SB 506 - This act pertains to identity theft. The act first prohibits the sharing of personal financial information with any unauthorized person unless the individual consents to the share. The act requires a business or person that conducts business in the state that owns or licenses computerized data, to disclose any breach of security of that data, to any citizen of this state whose information may, or may very well have been, acquired by an unauthorized person. Notification requirements are laid out in the act. The act allows for individuals to place security alerts and security freezes on their credit report, notifying any recipient of the report that the individual may have been a victim of identity theft, and prohibiting the release of the individual's information without the express consent of the consumer. The act details the obligations of consumer reporting agencies in response to this option. The act has a penalty provision for violations - Class A misdemeanor, fines up to $1,000 or imprisonment for up to one year. MEGAN WORD