Fair Competition Act establishment

SF 2025 establishes the Fair Competition Act to regulate market power in Minnesota. It prohibits businesses from using monopoly or monopsony power (where one seller or buyer dominates a market) to control prices, exclude competitors, or fix rates. The bill defines "monopsony" as a market with only one buyer and "monopsony power" as a buyer’s ability to influence prices. Businesses violating these provisions face civil penalties up to $5 million per violation, depending on annual revenue, with criminal penalties for willful violations. The law directly affects large businesses operating in Minnesota with significant market influence.