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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | December 10, 2013 09:00 AM |
|---|---|
| From: | Representative Dom Costa |
| To: | All House members |
| Subject: | Precious Metal Sale Regulation Act Amendments |
| In the near future, I plan to introduce legislation that will amend the Precious Metal Sale Regulation Act. Given the significant increase in the price of precious metals, theft of these items has increased exponentially. The Precious Metal Sale Regulation Act was enacted in 1984 and has not been amended since. (In 1984, the approximate price of gold in 1984 was $300 per ounce, in 2013 that price has increased to four times that amount.) I believe it is necessary to make some minor changes that would assist law enforcement with the recovery of stolen items that may end up with a registered precious metal dealer. The legislation would: 1. Require a seller of precious metal to present a photo identification, which would be included with the record of sale and sent to the District Attorney. Currently under the Act, a dealer is only required to obtain identification verifying the name and address of the seller. 2. Require dealers to retain purchased precious metals in their original state for fourteen (14) calendar days. Currently under the Act, a dealer can resell or alter the purchase after five (5) working days. 3. Increased penalties and license ineligibility for licensed and unlicensed dealers found in violation of the law. |
Introduced as HB1946