The proposed bill would update current statutes by introducing new regulations aimed at protecting minors on social media platforms and from harmful content. Specifically, it would prohibit social media platforms from entering into contracts with account holders under 14 years of age without parental consent and mandate the termination of accounts held by minors under 14 years old. Additionally, it would require platforms to allow account holders aged 14 and 15 to request account termination and ensure that personal information is deleted upon termination. The bill also defines key terms such as "account holder," "anonymous age verification," and "commercial entity," and establishes penalties for non-compliance. Moreover, the bill would require commercial entities that publish harmful material to implement age verification methods to ensure that users accessing such content are at least 18 years old, including the use of both anonymous and standard age verification methods, with strict guidelines on the handling of personal identifying information. These updates aim to enhance protections for minors online and ensure that social media platforms and content providers adhere to new standards, thereby strengthening the legal framework surrounding minors' access to online content.