§ 3881. Definitions As used in this chapter: (1) “Antique” means an item, other than an item of jewelry, and including a collectible coin, that is: (A) collected or desired due to age, rarity, condition, or other similar unique feature; (B) purchased for the purpose of resale; and (C) sold in the same unique form […]
§ 3882. Certification required (a) Certification from the Department of Public Safety is required to conduct business as a precious metal dealer in this State. (b) An application for certification shall include for each applicant and its principals: (1) the name, address, telephone number, and valid e-mail address or other electronic contact information; (2) the […]
§ 3883. Fees; renewal; revocation of certification (a)(1) A person who applies for certification pursuant to section 3882 of this title shall pay a nonrefundable fee of $200.00 to the Department of Public Safety. (2) A certification shall expire two years from the date it is issued, and may be renewed upon payment of $200.00 […]
§ 3884. Private right of action A person injured by a precious metal dealer’s violation of this chapter may bring an action against the dealer for damages arising from the violation. (Added 2013, No. 196 (Adj. Sess.), § 3, eff. Jan. 1, 2015.)
§ 3885. Records of a precious metal dealer (a) For each item of precious metal sold to a precious metal dealer, he or she shall: (1) assign a distinct entry number or, in the case of a lot of items, an entry number for the lot and a sub-lot number for each unmatched item in […]
§ 3886. Holding period A precious metal dealer shall retain precious metal that he or she purchases for no fewer than 10 days before offering an item for sale or for scrap, and he or she shall not remove an item from the State prior to the expiration of this 10-day period. (Added 2013, No. […]
§ 3887. Purchase of precious metal from persons under 18 years of age A precious metal dealer shall not purchase precious metal offered for sale by a person under 18 years of age. (Added 2013, No. 196 (Adj. Sess.), § 3, eff. Jan. 1, 2015.)
§ 3888. Method of payment In each transaction of $25.00 or more, a precious metal dealer shall pay only by check, draft, or money order for precious metal purchased for the purpose of resale. (Added 2013, No. 196 (Adj. Sess.), § 3, eff. Jan. 1, 2015.)
§ 3889. Stolen property notification system (a) The Department of Public Safety shall develop and implement a statewide stolen property notification system, the purpose of which shall be to facilitate timely electronic communication concerning the reported theft of precious metal among precious metal dealers and law enforcement agencies throughout the State. (b)(1) Upon receiving an […]
§ 3890. Penalties (a) Except as otherwise provided in this section, a person who violates a provision of this chapter shall be assessed a civil penalty of not more than $1,000.00. (b) A person who operates as a precious metal dealer without the certification required by section 3882 of this title shall be: (1) for […]
