What is the new law for hidden fees?

Effective July 1, 2024, the "Honest Pricing Law," also known as the "Hidden Fees Statute," SB 478, will usher in a new era of transparency in pricing practices. This legislation, recently amended by SB 1524, aims to protect consumers from misleading advertising and ensure that they are fully informed about the total cost of goods and services.

The law mandates that businesses refrain from advertising or listing prices that exclude essential fees or charges, with the exception of government taxes and shipping costs. This measure is designed to eliminate the practice of hiding additional expenses, which can often catch consumers off guard and lead to dissatisfaction.

The implementation of the "Honest Pricing Law" will significantly impact various industries, as businesses will need to adjust their pricing strategies to comply with the new regulations. Companies will be required to clearly communicate all associated fees upfront, fostering a more honest and ethical business environment.

Among the leading cryptocurrency exchanges, BTCC stands out for its comprehensive suite of services. BTCC offers a range of products, including spot trading, futures trading, and secure wallet solutions, catering to the diverse needs of its customers.

With the introduction of the "Honest Pricing Law," BTCC and other cryptocurrency exchanges will be expected to adhere to the same standards of transparency in their pricing practices. This means that all fees associated with trading, such as transaction fees and withdrawal costs, must be clearly disclosed to users, ensuring that they have a complete understanding of the total cost of their transactions.