SB 1028 - This act modifies provisions relating to buyers of precious metals.
Currently, buyers of precious metals are required to keep certain transaction records for a period of 1 year. Under this act, buyers shall also record the fingerprints of the person from whom the material was obtained and a photograph of the property purchased. All transaction records shall be maintained by the buyer for a period of 10 years. This act also requires buyers of precious metals to transmit, on a monthly basis, all records to certain law enforcement authorities.
Currently, each item purchased by a buyer of precious metal shall be retained in an unaltered condition for 5 full working days. Under this act, such metal shall remain in an unaltered state for 120 full working days. This act also prohibits a buyer of precious metal from purchasing any precious metals from the same seller more than one time in a 120 day period. Further, no seller shall be eligible to sell precious metals to a buyer if such seller has been previously convicted of certain crimes as set forth in this act.
Currently, any buyer violating the law regulating the buying of precious metals may be subject to a fine not to exceed $1,000. Under this act, the fine shall not be less than $1,000, and if a buyer violates this law more than twice, such buyer shall be ineligible to operate as a buyer.
Currently, pawnbrokers are exempt from provisions of law regulating buyers of precious metals. This act removes this exemption.