DENVER -- Colorado Attorney General John W. Suthers has announced consumer protection legislation to amend Colorado's Unfair Practices Act.
The essence of a free-enterprise system is competition. By amending Colorado's Unfair Practices Act, we're putting the consumer and competition first by allowing lower prices on gas and prescription drugs, said Suthers. It is time to revisit this antiquated law to bring the concepts of predatory pricing and monopolistic behavior into the 21st century.
Under the recommended legislation, certain [image-nocss] sections of Colorado's Unfair Practices Act will be repealed and other provisions amended. In addition, the legislation will amend the act to ensure monopolistic practices are subject to prosecution.
State Senator Steve Johnson (R) and State Representative Cheri Jahn (D) will sponsor the legislation next session.
This legislation will update a 70-year-old statute to make it consistent with modern anti-trust laws and economic theory, said Johnson.
Colorado's Unfair Practices Act was passed by the legislature in 1937.
Colorado's Unfair Practices Act has outlived its original purpose, said Jahn. Our proposed legislation will allow consumers to benefit from lower prices on gasoline and prescription drugs.
Last month, a federal court, citing Colorado's Unfair Practices Act, ruled against Kroger Co. in a decision that ended a program to offer discounts on gasoline. Weeks later, Wal-Mart and Target cited this Act as the reason why they will chargein some cases over double more than what will be charged in other statesfor many generic drugs.
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