PRINTER'S NO. 2313
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
1728
Session of
2017
INTRODUCED BY CONKLIN, V. BROWN, McNEILL, NEILSON, SCHLOSSBERG
AND THOMAS, AUGUST 18, 2017
REFERRED TO COMMITTEE ON CONSUMER AFFAIRS, AUGUST 18, 2017
AN ACT
Amending the act of February 24, 1984 (P.L.92, No.17), entitled
"An act regulating the purchase and sale of precious metals,"
further providing for definitions and for license required;
and providing for location of transactions.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1 of the act of February 24, 1984
(P.L.92, No.17), referred to as the Precious Metal Sale
Regulation Law, is amended by adding a definition to read:
Section 1. Definitions.
The following words and phrases when used in this act shall
have the meanings given to them in this section unless the
context clearly indicates otherwise:
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"Permanent place of business." A property or retail space
rented or leased by a dealer in precious metals at market price
for a period of at least 12 months or owned by a dealer in
precious metals for the purpose of selling, trading or
purchasing precious metals.
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Section 2. Section 2 of the act is amended by adding a
subsection to read:
Section 2. License required.
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(f) Permanent place of business.--An application must
include evidence that the applicant maintains a permanent place
of business. Evidence of maintenance of a permanent place of
business may include, but is not limited to, a rental or lease
agreement or deed of real property.
Section 3. The act is amended by adding a section to read:
Section 2.1. Location of transactions.
(a) General rule.--All transactions for the sale, trade or
purchase of precious metals shall be conducted on the premises
of a permanent place of business.
(b) Exceptions.--The following are exceptions to the
requirement under subsection (a):
(1) A licensed dealer in precious metals may conduct
business at a coin show or any other trade show that is
sponsored by a coin club that is nationally recognized or
headquartered in Pennsylvania where precious metals will be
sold, traded or purchased, provided that the number of days
in which the dealer engages in offsite transactions does not
exceed six per month.
(2) The sale of precious metals by a licensed auctioneer
at any time during an actual auction under the act of
December 22, 1983 (P.L.327, No.85), known as the Auctioneer
and Auction Licensing Act, shall not be affected by the
provisions of this act.
(3) The sale of precious metals as part of liquidation
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of assets in a Chapter 7 bankruptcy under 11 U.S.C. Ch. 7
(relating to liquidation) shall not be affected by the
provisions of this act.
(4) The sale of precious metals by a licensed pawnbroker
in compliance with the act of April 6, 1937 (P.L.200, No.51),
known as the Pawnbrokers License Act, shall not be affected
by the provisions of this act.
Section 4. This act shall take effect in 60 days.
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