United States of America: Introduced INFORM Act requiring online marketplaces to verify certain information on high-volume third party sellers

The Bill "To require online marketplaces to verify certain information regarding high-volume third party sellers of consumer products on such online marketplaces and to disclose to consumers certain contact and other information regarding such high-volume third party sellers" is introduced in the US House of Representatives. The Bill requires online marketplaces to collect and verify contact and financial information (i.e. name, bank account number, tax ID, email and phone number) of third-party sellers with over 200 sales or USD 5'000 revenue per year. Furthermore, online marketplaces must disclose specific information of third-party sellers with over USD 20'000 in annual gross revenue. Finally, online marketplaces must provide methods for consumers to report suspicious activities.