Purpose of the Bill

The bill aims to protect consumers by prohibiting the use of artificial intelligence (AI) to dynamically set prices for products. This is intended to prevent potential unfair pricing practices that could arise from such technology.

Main Provisions

• Prohibition on Dynamic Pricing with AI: The bill specifically disallows individuals or entities from using AI to adjust, fix, or control product prices in real time. This includes changes based on market demands, competitor pricing, inventory levels, and customer behavior, among other factors.
• Definition of Artificial Intelligence: AI is defined in this context as a machine-based system capable of making decisions or predictions that can influence environments, both physical and virtual, based on input data.

Enforcement

• Role of Attorney General: The bill grants the Minnesota Attorney General the authority to enforce this prohibition through existing statutes.

Significant Changes to Existing Law

• The bill proposes new legislation under Minnesota Statutes chapter 325F, specifically targeting the use of AI in pricing strategies, which is not previously addressed in the state's consumer protection laws.

Relevant Terms

artificial intelligence, dynamic pricing, consumer protection, pricing strategies, real-time pricing, attorney general, enforcement.