Trade: business practices; regulation of social media use by minors; provide for. Creates new act.

This bill, known as the Social Media Regulation Act, requires social media companies to verify the age of users and obtain parental consent before allowing minors to create accounts. It applies specifically to platforms with at least five million global users, excluding services like email, streaming, news sites, and educational tools. If a company cannot confirm a user's age or secure parental permission for a minor, it must deny the account application. The legislation also outlines civil penalties for violations and gives state officials the authority to create rules enforcing these requirements.