Official Summary

1/21/2010--Introduced.Guarantee of a Legitimate Deal Act of 2009 - Defines an "online purchaser of precious metals" as a person who is in the business of purchasing jewelry or other precious metals directly from consumers and maintains a website through which such person solicits

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Official Summary

1/21/2010--Introduced.Guarantee of a Legitimate Deal Act of 2009 - Defines an "online purchaser of precious metals" as a person who is in the business of purchasing jewelry or other precious metals directly from consumers and maintains a website through which such person solicits such transactions. Makes it unlawful for any online purchaser of precious metals to:
(1) refine or otherwise permanently destroy an item of jewelry or precious metal before receiving an affirmative acceptance of such purchaser's offer from the consumer to whom the offer was made;
(2) fail to promptly return to the consumer any jewelry or other precious metal if the consumer declines the purchase offer; or
(3) fail to insure any shipment in an amount equal to either 60% of the melt value or the amount the consumer insured the shipment for. Treats a violation of this Act as an unfair and deceptive act or practice under the Federal Trade Commission Act. Requires the Federal Trade Commission (FTC) to enforce this Act as though all applicable terms and provisions of that Act were incorporated into and made a part of this Act.

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