A MASSIVE, $1.7 TRILLION FUNDING BILL WAS APPROVED IN THE US CONGRESS LAST FRIDAY AND WILL BECOME LAW ONCE SIGNED BY PRESIDENT BIDEN.
And once that happens, it will bring into force proposed legislation introduced last year, INFORM Consumers Act, designed to regulate a sensitive segment of online marketplaces, delving deep into and disclosing sellers’ personal data under some circumstances.
Namely, the Integrity, Notification, and Fairness in Online Retail Marketplaces (INFORM) for Consumers Act will require e-commerce companies to collect, verify, and disclose “certain information from high-volume, third-party sellers.”
In case these third parties carry out 200 or more transactions with revenues reaching $5,000 or more during one year, platforms like Amazon, eBay, Facebook and others will acquire their bank account numbers, government issued ID, tax identification numbers, and contact information, the original proposal read.
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