ALBUQUERQUE, NM--(Marketwired - March 20, 2017)-This week, New Mexico CU's celebrated two major victories for credit unions in the New Mexico House and Senate. On Thursday and Friday, the NM Senate passed The Data Breach Notification Act (HB 15) to help stop fraud and identity theft, and The Community Development Financial Institution Act (HB 342) to help grow jobs and communities in the state.
The Data Breach Notification Act (HB 15) specifically requires retailers and any other entity that gathers and stores personal information to notify affected parties within 30 days if the entity believes there is a serious risk of identity theft or fraud. Businesses that do not comply could be fined up to $150,000.
"This week, all New Mexicans are safer with the passage of the Data Breach Notification Act. For too long, New Mexico has been a target for identity theft and fraud because we have not previously had any method to alert consumers when their personal information has been compromised," said Paul Stull, President/CEO of the Credit Union Association of New Mexico. "New Mexico Credit Unions have fought for this protection for four years and, thanks in large part to our partnership with Leverage Point and support from NM citizens and credit union members, the 40-0 passage is a strong warning to fraudsters that New Mexico is now on alert."
Read the full press release here.