Lenders Face Compliance Issues Under New CA ID-Theft Statute
July 28, 2003
A new California law requiring consumers to be notified if a company’s customer information database has been breached could pose significant compliance challenges to mortgage lenders and other financial institutions, industry lawyers warned. The challenges lie in determining what types of security incidents may trigger notice requirements and the security measures that must be implemented to protect customer information, according to an alert issued by Kirkpatrick & Lockhart to its lender clients.