Recently, associations have been pushing for new federal privacy laws to protect all Americans. These laws are especially important to pay attention to if you deal with real estate transactions and legal documents.
The Pressure is On
Over 20 associations are collectively urging Congress to pass privacy legislation that will encompass the entire nation. In a letter, multiple senators asked the committee to develop legislation for more comprehensive protection for consumers. They also would like to provide more information and resources to businesses and accessible resources for the Federal Trade Commission. “Data has helped keep the digital lights on for small businesses struggling during the COVID-19 pandemic, bolsters public health, and expands financial inclusion for underserved communities,” they said. “With data playing such a critical role in our economy, consumers deserve robust privacy protections that are clear and understandable.”
Catching Up with the Rest of the World
Like the letter says, over 120 countries have already implemented comprehensive data protection laws. The U.S. is severely lacking and needs to catch up. However, it’s difficult for small businesses to compete due to ever-increasing compliance costs. “This patchwork also fosters consumer confusion, as state residency is now the sole determinant of a U.S. consumer’s privacy rights,” the letter said. The lawmakers want the new legislation to focus on consumer protections, the reinforcement of civil rights, and safeguards on cybersecurity.
Why Data Privacy and Security Matters
In a world where most transactions are entirely online or through digital communications, privacy and security are essential. This includes all parties involved in real estate transactions. Legislation like this could potentially provide the proper guidance and tools to protect both the professionals and consumers in a real estate transaction
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