutions and credit unions.

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“Senate Commerce Committee Statement to Senate, No. 1233 with committee amendments (June 16, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-06-16-scm-s1233-s1-d25240b8b1/, SHA-256 6ef1de0aa553dbdaaa6c6fda7c2647af41a5d30ab5873895853d72824a9a694a.

Full text

     SENATE COMMERCE COMMITTEE

                     STATEMENT TO

                   SENATE, No. 1233
                    with committee amendments



 STATE OF NEW JERSEY
                       DATED: JUNE 16, 2021

    The Senate Commerce Committee reports favorably and with
committee amendments Senate Bill No. 1233.
    As amended, this bill requires any person, corporation, association,
partnership or other legal entity that owns or licenses personal
information about a resident of this State to develop, implement, and
maintain a comprehensive information security program that is written
in one or more readily accessible parts and contains administrative,
technical, and physical safeguards that are necessary to protect the
personal information. The definition of “person” means a natural
person, corporation, association, partnership or other legal entity, other
than an agency, department, board, commission, bureau, division or
authority of the State or any political subdivision thereof. It also
includes, but is not limited to, a financial service firm, investment
firm, and digital asset business. “Person” does not include certain
insured depository institutions, insured credit unions, and financial
institutions or affiliates of a financial institution.
    The bill provides that it would be an unlawful practice under the
consumer fraud act, P.L.1960, c.39 (C.56:8-1 et seq.), to willfully,
knowingly or recklessly violate the provisions of the bill. An unlawful
practice is punishable by a monetary penalty of not more than $10,000
for a first offense and not more than $20,000 for any subsequent
offense. Additionally, a violation can result in cease and desist orders
issued by the Attorney General, the assessment of punitive damages,
and the awarding of treble damages and costs to those injured as a
result of the violation.

COMMITTEE AMENDMENTS:
    The committee amended the bill to:
    (1) clarify that certain entities are included within the definition of
“person”; and
    (2) exclude certain insured depository institutions, insured credit
unions, and financial institutions and affiliates from the provisions of
the bill.

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