This bill mandates that biotechnology companies holding consumer health information must adhere to the federal Health Insurance Portability and Accountability Act of 1996 and relevant state laws regarding the storage and sale of protected health information. It explicitly prohibits these companies from selling, sharing, or disseminating individual or aggregate health information to any other entity. In the event of a merger, acquisition, or bankruptcy, the companies are required to destroy all consumer health information and notify consumers at least 60 days prior to the destruction. Consumers will also have the option to download or retrieve their information before it is destroyed.

Additionally, the bill defines key terms such as "consumer," referring to New Jersey residents who provide genetic samples for ancestry or genealogy information, and "biotechnology company," which includes entities like 23andMe and Ancestry.com that offer direct-to-consumer genetic testing. The definition of "health information or health data" encompasses genetic information and other health data as outlined in federal law. Overall, the bill aims to enhance the protection of consumer health information held by biotechnology companies.