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House Co-Sponsorship Memoranda
House of Representatives
Session of 2017 - 2018
Regular Session
MEMORANDUM
| Posted: | December 21, 2016 10:08 AM |
|---|---|
| From: | Representative Scott Conklin |
| To: | All House members |
| Subject: | Amending the Precious Metal Sale Regulation Law (former HB573) |
| In an effort to provide further protection for consumers, I will be re-introducing House Bill 573 of 2015 which amends the current Precious Metal Sale Regulation Law. The legislation requires all precious metal transactions to occur within a permanent place of business that is owned, leased or rented by a precious metal dealer licensed in Pennsylvania. Presently, unlicensed precious metal dealers may conduct business in hotel rooms, parking lots and other unregulated, insecure areas. It is common for these unlicensed dealers to place undervalued prices on precious metal items sold by Pennsylvanians. In fact, constituents often fall prey to these unfair practices due to the informal nature and convenience of these settings. This legislation will require all precious metals license applicants to provide proof of a permanent place of business that is either owned, rented or leased at a market price for a minimum of 12 months. The place of business must be kept for the primary purpose of engaging in precious metal sales. A number of states have increased protection for consumers due to these practices, with South Carolina adding a nearly identical “permanent place of business” clause to their Dealers in Precious Metals Law. Bolstering the existing system of licensure and regulation of precious metal businesses in Pennsylvania is a necessary step in protecting the citizens of this Commonwealth from disreputable dealers. Furthermore, the measures contained in this legislation will limit the ability of unlicensed out-of-state precious metals dealers from engaging in these transactions within the state. I hope you will join me in co-sponsoring this important legislation. Previous Cosponsors: V. BROWN, COHEN, KOTIK, McNEILL, MURT AND THOMAS |
Introduced as HB1728