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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4501 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4501

   To require certain return policies from businesses that purchase 
precious metals from consumers and solicit such transactions through an 
                           Internet website.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 21, 2010

  Mr. Weiner introduced the following bill; which was referred to the 
                    Committee on Energy and Commerce

_______________________________________________________________________

                                 A BILL

 
   To require certain return policies from businesses that purchase 
precious metals from consumers and solicit such transactions through an 
                           Internet website.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Guarantee of a Legitimate Deal Act 
of 2009''.

SEC. 2. RETURN REQUIREMENTS FOR PURCHASERS OF PRECIOUS METALS.

    (a) Unlawful Conduct.--It shall be unlawful for any online 
purchaser of precious metals to--
            (1) refine through melting or otherwise permanently destroy 
        an item of jewelry or precious metal which the online purchaser 
        of precious metals has made an offer to purchase before 
        receiving an affirmative acceptance of such offer from the 
        consumer to whom such offer was made;
            (2) fail to promptly return to the consumer any jewelry or 
        other precious metal if the consumer declines the offer to 
        purchase made by the online purchaser of precious metals; or
            (3) fail to insure any shipment of such jewelry or precious 
        metals in an amount equal to--
                    (A) 60 percent of the melt-value of the jewelry or 
                precious metals; or
                    (B) the amount the consumer insured the shipment of 
                the jewelry or precious metals to the online purchaser 
                of precious metals, if the consumer provides the online 
                purchaser of precious metals with proof of such 
                insurance.
    (b) Definitions.--As used in this Act--
            (1) the term ``online purchaser of precious metals'' means 
        a person who--
                    (A) is in the business of purchasing jewelry or 
                other precious metals directly from consumers; and
                    (B) maintains an Internet website through which 
                such person solicits such transactions; and
            (2) the term ``melt-value'' means the estimated value of 
        any item of jewelry or precious metal, as determined by the 
        online purchaser of precious metals, once such item has been 
        processed and refined by the online purchaser of precious 
        metals.

SEC. 3. ENFORCEMENT BY THE FEDERAL TRADE COMMISSION.

    (a) Unfair and Deceptive Act or Practice.--A violation of this Act 
shall be treated as an unfair and deceptive act or practice in 
violation of a regulation under section 18(a)(1)(B) of the Federal 
Trade Commission Act (15 U.S.C. 57a(a)(1)(B)) regarding unfair or 
deceptive acts or practices.
    (b) Powers of Commission.--The Commission shall enforce this Act in 
the same manner, by the same means, and with the same jurisdiction, 
powers, and duties as though all applicable terms and provisions of the 
Federal Trade Commission Act (15 U.S.C. 41 et seq.) were incorporated 
into and made a part of this Act. Any person who violates such 
regulations shall be subject to the penalties and entitled to the 
privileges and immunities provided in that Act.
                                 <all>
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