Vote Smart's Synopsis:

Vote to pass a bill that establishes new anti-trust enforcement mechanisms.

Highlights:

• Alleges the legislature hereby finds and declares that there is great concern for the growing accumulation of power in the hands of large corporations. While technological advances have improved society, these companies possess great and increasing power over all aspects of our lives (Sec. 2).

• Establishes it is unlawful for any person or persons to monopolize or monopsonize, or attempt to monopolize or monopsonize, or combine or conspire with any other person or persons to monopolize or monopsonize any business, trade or commerce or the furnishing of any service in this state (Sec. 340-2).

• Specifies direct evidence may include, but is not limited to, the unilateral power to set prices, terms, conditions, or standards; the unilateral power to dictate non-price contractual terms without compensation; or other evidence that a person is not constrained by meaningful competitive pressures, such as the ability to degrade quality without suffering reduction in profitability (Sec. 340-2-1).

• Specifies a person's dominant position may also be established by indirect evidence such as the person's share of a relevant market. A person who has a share of 40% or greater of a relevant market as a seller will be presumed to have a dominant position in that market. A person who has a share of thirty percent or greater of a relevant market as a buyer will be presumed to have a dominant position in that market (Sec. 340-2-2).

• Establishes it is unlawful for any person or persons with a dominant position in the conduct of any business, trade or commerce, in any labor market, or in the furnishing of any service in this state to abuse that dominant position (Sec. 340-2.b).

• Requires the attorney general to issue guidance on how it will interpret market shares and other relevant market conditions to achieve the purposes of this law while taking into account the important role of small and medium-sized businesses in the state's economy (Sec. 340.c.iii).

• Prohibits the labor of human beings from being deemed or held to be a commodity or article of commerce and nothing herein contained will be deemed to prohibit or restrict the right of workingmen, including employees and independent contractors, to combine in unions, organizations and associations, not organized for the purpose of profit, or to bargain collectively concerning their wages and the terms and conditions of their employment (Sec. 340-5).

• Exempts the following classes of transactions from the requirements of this law (Sec. 340-10.d):

• Acquisitions of goods or realty transferred in the ordinary course of business;

• Acquisitions of bonds, mortgages, deeds of trust, or other obligations which are not voting securities;

• Transfers to or from a federal agency or a state or political subdivision thereof;

• Transactions specifically exempted from the provisions of this article; and

• Such other acquisitions, transfers, or transactions, as may be exempted under paragraph (h) of this subdivision hereunder.

• Establishes any person, or any officer, director, or partner thereof, who fails to comply with any provision of this subdivision will be liable to the state for a civil penalty of not more than $10,000 for each day during which such a person is in violation of this law (Sec. 10.f).

Full Bill Text