The proposed bill establishes new regulations for online marketplaces that facilitate sales from sellers located in foreign countries deemed as "countries of concern," which include nations such as China, Russia, and Iran. It introduces a new section, 501.174, to the Florida Statutes, defining key terms such as "online marketplace" and "online seller." The bill mandates that online marketplaces must record the Internet protocol address of sellers to verify their locations and must disclose the general location of sellers to consumers before transactions occur if they are based in or conducting business from these foreign countries.

Additionally, the bill requires online marketplaces to hold sales proceeds from transactions involving Florida consumers in a U.S.-based escrow account for a minimum of 120 days before transferring the funds to the seller. This measure aims to enhance consumer protection and ensure that transactions with sellers from foreign countries of concern are conducted transparently and securely. Violations of these provisions would be treated as violations of the Florida Deceptive and Unfair Trade Practices Act, providing a framework for enforcement. The act is set to take effect on July 1, 2025.