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 "unreasonably low profit margin," which refers to pricing that aims to eliminate market competition within a reasonable geographic area. Additionally, the bill modifies the definitions of "retailer" and "wholesaler," ensuring that these terms apply only to the respective portions of businesses engaged in both retail and wholesale sales.

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 induce purchases of other merchandise or harm competitors, 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.