HB 970

Enacts Article 8, titled “Prevention of Algorithmic Rent Fixing,” to GS Chapter 42 making it unlawful: (1) for any real estate lessor, or any agent or subcontractor of a real estate lessor, within North Carolina to subscribe to, contract for, or otherwise exchange anything of value in return for coordinating functions (defined) and (2) for any service provider to facilitate an agreement to not compete among real estate lessors with respect to residential dwelling units within the State. Defines coordinate or coordinating function as: (1) collecting of historical or contemporaneous prices, price changes, supply levels, occupancy rates, or lease or rental contract termination and renewal dates of residential dwelling units from two or more real estate lessors or from public databases; (2) analyzing or processing of the information described above using a system, software, or process that uses computation; (3) recommending rental prices, lease terms, or occupancy levels to a real estate lessor; or (4) using a pricing algorithm that uses, incorporates, or was trained with nonpublic competitor data to set the amount of rent for a residential dwelling unit or any other commercial term contained within a residential rental agreement. Designates violations of the Article an unfair or deceptive trade practice under GS 75-1.1, which can be invoked by private persons aggrieved by the violation or the Attorney General in their role as the enforcement authority of new Article 8. At the election of the person alleging conduct constituting a violation of this statute, or the named representative of a class in a collective action alleging such conduct, specifies that no pre-dispute arbitration agreement or pre-dispute joint-action waiver is valid or enforceable with respect to a case which relates to a violation of the Article. Applies to acts or omissions occurring on or after October 1, 2025.