Pyramid Sales Act

Summary

Makes it a crime, in connection with the sale or distribution of goods, services, or other property in interstate or foreign commerce or by the use of the mails, to sell, offer, or attempt to sell a participation or the right to participate in a pyramid sales scheme. Provides for a fine of not more than $10,000 or imprisonment for not more than five years, or both for anyone who violates the provisions of this Act. Makes any contract made in violation of this Act void and provides that any person who induces another person to participate in such a sales scheme liable to that person in an amount equal to the sum of twice the amount of consideration paid, plus a reasonable attorney's fee. Authorizes the Attorney General or the chief law enforcement officer of the State in which any person is engaged in a pyramid sales scheme to bring an action in the appropriate United States district court to enjoin such act or practice.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 4 June 1973

   Introduced

   Referred to Senate Committee on Commerce.

   Source: IntroReferral

2. 4 June 1973

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 21 August 1974

   Reported

   Reported to Senate from the Committee on Commerce with amendment, S. Rept. 93-1114.

   Source: Committee

4. 21 August 1974

   Reported

   Reported to Senate from the Committee on Commerce with amendment, S. Rept. 93-1114.

   Source: Committee

5. 22 August 1974

   Passed

   Measure passed Senate, amended.

   Source: Floor

6. 22 August 1974

   Passed

   Passed/agreed to in Senate: Measure passed Senate, amended.

   Source: Floor

7. 11 September 1974

   Introduced

   Referred to House Committee on the Judiciary.

   Source: IntroReferral

Votes

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Versions

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Documents

2 official files

• Passed Senate amended

  summary · EN · 22 August 1974

  Open at official source

• Introduced in Senate

  summary · EN · 4 June 1973

  Open at official source

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Sponsors

• Sen. Mondale, Walter F. [D-MN] · D · Sponsor
• Sen. Magnuson, Warren G. [D-WA] · D · Cosponsor
• Sen. Moss, Frank E. [D-UT] · D · Cosponsor
• Sen. Hart, Philip A. [D-MI] · D · Cosponsor
• Sen. Humphrey, Hubert H. [D-MN] · D · Cosponsor
• Sen. Abourezk, James [D-SD] · D · Cosponsor
• Sen. Gurney, Edward J. [R-FL] · R · Cosponsor
• Sen. Nelson, Gaylord [D-WI] · D · Cosponsor
• Sen. Cook, Marlow W. [R-KY] · R · Cosponsor
• Sen. Stevenson, Adlai E., III [D-IL] · D · Cosponsor
• · hsju00 · Standing
• · sscm00 · Standing

Related records

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