If enacted, this bill would introduce new regulations for social media platforms that provide online services, products, or features to minors. Specifically, it would require these platforms to establish privacy settings that offer a high degree of protection for minors, allow minors to opt out of the collection and use of their personal information beyond what is necessary, and prohibit targeted advertising based on minors' personal information, except for their age and location. The Attorney General would have exclusive authority to enforce these regulations, and violations would not create a private right of action.

Additionally, the bill would define key terms such as "de-identified data," "minor," "personal information," and "social media platform," while clarifying that certain services, like telecommunications and broadband access, are excluded from these regulations. The act would take effect 180 days after its general effective date and would be officially titled the "Protecting Children on Social Media Act."