New York, NY—Chain Store Age reports that newly passed by Congress, the Integrity, Notification and Fairness in Online Retail Marketplaces for Consumers Act, the INFORM Consumers Act, is now in effect. And that spells good news for photo specialty retailers.
The law will add more transparency to online transactions in an effort to deter criminals from acquiring stolen, counterfeit or unsafe items and selling them through online marketplaces. Enforced by the Federal Trade Commission (FTC), the act puts new requirements in place for online marketplaces.
As a result, online marketplaces covered by the law must collect and verify certain financial and identifying information from “high-volume third-party sellers,” which are defined as a person or business that meets specific sales thresholds on that platform.
