Section 445.481 – Short Title.

445.481 Short title. Sec. 1. This act shall be known and may be cited as “the precious metal and gem dealer act”. History: 1981, Act 95, Eff. Sept. 11, 1981

Section 445.482 – Definitions.

445.482 Definitions. Sec. 2. As used in this act: (a) “Agent or employee” means a person who, for compensation or valuable consideration, is employed either directly or indirectly by a dealer. (b) “Dealer” means any person, corporation, partnership, or association, which, in whole or in part, engages in the ordinary course of repeated and recurrent […]

Section 445.483 – Dealer; Certificate of Registration Required; Internet Drop-Off Store Exempt From Registration; Application; Fee; Disclosures; Dealer, Agent, or Employee Convicted of Misdemeanor or Felony; Compliance With Local Ordinances; Issuance and Posting of Certificate; Notification of Change in Name or Address.

445.483 Dealer; certificate of registration required; internet drop-off store exempt from registration; application; fee; disclosures; dealer, agent, or employee convicted of misdemeanor or felony; compliance with local ordinances; issuance and posting of certificate; notification of change in name or address. Sec. 3. (1) A dealer shall not conduct business in a local governmental unit in […]

Section 445.484 – Permanent Record of Each Transaction; Forms; Copies; Information Required; Numbering; Sending Copy of Record of Transaction Form to Police Agency or Sheriff’s Department; Inspection; Confidentiality; Retention Period; Size of Form; Definition.

445.484 Permanent record of each transaction; forms; copies; information required; numbering; sending copy of record of transaction form to police agency or sheriff’s department; inspection; confidentiality; retention period; size of form; definition. Sec. 4. (1) A dealer shall maintain a permanent record of each transaction, on record of transaction forms provided for in subsection (6), […]

Section 445.485 – Retaining Precious Item for 9 Calendar Days; Alteration.

445.485 Retaining precious item for 9 calendar days; alteration. Sec. 5. A precious item received by a dealer shall be retained by the dealer for 9 calendar days after it was received, without any form of alteration other than that required to make an accurate appraisal of its value. History: 1981, Act 95, Eff. Sept. […]

Section 445.486 – Prohibited Conduct.

445.486 Prohibited conduct. Sec. 6. A dealer or an agent or employee of a dealer shall not: (a) Knowingly receive or purchase a precious item from any person who is less than 18 years of age or any person known by the dealer or agent or employee of the dealer to have been convicted of […]

Section 445.487 – Failure to Make Entry in Records as Misdemeanor or Felony; Penalty.

445.487 Failure to make entry in records as misdemeanor or felony; penalty. Sec. 7. (1) A dealer or an agent or employee of a dealer who knowingly fails to make an entry of any material matter in his or her records kept as required by section 4 is guilty of a misdemeanor, punishable by imprisonment […]

Section 445.488 – Violation of MCL 445.483(7) or (8) or 445.484(1)(e), (3), (4), or (5) as Misdemeanor or Felony; Penalty.

445.488 Violation of MCL 445.483(7) or (8) or 445.484(1)(e), (3), (4), or (5) as misdemeanor or felony; penalty. Sec. 8. (1) A dealer who knowingly violates section 3(7), 3(8), 4(1)(e), 4(3), 4(4), or 4(5) is guilty of a misdemeanor, punishable by imprisonment for not more than 1 year, or a fine of $1,000.00, or both. […]

Section 445.489 – Conduct Constituting Felony; Penalty.

445.489 Conduct constituting felony; penalty. Sec. 9. A dealer or an agent or employee of a dealer who does any of the following is guilty of a felony, punishable by imprisonment for not more than 2 years, or a fine of $5,000.00, or both: (a) Totally fails to record a transaction on a record of […]

Section 445.490 – Violation of MCL 445.483(1) or 445.485 as Felony; Penalty.

445.490 Violation of MCL 445.483(1) or 445.485 as felony; penalty. Sec. 10. A dealer who violates section 3(1) or 5 is guilty of a felony, punishable by imprisonment for not more than 2 years, or a fine of $5,000.00, or both. History: 1981, Act 95, Eff. Sept. 11, 1981

Section 445.491 – Action Against Dealer; Grounds; Damages, Costs, and Attorneys’ Fees.

445.491 Action against dealer; grounds; damages, costs, and attorneys’ fees. Sec. 11. A person who has a precious item stolen, embezzled, or converted from him or her may bring an action for 3 times the amount of the damages, costs of suit, and reasonable attorneys’ fees against any dealer who, by himself or herself or […]

Section 445.492 – Effective Date.

445.492 Effective date. Sec. 12. This act shall take effect 60 days after it is enacted into law. History: 1981, Act 95, Eff. Sept. 11, 1981