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House Bill 1188


House Bill 1188

ARCHIVE (2013)

Latest Information

 

DIGEST OF HB 1188 (Updated April 24, 2013 6:41 pm - DI 69)


Precious metal and rental purchase agreements. Regulates precious metal dealers who engage in the business of purchasing used jewelry and 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, for purposes of the law concerning precious metal dealers, precious metal does not include certain coins, ingots, or industrial residue or byproducts. Provides that a precious metal dealer may engage in the business of purchasing or reselling precious metal in Indiana only at a fixed premises: (1) owned; or (2) leased for a term of at least 12 months; by the precious metal dealer. Requires a precious metal dealer to register annually with the secretary of state and certain local law enforcement agencies before the precious metal dealer may engage in business in Indiana. Provides that registration fees are to be deposited into the electronic and enhanced access fund. Requires a precious metal dealer to: (1) verify the identity of a person from whom precious metal is purchased by use of a government issued photographic identification; (2) take and retain a photograph of precious metal purchased by the dealer; (3) include certain information about a seller of precious metal on the bill of sale for the purchase of the precious metal; (4) report a description of all precious metal purchased each day to the appropriate local law enforcement agency; and (5) hold precious metal for at least 10 calendar days after the date the precious metal is purchased. Provides that during the 10 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 precious metal dealers does not apply to: (1) licensed pawnbrokers; (2) valuable metal dealers; (3) retail jewelers remitting at least $10,000 in gross retail tax in the immediately preceding year; or (4) the purchase or resale of a mint issued coin by a person whose primary business is buying, selling, and trading mint issued coins. Provides that the law concerning valuable metal dealers does not apply to the purchase or resale of: (1) precious metal regulated under the precious metal dealers law; or (2) used jewelry regulated under the jewelers law. Allows a lessor, in connection with a rental purchase agreement, to contract for and receive a fee for rental payments made by telephone if certain conditions are met. Allows a lessee who fails to make timely rental payments to reinstate the original rental purchase agreement without losing any rights or options previously acquired under the rental purchase agreement if: (1) after failing to make a timely rental payment, the lessee surrenders the property to the lessor not later than seven days after the date the lessor requests the property be surrendered; and (2) not more than 120 days elapse after the date the lessee surrenders the property. (Current law states that the lessee has to surrender the property promptly and that not more than 60 days must elapse after the date the lessee surrenders the property.) Provides that if a pawnbroker purchases precious metal from a seller, the pawnbroker must retain the precious metal for at least 10 calendar days.
Current Status:
 Law Enacted
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