The Fair Competition Act aims to strengthen consumer protection and regulate monopolistic and monopsonistic practices in Minnesota. Key provisions include:

1. Definitions & Prohibitions:

   • Defines monopoly power as the ability to control prices or exclude competition.
   • Defines monopsony power (a market with a dominant buyer) as the ability to dictate demand and prices.
   • Prohibits the use, maintenance, or establishment of monopoly or monopsony power to manipulate competition or control prices.
   • Price-fixing, bid-rigging, and collusive market allocation are deemed unlawful.

2. Enforcement & Penalties:

   • Civil penalties range from $100,000 to $5 million per violation based on corporate revenue.
   • Criminal penalties include felony charges, fines up to $50,000 per violation, and up to seven years in prison.
   • Aiding or abetting violations is also punishable.

3. Consumer Protection Against Excessive Pricing:

   • Prohibits unconscionably excessive price increases (more than 10% above recent comparable prices).
   • Exceptions exist for price increases due to significant external costs that do not increase profit.
   • The Attorney General is authorized to enforce the law, with penalties up to $10,000 per violation.

4. Statute of Limitations:

   • Legal action must be initiated within four years of the violation or discovery of the violation.

Overall, the bill enhances regulatory oversight to prevent monopolistic dominance, price manipulation, and unjustified price hikes, ensuring fair competition in the marketplace.