It is difficult to keep up with legal developments in the business world.
These are the top 8 changes in business law that you should be aware of for 2022.
1. California Consumer Privacy Act (CCPA).
The CCPA was a new law that took effect January 1, 2020. Californians have the right of access to the personal data that businesses keep about them and to have it deleted. They also have the right not to be sold their data. Businesses who violate the CCPA can be subject to a maximum $7,500 fine.
2. The EU General Data Protection Regulations (GDPR).
The 2018 European Union GDPR regulations were put into effect. The GDPR requires that businesses obtain explicit consent from customers before they collect, use, or share their personal data. Consumers have the right of inquiry about what personal data is being stored on them and to have it erased. They also have the right not to be sold. Any business that processes personal data of EU citizens is subject to the GDPR, regardless of its location.
3. The California Online Privacy Protection Act, (CalOPPA), is available.
CalOPPA, a California law, requires online services and websites to publish a privacy statement that discloses how they use, collect, and share personal data. CalOPPA requires that businesses offer consumers the option to opt-out of having their data sold. Any business that has a website or an online service aimed at California residents is subject to the law.
4. The Children’s Online Privacy Protection Act, (COPPA).
COPPA, a federal law, requires online services and websites to obtain parental consent before they collect, use, or share personal information about children under 13. Parents have the right to access and remove their child’s personal data and opt-out from having it sold. This law applies to all websites and online services that are directed at children younger than 13 years old, or which have actual knowledge of the collection of personal information from children.
5. Gramm-Leach-Bliley Act
Federal law, the GLBA, requires financial institutions to make public their information-sharing practices. Consumers have the right to refuse to have their personal information shared with any third party under the GLBA. Any business engaged in the provision of financial products or services is subject to this law.
6. The Health Insurance Portability and Accountability Act, (HIPAA),
HIPAA, a federal law, protects health information privacy. HIPAA requires that businesses obtain explicit consent from their customers before they collect, use or share their health information. HIPAA gives consumers the right of inquiry about their health information, to have it deleted and to opt out from having it sold. Any business that handles patient health information is subject to the law.
7. Fair Credit Reporting Act (FCRA).
Federal law, the FCRA, regulates consumer credit information collection, use and sharing. FCRA requires that businesses obtain explicit consent from consumers to collect, use or share credit information. Consumers have the right of inquiry about credit information being collected, to have it deleted and to opt out from having it sold. Any business that uses consumer credit information to market purposes is subject to the law.
8. Telephone Consumer Protection Act (TCPA).
The TCPA, a federal law, regulates telemarketing. It covers automated calling systems, prerecorded messages and text messages. Before using these methods of contact consumers, businesses must obtain their explicit consent under the TCPA. Consumers have the right to refuse to receive telemarketing calls or text messages under the TCPA. Any business using telemarketing to reach consumers is subject to the law.
Conclusion:
A number of laws, both federal and state, regulate the use and collection of personal data. Consumers have the right of inquiry about the information being collected, to have it deleted and to opt out from having it sold. These laws must be adhered to by businesses that collect, use or share personal data.
