"Social Media Fairness and Transparency Act"; establishes requirements for social media companies concerning content moderation practices; establishes cause of action against social media companies for violation of content moderation practices.

The Social Media Fairness and Transparency Act requires social media companies operating in New Jersey to follow specific rules regarding how they manage user content. It defines key terms such as censorship, post suppression, and selective suspension to clarify what actions are regulated under the law. Companies that do not comply with these content moderation requirements could face legal action under the state's consumer fraud act. The bill applies to platforms with significant user bases or revenue, aiming to increase transparency in how online content is handled.