I'm so liberal I'm practically a socialist, but I don't see how you could have this sort of regulation without it having a chilling effect on new services. Generally when an event like this happens, the company behind the service is dissolved, so who is even on the hook for keeping the data available?

This is a very real practical problem. I basically never use any SaaS app that isn't at least as established as, say, Basecamp and if enough people think like me you've got a horrible chicken and egg problem. I'm not sure how you fix it, but I don't think it is via laws.