Bill > SB1996

This bill creates the Preventing Algorithmic Rent Fixing in the Rental Housing Market Act, which aims to prevent anti-competitive practices in the rental housing market. The legislation prohibits real estate lessors (property owners) from subscribing to or contracting with real estate service providers that engage in "coordinating" activities, which are defined as collecting and analyzing pricing and occupancy data from multiple property owners and then recommending rental prices, lease terms, or occupancy levels. The bill makes it unlawful for real estate service providers to facilitate agreements that prevent competition between property owners regarding residential dwelling units. Any violation of the act is considered an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act, which means both the Attorney General and individual property owners who have been injured can bring civil actions. The legal remedies can include compensatory damages, injunctive relief, declaratory relief, and potentially treble damages. Additionally, the bill invalidates pre-dispute arbitration agreements or joint-action waivers that might prevent individuals from seeking legal recourse. The law applies to various types of residential properties, excluding medical care facilities, long-term care facilities, and detention centers, and is designed to prevent algorithmic price-fixing and anti-competitive practices in the rental market.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1996&GAID=18&DocTypeID=SB&SessionID=114&GA=104