On 29 December 2022, the INFORM Consumers Act entered into force after being signed into law by the US President on the same day. The Act will be implemented 180 days after its enactment. The ACT was incorporated by the Senate into the Consolidated Appropriations Act 2023 (HR 2617) under Sec. 301. Collection, Verification, and Disclosure of Information by Online Marketplaces to Inform Consumers. The Act requires online marketplaces to collect and verify contact and financial information, including 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 the 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.
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