Chapter
109
2006 -- S 2685
Enacted 06/16/06
A N A
C T
RELATING TO
COMMERCIAL LAW -- PRECIOUS METALS
Introduced By: Senators
Badeau, and Ciccone
Date Introduced: February 14, 2006
It is enacted
by the General Assembly as follows:
SECTION
1. Section 6-11.1-1 of the General Laws in Chapter 6-11.1 entitled
"Purchase
and
Sale of Precious Metals" is hereby amended to read as follows:
6-11.1-1.
License required -- "Person" defined. -- (a) No person,
including a
pawnbroker
and consignment shop, shall engage in the business of buying or
receiving for the
purpose
of selling gold, silver, platinum
group metals, or precious stones, or any articles
containing
those items, other than coins purchased for their numismatic value rather than
their
metal
content, referred to in this chapter as "precious metals," from the
general public for the
purpose
of reselling the precious metals in any condition without first obtaining a
license from the
attorney
general of the state of Rhode Island, also called "the attorney
general" in this chapter.
The
attorney general shall not issue any license to a person who has not registered
a permanent
place of
business within the state for the purchase or sale of precious metals. The
criteria for
determining
a person's permanent place of business shall be formulated by the attorney
general
immediately
on or after July 1, 1981.
(b) The word "person," when used in this chapter, shall include individuals,
partnerships,
associations,
and corporations.
(c) This chapter shall not apply to any financial institution which is covered
by federal or
state
deposit insurance, nor to jewelry and silverware manufacturers purchasing
precious metals
directly
from trade suppliers.
SECTION
2. This act shall take effect upon passage.
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LC02042
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