Housing Price Transparency Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Housing Price Transparency Act requires landlords who use algorithms to set rental prices to disclose that an algorithm was used. The Federal Trade Commission (FTC) will enforce this disclosure, and states can also take action to protect renters if they believe algorithmic pricing is unfair. Individuals harmed by such practices can sue for damages or an injunction, potentially receiving up to $10,000 per violation.
Key provisions
- Landlords using algorithms to set rental prices must disclose this practice.
- The Federal Trade Commission (FTC) will enforce the disclosure requirement.
- States can bring civil actions on behalf of residents to address violations.
- Individuals can sue for damages or an injunction if harmed by algorithmic pricing.
- A private right of action is established, allowing individuals to seek $10,000 in damages per violation.
- The FTC has the right to intervene in state actions related to algorithmic pricing.
- A limitation is placed on states pursuing similar actions while a federal action is ongoing.
- Defines ‘pricing algorithm’ as any computational process used to recommend or set prices.
Who is affected
- Landlords and rental property owners
- Renters
- The Federal Trade Commission (FTC)
- State Attorneys General and consumer protection agencies
Notable changes
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Primary sponsor
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