SB530 Summary

• Requires precious item dealers to obtain a state license ($100 annually) and county license ($50 annually) before operating in Alabama and prohibits transient operations.

• Mandates dealers maintain a permanent fixed business location for at least one year and report copies of licenses to local law enforcement within five days.

• Requires dealers to keep detailed records for six months including seller identification, physical description, valid photo ID number, and itemized purchase lists submitted to law enforcement at least weekly.

• Establishes a 15-business-day hold period on purchased items after reporting to law enforcement and requires payment by check only made payable to the seller.

• Classifies violations as Class B misdemeanors and exempts manufacturers, retail merchants, licensed pawnbrokers, and wholesale dealers from these requirements.