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, thereby aiming to prevent anti-competitive behavior in the marketplace.

Furthermore, the bill modifies existing legal language in Section 48-113 regarding private causes of action, ensuring that plaintiffs cannot receive duplicative monetary relief for the same injury. It also clarifies that individuals harmed by artificial pricing due to pricing algorithms can seek legal recourse. The bill includes exceptions for market research firms and government-sponsored programs, and it is set to take effect on July 1, 2025, due to an emergency declaration.

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