CT SB00928

Requires anyone purchasing precious metals, stones, watches, jewelry, bullion, or coins to obtain a municipal license as a precious metals or stones dealer with a $10 annual fee, effective October 1, 2013.

Expands licensing denial criteria to include felony convictions and failure to provide evidence of a permit under section 12-409, Connecticut tax registration number, and Secretary of State business registration.

Requires licensees to maintain detailed records including digital photographs of property, seller identification with photograph and identifying number, transaction dates and times, and retain records for at least two years.

Establishes a five-day minimum holding period before licensees can sell or dispose of purchased property (other than bullion or coins) and prohibits cash payments, requiring checks or money orders only.

Requires licensees to submit weekly sworn statements to the licensing authority in electronic format describing all transactions, and specifies procedures for law enforcement seizure of property including restitution provisions for dealers suffering economic losses.