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INFORM Consumers Act
The INFORM Consumers Act is a federal law that is designed to target online marketplace fraud. It goes into effect on June 27, 2023. This law requires high-volume third-party sellers and Sears to provide collect, verify and disclose certain seller information.
Who is a considered a high-volume seller?
A third-party Sears Marketplace seller qualifies as a high-volume when the seller has sold 200 or more items and have had $5,000 or more in gross revenue for any continuous 12-month period during the previous 24 months.
What information must be verified?
Sears must collect and verify a seller’s name, working email address, working phone number, tax identification number, bank account information, and a government issued ID of the seller’s authorized representative that is listed in the Seller Portal.
These high-volume sellers will need to keep their information up to date and will be asked to review it annually.
What happens if I do not certify my information?
If you can contacted via email, you will be provided with instructions on and a deadline to certify your information. If you do not respond and provide the required certification of your information by the deadline, your items will be removed and payments will be held until the certification process is completed.
What information about my business does Sears share with members?
We’re required to share your company name, full business address to members and provide means for the customer to contact you.