This bill aims to prohibit business entities from utilizing consumers' personal data to determine or adjust prices for merchandise or services. It specifically targets practices such as personalized algorithmic pricing and surveillance pricing, which rely on personal data, including biometric data, genetic information, and protected class data, to set or vary sale prices. Violations of this law would be considered unlawful practices under New Jersey's consumer fraud act, carrying penalties of up to $10,000 for first offenses and $20,000 for subsequent offenses, along with potential cease and desist orders and the possibility of punitive damages.

The bill also clarifies definitions related to merchandise and services, ensuring that they encompass a wide range of goods and activities offered for sale. Importantly, it allows business entities to still provide discounts, promotional prices, or loyalty program benefits, thereby not completely restricting pricing strategies but rather focusing on the ethical use of personal data in pricing decisions. The Director of the Division of Consumer Affairs is tasked with adopting necessary regulations to implement the provisions of this act, which will take effect seven months after enactment.