A bill to amend title 31, United States Code, to prohibit fraud and misrepresentations in connection with the sale of numismatic items and the reproduction of numismatic items, and for other purposes.
Coin Fraud Prevention Act - Prohibits fraudulent representations in the sale or trade of coins, bullion, or numismatic items.
Prohibits the manufacture or sale of any item in resemblance of any coin, medal, or item of currency issued by the United States, unless such item is clearly and permanently marked "copy."
Prohibits any nongovernmental entity or person from using any representations in any solicitation for the purchase of any coin or numismatic item which could reasonably be interpreted or construed as falsely implying any Federal Government connection, approval, or endorsement.
Imposes criminal penalties for violations of such prohibitions.
Authorizes a civil cause of action (including class actions) against any person who violates any such prohibitions. Allows the award of actual damages, punitive damages, and court costs and attorneys fees in any such civil action. Allows State Attorneys General to bring a civil action on behalf of individuals residing in such State. Establishes a two-year statute of limitations for such actions.
Makes the Federal Trade Commission (FTC) responsible for the administrative enforcement of the provisions of this Act.
Specifies that the provisions of this Act shall not annul, alter, or affect State laws that are consistent with this Act.
Authorizes the civil forfeiture of any materials used, items produced, or profits derived from violations of this Act. Authorizes the U.S. Postal Service to seize any such property on behalf of the Attorney General in any case in which a violation of this Act involves the mails.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to House Committee on The Judiciary.
Referred to Subcommittee on Consumer Affairs and Coinage.
Referred to Subcommittee on Criminal Justice.
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