Generally revise privacy laws related to biometric, genetic, and neural data

1. **ONE-SENTENCE SUMMARY:** SB163 updates Montana's privacy laws to include specific protections for biometric, genetic, and neural data. 2. **KEY REQUIREMENTS:** - Obtain explicit consent from individuals before collecting or using their biometric, genetic, or neural data. - Provide clear information on how this data will be used, stored, and shared. - Implement reasonable security measures to protect this data from unauthorized access. 3. **DEADLINES:** - Effective Date: The law goes into effect on July 1, 2024. - Compliance Deadline: Businesses must be compliant with the new requirements by the effective date. 4. **PENALTIES:** - Violations can result in fines up to $10,000 per incident. - The state may also take enforcement actions against businesses that fail to comply. 5. **SMB IMPACT:** Small businesses will need to update their data collection practices and privacy policies to ensure compliance, which may require additional resources or training. Failure to comply could lead to significant fines, impacting their bottom line.