Legislation to help curb sales of counterfeit products passed in December 2022 as part of the year-end Omnibus Budget bill. The Integrity, Notification, Fairness in Online Retail Marketplace (INFORM) Consumers Act went into effect on June 27, 2023, providing increased oversight of online marketplaces to better protect consumers from the sale of counterfeit products.
Online retailers like Amazon, e-Bay, and Etsy are now required to collect the seller’s name, business address, contact info, tax ID number, government-issued IDs, and bank account information to verify the identity of the seller. Consumers would have access to sellers’ names, business addresses, and contact info. Online retail platforms are required to identify and remove counterfeit products from their sites or face fines of up to $50,000 for each violation.
SFIA is thrilled with the implementation of the INFORM Act to enhance intellectual property rights in an evolving marketplace. As new sales platforms come online, the INFORM Act will help curb the sale of counterfeit products.
For more information, please contact Bill Sells, SVP Government Relations & Public Affairs, at [email protected].