Amend the Laws Regarding Dealers in Secondhand Precious Metals
|Sponsor:||Senator Tom Saviello, Senate 18 - Oxford County|
|Bill #:||LD 1072|
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.
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.