The proposed Fair Competition Act aims to enhance consumer protection by regulating monopolistic and monopsonistic practices, prohibiting certain price increases, and addressing price discrimination. Key provisions include the definitions of "monopoly power," "monopsony," and "monopsony power," which clarify the conditions under which firms can control prices or exclude competition. The bill amends existing statutes to establish that the use of monopoly or monopsony power for manipulating competition or prices is unlawful, and it introduces new enforcement mechanisms, including civil and criminal penalties for violations.

Additionally, the bill introduces a new section prohibiting "unconscionably excessive prices," defining such prices as those exceeding ten percent above average market rates. It allows for enforcement actions by the attorney general and sets penalties for violations. The legislation also addresses price discrimination in commercial transactions, establishing that such practices are prohibited if they lessen competition or create monopolistic conditions. Furthermore, the bill repeals an existing statute related to discrimination in pricing, streamlining the legal framework for addressing unfair competition practices.

Statutes affected:
Introduction: 325D.50, 325D.52, 325D.53, 325D.54, 325D.56, 325D.64, 325D.03