HB3943 - Social Media Content Moderation Act

• Creates the Social Media Content Moderation Act requiring social media companies to post terms of service in a manner reasonably designed to inform all users of their existence and contents.

• Mandates social media companies submit semiannual reports to the Attorney General detailing terms of service, content moderation practices, and statistics on flagged and actioned content across specified violation categories including hate speech, extremism, disinformation, harassment, and foreign interference.

• Requires terms of service to include contact information, user complaint procedures with response timeframes, and descriptions of potential enforcement actions including removal, demonetization, deprioritization, and banning.

• Establishes civil penalties of up to $15,000 per violation per day for failure to post terms of service, failure to timely submit reports, or material omissions or misrepresentations in reports.

• Applies only to social media companies generating at least $100,000,000 in gross revenue during the preceding calendar year and excludes services limited to direct messages, commercial transactions, or consumer reviews.