Trading people's private information could be outlawed under a draft bill being considered in Hebei province to bar businesses from selling personal data, Beijing Times reported on Monday.

Finance, insurance, telecom, water supply, and medicine companies would be fined up to 500,000 yuan ($74,349) for selling people's information. Individuals would face a 50,000 yuan fine ($7,434), the paper said citing a source.

The regulation would also require social organizations to clarify the purposes of collecting personal information, the paper reported.