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House Bill 1498


House Bill 1498

ARCHIVE (2011)

Latest Information

 

DIGEST OF INTRODUCED BILL


Precious metal dealers. Regulates precious metal dealers who engage in the business of purchasing: (1) used jewelry; and (2) other used articles of personal property; that are made of gold, silver, or platinum and were previously purchased at retail, acquired by gift, or obtained in some other fashion by a consumer for the purpose of reselling the precious metal in any form. Provides that the law concerning precious metal dealers applies to precious metal used by a customer as a trade-in toward the purchase of a new piece of jewelry or another new article made of gold, silver, or platinum. Requires a precious metal dealer to verify the identity of a person from whom precious metal is purchased by use of a government issued photographic identification. Requires a precious metal dealer to take and retain a photograph of: (1) a person from whom the precious metal dealer purchases precious metal; and (2) the precious metal. Specifies certain information about the seller of precious metal that a precious metal dealer must include on a bill of sale for the purchase of the precious metal. Requires a precious metal dealer to report a description of all precious metal purchased by the precious metal dealer each day to the appropriate local law enforcement agency. Requires a precious metal dealer to hold precious metal for at least seven business days after the date the precious metal is purchased. Provides that during the seven day period the precious metal dealer: (1) may not change the form of the precious metal; and (2) must allow a law enforcement officer to inspect the precious metal. Specifies that the law concerning: (1) precious metal dealers does not apply to licensed pawnbrokers; and (2) the purchase of valuable metals does not apply to precious metal dealers.
Current Status:
 In Committee - first House
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