§ 17-23-101. Definitions

As used in this chapter:

1. (1)

   1. (A) “Dealer” means a person, corporation, partnership, or other entity that engages in the business of purchasing precious metals or precious items, or both, for the purpose of reselling the items in any form.

   2. (B) “Dealer” does not include a person, corporation, partnership, or other entity engaged in a business that is exempted under § 17-23-102;

2. (2) “Permanent place of business” means a fixed premises either owned by a person or leased by a person for a period of at least one (1) year and located in the State of Arkansas;

3. (3) “Person” means any individual, partnership, corporation, association, or other business entity;

4. (4) “Precious items” means precious or semiprecious stones or pearls whether mounted or unmounted;

5. (5) “Precious metals” means an article made, in whole or in part, of gold, silver, platinum, or a combination of gold, silver, or platinum;

6. (6) “Purchase” means the acquisition of a precious metal or a precious item, or both, for a consideration of cash, goods, or other precious metals or precious items; and

7. (7) “Silver” means sterling silver.