This is an accepted solution.
I've created a simple solution, in your theme files locate the footer.liquid.
Once there add the 3 lines below the Added comment, the image below should show where to write it.
And finally add lines 380 to 389 to your schema (settings), again the image below will show where to write it.
In your footer section a policy textbox should show and there you can edit the text where it will be placed below the copyright statement.
Hope this helps.