Collectibles: sale of autographed memorabilia.
The law mandates that dealers provide an express warranty for each autographed collectible sold, replacing the previous requirement for only a certificate of authenticity. This warranty must indicate whether the item was obtained from a third party and requires dealers to maintain a record of this information for seven years. These amendments are intended to decrease the potential for fraud in the collectibles market by imposing stricter accountability measures for dealers, ultimately enhancing consumer confidence when purchasing high-value items.
Assembly Bill 228, also known as the Collectibles: Sale of Autographed Memorabilia Act, establishes new regulations concerning the sale of autographed collectibles in California. The bill redefines 'autographed collectible' to include items sold for $50 or more, emphasizing their increased value due to the signature of a notable individual. This legislative change directly modifies the existing legal language surrounding what constitutes a collectible, resulting in broader protections for consumers and accountability for dealers who engage in the sale of these items.
Overall, the sentiment toward AB 228 appears to be positive, particularly among consumer advocacy groups. Supporters argue that stronger regulations are necessary to protect buyers from misrepresentation and fraud. The bill is seen as a necessary measure to address the growing market for autographed memorabilia, especially as online sales and auctions proliferate. However, some dealers may view the changes as burdensome, expressing concerns over the increased operational requirements imposed by the new warranty stipulations and record-keeping obligations.
Notably, there was contention surrounding the inclusion of online marketplaces in the definition of a dealer. While the bill eliminates previous exemptions for certain online sellers, it also enhances consumer rights by allowing for easier recourse in cases of fraudulent sales. Critics argue that this may create unintended barriers for small dealers operating within a competitive market, fearing that compliance with these laws could result in higher costs that are passed on to consumers.