Regulating secondhand dealers who deal with precious metal property.
Summary
Creates a new category of secondhand dealers called "secondhand precious metal dealers" who engage in transactions involving gold, silver, and platinum.
Requires secondhand precious metal dealers to obtain a business license.
Requires secondhand precious metal dealers to maintain specific detailed records for transactions involving precious metals for a total of three years.
Prohibits the removal of any precious metal property bought or received in pledge or by consignment by a secondhand precious metal dealer from the place of business or the county in which it was sold in, for a period of 30 days after the receipt of that property, except when redeemed by or returned to the owner.
Makes it a gross misdemeanor offense, and a subsequent offense an unranked class C felony offense, to commit certain illegal transactions involving secondhand precious metals.
Exempts secondhand precious metal dealers, that participate in hosted home parties, from complying with the state-mandated record requirements, property holding requirements, and referencing law enforcement lists noting individuals that have been convicted of theft offenses.
From the Engrossed Substitute House Bill Report (ESHB 1716), written by the Legislature's nonpartisan staff. Read the full report ↗