Exemptions to NJ Privacy Law Advance in State Senate
New Jersey’s Senate Commerce Committee on Monday passed legislation that would exempt insurance entities and national securities agencies from certain disclosure requirements in the state’s comprehensive privacy law.
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The committee unanimously passed A-5017 and S-4259. The Financial Industry Regulatory Authority (FINRA), a self-regulatory agency, testified in favor of the legislation. The bills, amended to be identical on Monday, would alter the New Jersey Data Protection Act.
FINRA Senior Director of Government Affairs Kristen Standifer testified that the privacy law’s consumer opt-out provisions put investors at risk by hindering FINRA’s ability to cooperate with law enforcement and to oversee data broker activity. She noted other privacy laws have exempted this kind of activity. FINRA doesn’t use personal data for commercial, marketing or advertising purposes, though it shares data with law enforcement, Standifer said.
Sen. Jon Bramnick (R) questioned witnesses to get a better understanding of the exemption and abstained from the unanimous vote.