SB 384: Preventing Algorithmic Price Fixing Act: prohibition on certain price-setting algorithm uses.

The bill aims to prohibit the use of price-setting algorithms that process nonpublic data to set prices or supply levels of goods and services, or rent levels of rental properties. It would make it a violation to use such algorithms with the intent or reasonable expectation that competitors will use them. A user of the algorithm could claim an affirmative defense if they exercised reasonable due diligence. The Attorney General or local attorneys could file civil actions against violators, with potential penalties of up to $1,000 per violation. Violating contracts would be considered void, and antitrust laws would still apply.