2019 -- H 5690 SUBSTITUTE A

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LC001938/SUB A

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

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A N   A C T

RELATING TO COMMERCIAL LAW - GENERAL REGULATORY PROVISIONS -

PURCHASE AND SALE OF PRECIOUS METALS

     

     Introduced By: Representatives Noret, Caldwell, Canario, Amore, and Serodio

     Date Introduced: February 27, 2019

     Referred To: House Corporations

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 6-11.1-3 of the General Laws in Chapter 6-11.1 entitled "Purchase

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and Sale of Precious Metals" is hereby amended to read as follows:

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     6-11.1-3. Identification and authority of seller -- Posting of prices -- Weighing.

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     (a) Every person required to be licensed under this chapter shall require positive proof of

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identification with photograph, date of birth, and current address of every seller from whom

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precious metals or an article made from or containing a precious metal is to be purchased and

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shall require the seller to sign a statement on a form to be approved by the attorney general stating

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that the seller is the legal owner of the property or is the agent of the owner authorized to sell the

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property and when and where or in what manner the property was obtained. Provided further,

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that, with the exception of the purchase of any article containing a catalytic converter as defined

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in ยง 6-11.1-1, the licensed buyer of precious metals under this chapter, shall be required to take a

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clear and true color digital photograph, accurately depicting all purchased precious metals or

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articles. The digital photograph(s) shall be uploaded to the attorney general's license sales

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tracking system (LSTS) database where the photograph(s) of the purchased precious metal(s) or

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article(s) shall be maintained for a period of three (3) years from the date of purchase.

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     (b) Every person required to be licensed under this chapter shall, before purchasing any

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precious metal or article made from or containing a precious metal, shall require the seller, if a

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minor, to be accompanied by the parent or legal guardian of the minor.

 

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     (c) Every person required to be licensed under this chapter shall post the prices per ounce

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that are currently being paid for precious metals in full sight of the prospective seller and the

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precious metals shall be weighed in full sight of the prospective seller.

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     SECTION 2. Section 6-53-3 of the General Laws in Chapter 6-53 entitled "Purchase and

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Sale of Tools and Electronics" is hereby amended to read as follows:

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     6-53-3. Identification and authority of seller.

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     (a) Every person required to be licensed under this chapter shall require positive proof of

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identification with photograph, date of birth, and current address of every seller from whom tools

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and electronics are to be purchased and shall require the seller to sign a statement, on a form to be

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approved by the attorney general, stating that the seller is the legal owner of the property or is the

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agent of the owner authorized to sell the property and when and where or in what manner the

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property was obtained. Provided further, that the licensed buyer of tools and electronics under this

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chapter, shall be required to take a clear and true color digital photograph, accurately depicting all

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purchased tools and electronics. The digital photograph(s) shall be uploaded to the attorney

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general's license sales tracking system (LSTS) database where the photograph(s) of the purchased

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tools and electronics shall be maintained for a period of three (3) years from the date of purchase.

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     (b) Every person required to be licensed under this chapter shall, before purchasing any

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tool or electronic device, require the seller, if a minor, to be accompanied by the parent or legal

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guardian of the minor.

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     SECTION 3. This act shall take effect on January 1, 2020.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO COMMERCIAL LAW - GENERAL REGULATORY PROVISIONS -

PURCHASE AND SALE OF PRECIOUS METALS

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     This act would require a licensed buyer of certain precious metals or articles, tools, and

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electronics to take a digital photograph of their purchase and upload it to the attorney general's

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license sales tracking system database, where it will be maintained for a period of three (3) years

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from the date of purchase.

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     This act would take effect on January 1, 2020.

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