Amend the Laws Regarding Dealers in Secondhand Precious Metals

Last updated: Jun 11, 2017

Details about this bill
Category: Retail Crime
Status: Passed
Sponsor: Senator Tom Saviello, Senate 18 - Oxford County
Session: 128
Bill #: LD 1072

Position:

Monitoring.

UPDATE: This bill has been signed into law. It will take effect 90 days post-adjournment.

UPDATE: This bill has passed the House and Senate. It is being sent to the governor's desk for action.

UPDATE: This bill is working its way throught the Senate and House.

UPDATE: The committee modified the bill slightly keeping the 15 day waiting period unless there is a stolen goods database and will allow up to five items in one digital photograph for record keeping. Received unanimous Ought to Pass as Amended from the committee.

Summary:

This bill amends the laws regarding dealers in secondhand precious metals by:

1. Including palladium and platinum as precious metals subject to regulation;

2. Allowing a dealer to take one digital photograph of all the items in a transaction, instead of one digital photograph for each item;

3. Eliminating certain types of information that must be recorded by a dealer about each item;

4. Reducing from 15 days to 5 business days the amount of time a dealer must wait before selling or altering an item of precious metals received by the dealer;

5. Removing a reference to an electronic database designed to catalog stolen property; and

6. Requiring a dealer to register as a precious metals dealer with the municipality in which the dealer will conduct business, instead of requiring the dealer to obtain a permit issued by the municipality.