The bill amends the Idaho Competition Act by introducing provisions related to monopsonies and pricing algorithms. Specifically, it expands the definition of unlawful practices in commerce to include both monopolizing and monopsonizing activities. Additionally, it establishes a new section, 48-119, which prohibits service providers from facilitating agreements that reduce competition regarding pricing and supply terms. It also makes it illegal for sellers or buyers to use pricing algorithms that incorporate non-public data from multiple parties or to set prices based on such algorithms.

Furthermore, the bill outlines the legal recourse available to individuals harmed by artificial pricing or supply volume due to these algorithms, allowing them to file private causes of action. It clarifies that certain entities, such as market research firms and government-sponsored programs, are exempt from these regulations. The bill includes technical corrections to existing law and is set to take effect on July 1, 2025, following the declaration of an emergency.

Statutes affected:
Bill Text: 48-105, 48-113