• The passage of California's Prop 24 will hit the data-broker industry hard and create a new state regulatory agency.
  • The new law adds stringent legal requirements to how businesses collect and share consumer data.
  • The new law is similar to Europe's GDPR law, which could give California businesses a leg up in dealing with European citizen's data.

The implications of California's new consumer data privacy law will ripple through the Golden State and potentially the nation, striking a large blow to the estimated $200-billion data broker industry and heralding a new industry that tracks down shared data and enforces its deletion, experts say.

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California voters overwhelmingly approved a ballot measure that expands consumer data privacy by limiting what businesses can do with their personal information. The new law puts a stringent baseline privacy standard in place for the nation's largest economy — creating a new enforcement agency and closing an earlier law's loopholes.

The ballot initiative, Proposition 24, won more than 56% of the vote as of Wednesday morning. The new law is the most robust consumer data privacy law in the U.S. Some privacy experts compare it to Europe's data protection rules, which have had a major impact on what U.S. companies can do with data on citizens across the Atlantic.

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