The INFORM Act is a new U.S. law that aims to ensure a safe online buying experience for consumers of online marketplaces. As a result, we’ve updated our Terms of Service and Privacy Notice and would like to notify you of certain changes, including updates in connection with the INFORM Act.
Our updated Terms of Service and Privacy Notice will become effective on June 21, 2023 (unless otherwise required by your jurisdiction). Your continued use of the Services after the effective date constitutes your acceptance of these changes.
Summary of Updates:
- The U.S. government’s INFORM Act will require Grailed to collect, verify and disclose certain “high-volume seller” information.
- A high-volume seller is someone who has sold 200 or more items totaling more than $5,000 in a 12-consecutive-month period over the last 24 months on Grailed.
- As sellers near this high-volume threshold, we will collect and verify the necessary information through a trusted third-party vendor. To avoid sellers sharing information with unauthorized third parties, Grailed will alert impacted sellers to expect a third-party vendor information request and provide the name of the relevant third-party vendor.
- If a seller reaches an annual total revenue of $20,000, we will be required to disclose certain contact information to the seller’s buyers.
- High-volume sellers will need to review and confirm their information annually.
- We’ve also made additional updates to our Terms of Service and Privacy Notice, so please review these changes carefully.
- Impacted sellers can expect to hear from us for next steps.
If you have any questions, please contact us.