HB5323

Illinois HB5323 mandates disclosure of personalized algorithmic pricing to consumers.

HB5323, known as the Personalized Algorithmic Pricing Disclosure Act, requires entities using personalized algorithmic pricing to disclose this fact to consumers. The disclosure must state, "THIS PRICE WAS SET BY AN ALGORITHM USING YOUR PERSONAL DATA." This applies to entities advertising, promoting, or publishing personalized algorithmic pricing. Exceptions include entities subject to the Illinois Insurance Code and financial institutions regulated under the Gramm-Leach-Bliley Act. Violations are considered unlawful practices under the Consumer Fraud and Deceptive Business Practices Act.