Data Broker Privacy Act

1. **ONE-SENTENCE SUMMARY:** The Data Broker Privacy Act aims to regulate how data brokers collect, sell, and share personal information about individuals in New Mexico. 2. **KEY REQUIREMENTS:** - Register as a data broker with the state if you collect and sell personal data. - Provide individuals with the ability to opt-out of having their data sold. - Maintain a clear privacy policy that outlines data collection and sharing practices. - Respond to consumer requests regarding their personal data within a specified timeframe. 3. **DEADLINES:** - The bill is currently introduced; monitor for updates on the effective date. - Compliance will likely be required within a certain period after the bill is enacted (check for specific timelines once passed). 4. **PENALTIES:** - Fines for non-compliance can be imposed, though specific amounts will be defined once the bill is finalized. - Enforcement may include actions taken by the state attorney general. 5. **SMB IMPACT:** Small businesses that act as data brokers will need to adjust their practices to comply with registration and consumer rights, which may require additional resources for compliance and customer service. Businesses that do not handle personal data may not be directly impacted, but should stay informed about the bill's progress.