Share:
House Co-Sponsorship Memoranda
House of Representatives
Session of 2019 - 2020
Regular Session
MEMORANDUM
| Posted: | January 31, 2019 10:21 AM |
|---|---|
| From: | Representative Scott Conklin |
| To: | All House members |
| Subject: | Fair and Safe Precious Metal Transactions |
| Like any other Pennsylvanian, people who purchase precious metals deserve protection from those who engage in unscrupulous precious metal transactions. This is why I am proposing that the sale of precious metals occur within an established place of business that is owned, leased or rented by a precious metal dealer who is licensed in the state of Pennsylvania. Currently unlicensed precious metal dealers may conduct business in hotel rooms, parking lots and other unregulated, unsecured areas. It is common for 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 unsecured settings. As a result a number of states have initiated new laws geared towards protecting consumers, from these unethical practices. With many states adding a “permanent place of business” clauses to their Dealers in Precious Metals Law. The proposed legislation would require that all precious metal license applicants provide proof of a permanent place of business that is either owned, rented or leased for a minimum of 12 months. The place of business must be kept for the primary purpose of engaging in precious metal sales. Strengthening the current system of licensure and regulation of precious metal businesses in Pennsylvania is a necessary step in protecting the residents of the Commonwealth from disreputable dealers. Additionally, the measures contained in this legislation would limit the ability of unlicensed out-of-state precious metals dealers from engaging in these transactions within Pennsylvania. |