SB 442
Modifies provisions relating to buyers of precious metals
LR Number:
Last Action:
3/7/2019 - Second Read and Referred S General Laws Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2019

Current Bill Summary

SB 442 - Currently, buyers of precious metals are required to keep certain transaction records for a period of one 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.

Under current law, 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 a period of 90 days that the buyer is open to the public. 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 the act.

Currently, records of buyer transactions may be made available, upon request, to law enforcement officials and governmental entities. Under this act, such records shall be made available upon request and shall be made available at the location where the transaction occurred.

Current law provides that 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 repeals this exemption.

The Department of Public Safety shall create a database that a buyer, including a pawnbroker, shall upload certain information, as set forth in the act, to within 24 hours of purchasing gold, silver, or platinum. Members of the public shall be able to access the database to view pictures of items purchased by a buyer. All personally identifiable information of a buyer and seller shall only be viewable by law enforcement agencies and the buyer. Additionally, a fee shall be applied to each transaction for the purchase of gold, silver, or platinum, which the buyer shall remit to the Department to fund the creation and administration of the database. The Department shall set the fee at a level not to exceed the costs of creating and administering the database.

This act is similar to SB 1028 (2018).



No Amendments Found.