SP0088, LD 250, item 1, An Act To Amend the Laws Regarding Dealers in Secondhand Precious Metals

An Act To Amend the Laws Regarding Dealers in Secondhand Precious Metals

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 30-A MRSA §3972, sub-§1, ¶B, as enacted by PL 2013, c. 398, §1, is amended to read:

B. "Precious metals" means any item composed in whole or in part of gold , palladium, platinum or silver, but does not include dental gold, unrefined metal ore, an electronic product, any part of a mechanical system on a motor vehicle or gold or silver coins or bullion.

Sec. 2. 30-A MRSA §3972, sub-§2, ¶C, as enacted by PL 2013, c. 398, §1, is amended to read:

C. A digital photograph of each the item of precious metals that is the subject of the transaction , as well as a complete description of the item purchased or acquired from the seller, including the weight of the item and any identification numbers, names, initials, serial numbers or identifying marks on the item . If there is more than one item, one digital photograph of all the items is sufficient to meet the requirements of this paragraph; and

Sec. 3. 30-A MRSA §3972, sub-§2, ¶D, as enacted by PL 2013, c. 398, §1, is repealed.

Sec. 4. 30-A MRSA §3972, sub-§§5 and 6, as enacted by PL 2013, c. 398, §1, are amended to read:

5. Holding period. A dealer may not sell or alter any precious metals until the precious metals have remained in the dealer's possession for 15 5 business days after the date of acquisition by the dealer , except that a dealer who determines that the precious metals are not listed in an electronic database designed to catalog stolen property may sell or alter the precious metals 5 business days after the date of acquisition.

6. Municipal registration. A person may not act as a dealer without a permit issued by the registering as a dealer in secondhand precious metals with the municipal officers of the municipality in which the person intends to maintain a permanent place or places of business. A dealer shall provide the address of the permanent place of business at which the dealer will do business to the municipality and shall notify the municipality if the location changes. The municipal officers may require other reasonable information as to the identity of the persons managing, supervising or conducting the business as necessary in order to fulfill the purposes of this section. The municipal officers may not issue a permit to act as a dealer to a person if they find that issuance of the permit would be detrimental to the public health, safety or welfare. Without a municipal permit, a person may not engage in the business of dealing in secondhand precious metals.

summary

This bill amends the laws regarding dealers in secondhand precious metals by:

1. Including palladium and platinum as precious metals subject to regulation;

2. Allowing a dealer to take one digital photograph of all the items in a transaction, instead of one digital photograph for each item;

3. Eliminating certain types of information that must be recorded by a dealer about each item;

4. Reducing from 15 days to 5 business days the amount of time a dealer must wait before selling or altering an item of precious metal received by the dealer;

5. Removing a reference to an electronic database designed to catalog stolen property; and

6. Requiring a dealer to register as a precious metals dealer with the municipality in which the dealer will conduct business, instead of requiring the dealer to obtain a permit issued by the municipality.

SP0088 LD 250	Session - 127th Maine Legislature		LR 1186 Item 1
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