A package of consumer protection bills aimed at curbing price gouging, protecting financial data, and limiting the use of algorithm-driven pricing is moving through the New York State Legislature.
State Senator Rachel May discussed the proposals Tuesday during an interview on FLX Morning ahead of a press conference on what lawmakers are calling the “One Fair Price” package.
May, who chairs the Senate Consumer Protection Committee, said the legislation targets growing concerns over how companies collect data and set prices.
“We’re calling this the one fair price package, because, you know, 150 years ago, when the price tag was invented, before that, people haggled over prices,” May said. “People loved price tags because they knew everybody was getting the same price. And now we’re shifting away from that again, because of artificial intelligence and all the data that companies are collecting.”
One proposal would require businesses to delete customers’ financial information after subscriptions or recurring payment services are canceled. May said the bill applies to services ranging from streaming platforms to fitness memberships.
Another bill would cap rental car refueling fees at the market price of gasoline plus 25 percent. May said the proposal came after she was nearly charged $100 to refill a rental vehicle.
A third proposal focuses on algorithmic or “dynamic” pricing, where companies use consumer data to adjust prices in real time. May said lawmakers are also targeting electronic shelf tags that could allow stores to change prices throughout the day.
She pointed to potential scenarios where prices could rise during periods of high demand, including near college campuses or during busy shopping periods.
May said several of the bills are moving through the legislative process in both the Senate and Assembly, though negotiations are still ongoing on portions of the package related to algorithmic pricing.
