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," specifying that it includes invoice or replacement costs, freight charges, cartage, and taxes, while also introducing a new definition for "unreasonably low profit margin." This new definition indicates that a seller's pricing strategy could be deemed unfair if it is set at cost with the intent to eliminate competition in a reasonable geographic area. Additionally, the bill modifies the existing definitions of "retailer" and "wholesaler" to ensure clarity in their application.

Furthermore, the bill emphasizes that any advertising or sales practices that involve selling merchandise at less than cost or at an unreasonably low profit margin, with the intent to harm competitors or manipulate market conditions, are considered unfair competition. This is framed as contrary to public policy and detrimental to fair competition and public welfare. The act is set to take effect on November 1, 2025.