OKLAHOMA CITY, Okla.–Legislation that seeks to hold merchants accountable for data breaches has cleared its first legislative hurdle in the Oklahoma legislature.
The Cornerstone league said the legislation, SB0614, was introduced on behalf of Oklahoma credit unions, It was unanimously approved by the Senate Judiciary Committee earlier this week.
According to the Cornerstone league, among other things, the bill would give Oklahoma’s attorney general authority to impose penalties on merchants that fail to report breaches within three days, including reimbursement to credit unions for all or part of the costs incurred as a result of the breach.
Merchant associations and several large retailers are mounting a major effort to defeat the bill, according to the CCUL.
“Committee approval is an encouraging first step, but we have a major battle in front of us," said Nate Webb, president of the Oklahoma Credit Union Association, in a statement first reported by the Cornerstone league. "The opposition is influential and has deep pockets, and we fully anticipate this to be a full contact battle.”
The measure now moves on to the full Senate for consideration.