2007 -- H 5988
A N A C T
RELATING TO COMMERCIAL LAW -- PRECIOUS METALS
Introduced By: Representatives Kilmartin, Serpa, and Fellela
Date Introduced: March 01, 2007
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
and consignment shop, or
salvage yard operator 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.