97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3341
 
Introduced 2/7/2012, by Sen. Kirk W. Dillard
 
SYNOPSIS AS INTRODUCED:
 

 
New Act

     Creates the Precious Metal Purchasing Act. Provides that a person who is in the business of purchasing precious metal shall obtain a proof of ownership, create a record of the sale, and verify the identity of the seller. Provides that  a person who is in the business of purchasing precious metal shall not pay for the precious metal in cash and shall record the method of payment. Requires the purchaser to keep a record of the sale for one year or, if the purchase amount is over $500, for 5 years. Provides that a person who violates the Act is guilty of a petty offense and subject to a fine not exceeding $500. Provides that the Attorney General may inspect records, investigate an alleged violation, and take action to collect civil penalties.
  


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A BILL FOR
 

  
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1    AN ACT concerning business.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 1. Short title. This Act may be cited as the 
5Precious Metal Purchasing Act.
 
6    Section 5. Definitions. As used in this Act:
7    "Precious metal" means any item containing, in whole or in 
8part, gold or silver or any alloy of gold or silver.
              
9    "Proof of ownership" includes a bill of sale, an affidavit 
10of ownership, or other credible evidence showing that the 
11person possessing the precious metal is the lawful owner.

 
12    Section 10. Requirements applicable to the sale of precious 
13metal. 
14    (a)  A person who is in the business of purchasing precious 
15metal, before purchasing an item containing precious metal from 
16the same person exceeding $250 in value regardless  of form or 
17quantity shall:
18        (1)  obtain from that person:
19            (A)  proof of ownership for the precious metal; and

20            (B)  a record that contains:

21                (i)  the name, address, and telephone number of 
22            the person or the person's authorized 
 
 
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1            representative;

2                (ii)  a description of the item containing the 
3            precious metal, including the number of items to be 
4            sold; and

5                (iii)  the date of the transaction; and

6        (2)  verify the identity of the individual selling the 
7    precious metal or representing the seller from a driver's 
8    license or other government-issued identification card 
9    that includes the individual's photograph and record the 
10    verification.
11    (b) A person who is in the business of purchasing precious 
12metal shall: 
13        (1)  not pay for the purchase of precious metal with 
14    cash; and
                
15        (2)  for each transaction in which the person purchases 
16    one or more item of precious metal, record the method of 
17    payment used to purchase the precious metal.

 
18    Section 15. Records. A person shall retain a record 
19obtained or made under this Act for one year after the date the 
20precious metal is purchased or, if the purchase amount is over 
21$500, for 5 years after the date the precious metal is 
22purchased.
 
23    Section 20. Penalty; enforcement.
24    (a) A person who violates this Act shall be guilty of a 
 
 
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1petty offense and shall be fined an amount not exceeding $500 
2for each violation.
3    (b) The Attorney General may:
4        (1) inspect a record retained by a person under this 
5    Act; and
6        (2) investigate an alleged violation of this Act.