Employers in Colorado must prepare for the significant compliance burdens imposed by SB205, which ... [+] will likely lead to broader scrutiny and regulation of AI systems nationwide. The Act applies to both developers and deployers of high-risk AI systems:Developers: Any entity in Colorado that develops or significantly modifies an AI system. Publish a public statement on their website detailing the types of AI systems developed and their risk management strategies. Notify consumers when a high-risk AI system will be used to make consequential decisions, including detailed disclosures on their website. Consumer Rights and NotificationsThe Act mandates that businesses using high-risk AI systems provide detailed notices to individuals affected by these systems, including:The purpose and nature of the AI system.

Source: Forbes May 18, 2024 11:57 UTC