State Issues: New Jersey Identity Theft Regulations
Last Updated: June 9, 2008
Overview:
In April, the New Jersey Division of Consumer Affairs released for comment proposed regulations intended to implement the Identity Theft Prevention Act (ITPA), which was approved by the New Jersey legislature in 2005. The proposed rules varied greatly from the provisions included in the ITPA. The proposed rules present many questions for businesses and private entities regarding breach of security notification requirements and the use of social security numbers, which were intended to be clarified by the ITPA.
Position:
SIFMA opposes the rules proposed by the New Jersey Division of Consumer Affairs. The proposed rules differ greatly from the Identity Theft Prevention Act as it was approved in 2005.
Status:
The New Jersey Division of Consumer Affairs recently adopted final rules to implement the Identity Theft Protection Act. The final rules--which went into effect on April 7, 2008--were adopted without the breach of security provisions that were strongly opposed. It appears that minor changes were made to other sections. SIFMA took part in a working group, convened by the Division, on the security breach provisions.
