§ 17-23-101. Definitions
As used in this chapter: (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. (B) “Dealer” does not include a person, corporation, partnership, or other entity engaged in a […]
§ 17-23-102. Exemptions
The provisions of this chapter shall not apply to the following: (1) Transactions involving the sale or transfer of precious metals by a wholesale jeweler to a retail jeweler or licensed dealer; (2) Transactions involving coins regardless of whether or not such coins contain precious metals; (3) Any financial institution which is covered by federal […]
§ 17-23-103. Penalties
(a) If the value of the property involved in a transaction is five hundred dollars ($500) or less, a person who violates this chapter is guilty of a Class A misdemeanor. (b) If the value of the property involved in a transaction is greater than five hundred dollars ($500), a person who violates this chapter […]
§ 17-23-104. Civil liability
(a) Any person who has been damaged or injured by the failure of a person required to be licensed under this chapter to comply with the provisions of this chapter may recover the actual damages sustained. (b) The court in its discretion may also award punitive damages and the cost of suit and reasonable attorney’s […]
§ 17-23-201. Registration required
(a) A person shall not engage in the business of purchasing precious metals or precious items from the general public for the purpose of reselling the precious metals or precious items in any condition without first registering with the local law enforcement agency in the jurisdiction as provided under this section and in the manner […]
§ 17-23-202. Registration
(a) (1) A dealer shall register with local law enforcement in writing and on the form prescribed by the local law enforcement agency at least twenty-four (24) hours before conducting business in that jurisdiction. (2) The registration shall include: (A) (i) The name of the registrant. (ii) If the registrant is a partnership or association, […]
§ 17-23-203. Seller identification
(a) A dealer required to register under this chapter shall require the following from each seller of precious metals or precious items: (1) Proof of identification in the form of a valid driver’s license, identification card, armed services identification card, or other valid photo identification; (2) A signed statement stating that the seller is the […]
§ 17-23-204. Melt-down bullion
When a proposed transaction involves the buying of precious metal bulk bullion which appears to have been the result of a melt-down of a former article containing a precious metal, the buyer must first inquire as to what was the source of the item before the melt-down and must notify the Department of Arkansas State […]
§ 17-23-205. Disclosures
Every person required to be licensed under this chapter shall inform the prospective seller of the price per ounce currently being paid for the particular precious metal offered by the prospective seller, and the precious metals shall be weighed in full sight of the prospective seller.
§ 17-23-206. Records
(a) Every person registered under this chapter shall keep a record book containing a comprehensive record of all transactions concerning precious metals or precious items. (b) The record shall include: (1) The name, address, and telephone number of the seller; (2) The date of birth of the seller; (3) The signature of the seller; (4) […]