Fair Competition Act established, monopsony power regulated, price increases prohibited, price discrimination prohibited, enforcement authority provided, and civil and criminal penalties modified and established.

HF 34, the "Fair Competition Act," regulates monopolies and monopsonies (when one buyer dominates a market) in Minnesota. It prohibits businesses from using monopoly or monopsony power to control prices, fix rates, or exclude competition, and bans price discrimination. The law applies to businesses operating in Minnesota or affecting Minnesota commerce, with civil penalties up to $5 million for large corporations per violation. Enforcement is provided through the Minnesota Department of Commerce, and criminal penalties apply for willful violations of price-fixing or collusion provisions. The bill amends existing antitrust statutes (Minnesota Statutes 325D.49-325D.66) to add these specific prohibitions and penalty structures.