They claim organized crime groups steal merchandise from stores and then resell it on online marketplaces, typically at a lower amount than the sticker price. The law comes after trade associations and retailers lobbied Congress about an alarming uptick in retail theft that they say was driven by lax regulations governing third-party sellers and verification processes on online platforms. 'The Act also makes sure online marketplace users have a way to report suspicious conduct concerning high-volume third party sellers.' 'The goal of the INFORM Consumers Act is to add more transparency to online transactions and to deter criminals from acquiring stolen, counterfeit, or unsafe items and selling them through those marketplaces,' the Federal Trade Commission, which will be tasked with enforcing the law along with state attorneys general, said on its website. Jan Schakowsky, D-Ill., and Gus Bilirakis, R-Fla.
The bipartisan legislation, which stands for Integrity, Notification and Fairness in Online Retail Marketplaces, passed in December as part of an omnibus spending bill, more than a year after it was introduced by Reps. If the companies fail to get in line, they could face more than $50,000 in fines for each violation. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower
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