Guarantee of a Legitimate Deal Act of 2009

Guarantee of a Legitimate Deal Act of 2010 - Prohibits any purchaser of precious metals from: (1) selling, transfering to a third party, or refining through melting or otherwise permanently destroying an item of jewelry or precious metal before the purchaser has received an affirmative acceptance of an offer to purchase the item from the consumer at a specific price; (2) failing to promptly return any jewelry or other precious metal if the consumer declines the offer; or (3) failing to adequately insure any return shipment. Exempts a sale or transfer to law enforcement agencies.

Deems a violation of this Act as an unfair or deceptive act or practice under the Federal Trade Commission Act. Gives the Federal Trade Commission (FTC) authority to enforce these provisions.

Makes this Act effective 60 days after enactment.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov