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 these market dynamics are deemed unlawful. The bill amends existing statutes to include new subdivisions that outline the unlawful establishment and use of monopoly or monopsony power, emphasizing that evidence of procompetitive effects cannot be used as a defense against such practices. Additionally, the bill introduces civil and criminal penalties for violations, with specific penalties based on the revenue of corporations involved.

Furthermore, the bill establishes new regulations against unconscionably excessive pricing and price discrimination in commercial transactions. It prohibits sellers from charging excessively high prices and outlines conditions under which price increases may be justified. The Attorney General is granted enforcement authority to investigate and take action against violations, with specified civil penalties for non-compliance. The bill also repeals an existing statute related to discrimination in pricing, streamlining the legal framework for addressing unfair competition practices in Minnesota.

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