AI Frontier Institute

ALGORITHMIC PRICING DISCLOSURE

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Illinois HB4717, introduced by Rep. Amy L. Grant in the 104th General Assembly, establishes the Personalized Algorithmic Pricing Disclosure Act. Under Section 10, any entity that sets prices for goods or services using personalized algorithmic pricing—defined in Section 5 as dynamic pricing set by an algorithm that uses personal data—and that advertises or communicates such a price to a consumer using that consumer's personal data, must include a clear and conspicuous disclosure stating: 'THIS PRICE WAS SET BY AN ALGORITHM USING YOUR PERSONAL DATA.' Section 15 provides exceptions for entities subject to the Illinois Insurance Code, financial institutions subject to Title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.), financial institutions as defined in Section 2 of the Illinois Banking Act, and prices offered to existing subscription holders that are lower than their contracted price. Section 20 designates violations as unlawful practices under the Consumer Fraud and Deceptive Business Practices Act, making all of the Attorney General's remedies and penalties available for enforcement. Section 90 amends 815 ILCS 505/2MMMM to conform the Consumer Fraud and Deceptive Business Practices Act to this new requirement. The Act takes effect immediately upon becoming law.

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