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Title XXVI TRADE AND COMMERCE

Chapter 407

Effective - 28 Aug 2013 bottom

  407.292.  Precious metals, sale of — definitions — record of transactions, requirements — purchase from minor, requirements — weighing device, use of — applicability to pawnbrokers. — 1.  As used in this section, the following words and terms have the following meanings, unless the context clearly indicates otherwise:

  (1)  "Business combination", the same meaning as such term is defined in section 351.459;

  (2)  "Buyer of gold, silver, or platinum" or "buyer", an individual, partnership, association, corporation, or business entity, who or which purchases gold, silver, or platinum from the general public for resale or refining, or an individual who acts as agent for the individual, partnership, association, corporation, or business entity for the purchases.  The term does not include financial institutions licensed under federal or state banking laws, the purchaser of gold, silver, or platinum who purchases from a seller seeking a trade-in or allowance, and the purchaser of gold, silver, or platinum for his or her own use or ownership and not for resale or refining;

  (3)  "Gold", items containing or being of gold including, but not limited to, jewelry.  The term does not include coins, ingots, or bullion or articles containing less than five percent gold by weight;

  (4)  "Platinum", items containing or being of platinum, but shall only include jewelry.  The term does not include coins, ingots, bullion, or catalytic converters or articles containing less than five percent platinum by weight;

  (5)  "Silver", items containing or being of silver including, but not limited to, jewelry.  The term does not include coins, ingots, bullion, or photographic film or articles containing less than five percent silver by weight;

  (6)  "Weighing device", shall only include a device that is inspected and approved by the weight and measures program within the department of agriculture.

  2.  The buyer shall completely, accurately, and legibly record and photograph every transaction on a form provided by and prepared by the buyer.  The record of every transaction shall include the following:

  (1)  A copy of the driver's license or photo identification issued by the state or by the United States government or agency thereof to the person from whom the material is obtained;

  (2)  The name, current address, birth date, sex, and a photograph of the person from whom the material is obtained, if not included or are different from the identification required in subdivision (1) of this subsection;

  (3)  The seller shall be required to sign the form on which is recorded the information required by this section;

  (4)  An accurate description of the property purchased;

  (5)  The time and date of the transaction shall be recorded at the time of the transaction.  

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Records of transactions shall be maintained by the buyer in gold, silver, or platinum for a period of one year and shall be available for inspection by any law enforcement official of the federal government, state, municipality, or county.  No buyer shall accept any premelted gold, silver, or platinum, unless it is part of the design of an item of jewelry.  Each item of gold, silver, or platinum purchased by a buyer in gold, silver, or platinum shall be retained in an unaltered condition for five full working days.  It shall be the buyer's duty to inform law enforcement if the buyer has any reason to believe an item purchased may have been obtained illegally by a seller.

  3.  Records of buyer transactions may be made available, upon request, to law enforcement officials, governmental entities, and any other concerned entities or persons.

  4.  When a purchase is made from a minor, the written authority of the parent, guardian, or person in loco parentis authorizing the sale shall be attached and maintained with the record of transaction described in subsection 2 of this section.

  5.  (1)  When a weighing device is used to purchase gold, silver, or platinum, there shall be posted, on a conspicuous sign located close to the weighing device, a statement of prices for the gold, silver, or platinum being purchased as a result of the weight determination.

  (2)  The statement of prices shall include, but not be limited to, the following in terms of the price per troy ounce:

  (a)  The price for twenty-four karat, eighteen karat, fourteen karat, and ten karat gold;

  (b)  The price for pure silver and sterling silver;

  (c)  The price for platinum.

  (3)  When the weight determination is expressed in metric units, a conversion chart to troy ounces shall be prominently displayed so as to facilitate price comparison.  The metric equivalent of a troy ounce is 31.10348 grams.

  6.  A weighing device used in the purchase of gold, silver, or platinum shall be positioned in such a manner that its indications may be accurately read and the weighing operation observed from a position which may be reasonably assumed by the buyer and the seller.  A verbal statement of the result of the weighing shall be made by the person operating the device and recorded on the buyer's record of transaction.

  7.  The purchase of an item of gold, silver, or platinum by a buyer in gold, silver, or platinum not in accordance with this section shall constitute a violation of this section and the buyer may be subject to a fine not to exceed one thousand dollars.

  8.  This section shall not apply to a pawnbroker, as defined in section 367.011, or a scrap metal dealer, as provided in sections 407.300 to 407.305.

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(L. 2013 S.B. 157 and S.B. 102)


---- end of effective   28 Aug 2013 ----

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