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house Bill H.R. 6149

Coin and Precious Metal Disclosure Act

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Energy and Commerce
    IntroducedSeptember 16th, 2010

Bill Details

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Title

Coin and Precious Metal Disclosure Act

Official Title

To require disclosures to consumers by coin and precious metal bullion dealers.

Summary

Coin and Precious Metal Disclosure Act - Requires a coin or precious metal dealer to disclose clearly and conspicuously in writing to the consumer before any sale of coins (including gold coins) or precious metal bullion: (1) any fee incurred by the customer upon sale consummation; and (2) the purchase price, the melt value, and the reasonable resale value of the coin or precious metal bullion. Requires telephone sales solicitations for such coins or precious metal bullion to disclose the same information before the transaction is consummated. Treats a violation of this Act as an unfair or deceptive act or practice in violation of the Federal Trade Commission Act, and subject to penalties. Directs the Federal Trade Commission (FTC) to enforce this Act as though the Federal Trade Commission Act applies. Empowers states to enforce compliance with this Act, but entitles the FTC, upon notice of a state civil action, to intervene and be heard on all matters arising in it, remove it to the appropriate federal district court, and file petitions for appeal. Exempts from this Act the sale of rare and collectable coins whose: (1) precious metal content constitutes only a limited or insignificant portion of the overall value of the coin; and (2) value is not affected by the increase or decline in the value of such precious metals.

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