House Bill No. 1024, introduced by Bashore, amends the Unfair Sales Act by updating definitions and provisions related to pricing practices for retailers and wholesalers. The bill clarifies the term "cost to the retailer" and introduces a specific definition for "cost to the wholesaler." It also establishes a new definition for "unreasonably low profit margin," which refers to pricing that eliminates market competition within a reasonable geographic area. Additionally, the bill modifies existing language regarding the calculation of costs, including freight charges and taxes, while removing certain markup requirements.

Furthermore, the bill states that any advertising or sale of merchandise at less than cost or at an unreasonably low profit margin, with the intent to harm competitors or manipulate market conditions, is considered unfair competition and contrary to public policy. This amendment aims to protect fair competition and public welfare by preventing deceptive practices that could lead to monopolistic behavior. The act is set to take effect on November 1, 2025.