The state law furthers legislative focus on protecting consumer data.
11/20/2019 10:00
As reported by Michael Lamm, managing partner of ACA International member firm Corporate Advisory Solutions (CAS), The California Consumer Privacy Act (CCPA) recently passed a calendar milestone that makes January 2020 enforcement a reality and reiterates an ongoing focus on protecting consumer data. Beginning Jan. 1, this act will apply to all companies doing business in California and satisfying one of the following three conditions:
1. Gross annual revenue of $25 million and above
2. Collects data on more than 50,000 consumers
3. Derives more than half of gross revenues from selling consumers’ personal information.
Under the CCPA, California consumers can request data disclosure or data deletion as well as prohibiting third-party sharing of the information.
In the event of a data breach and violation of the law, individuals can seek statutory damages from $100 up to $750 per incident while enforcement by the attorney general will enact civil penalties of up to $7,500 per violation. This further validates that the handling of the data privacy and data security is becoming enormously important in the accounts receivable management industry.
Read more ARM news in CAS Q3 OBS M&A Market Alert
California Attorney General Xavier Becerra released the proposed regulations as guidance for consumers and businesses subject to the law and announced four public hearings in December, ACA International previously reported.
The public comment period closes Dec. 6, 2019. ACA members are encouraged to comment on the proposed regulations and attend the public hearings on the following dates:
Dec. 2, 2019: Sacramento
Dec. 3, 2019: Los Angeles
Dec. 4, 2019: San Francisco
Dec. 4, 2019: Fresno
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