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House of Representatives
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: January 11, 2017 02:52 PM
From: Representative Dom Costa
To: All House members
Subject: Re-Introduction former HB 1373 – Modernization of the Precious Metal Sale Regulation Law
 

­­In the near future I will be re-introducing legislation – House Bill 1373, Printer’s Number 1932 from the 2015-2016 Legislative Session. This legislation amends the Precious Metal Sale Regulation Law, adding further requirements to assist law enforcement in the recovery of stolen precious metals and providing increased support for licensed precious metal dealers.

The Precious Metal Sale Regulation Law was enacted in 1984. During that time, the price of gold has risen from $300 per ounce in 1984 to roughly $1,200 per ounce at this writing. This increase in the price of gold and other precious metals has prompted increased numbers of precious metal thefts. My legislation would modernize the Precious Metal Sale Regulation Law and assist in the investigation of precious metal thefts.

In addition to increased requirements for identification of sellers and additional recordkeeping of precious metal transactions, this legislation makes the following changes to the current law:
  • Allows a county to establishment an annual $250 dealer compliance fee imposed on precious metal dealers. This fee is to be used by Sheriffs to implement computer software with the capabilities to monitor and record precious metal transactions within the county.
  • Precious metal licensing fees will be raised to $125 per year, with 50 percent of the fee allocated to the Sheriff’s Department in the licensing county.
  • Precious metal dealers would be required to retain purchased precious metals for 10 working days. This would allow law enforcement additional time to track stolen items. The current retention time period is 5 working days.
  • If a law enforcement officer has probable cause that something was stolen, my bill would permit the officer to seize the item in unaltered condition for no more than 30 days. Law enforcement officers would be required to provide notice to the dealer upon seizure of the item(s).
  • Increased penalties for violations of the act. Ten percent of the resulting fines imposed will be allocated to the county for the support of electronic software utilized for the filing of precious metal transactions.
  • Ineligibility for licensing of a precious metal dealer in violation of the law will be raised from 5 years to 10 years.
    I hope that you will join me in support of this important legislation.



Introduced as HB293