IL SB1778

Establishes the Resale Dealers Act regulating businesses that buy and sell previously owned items including jewelry, stamps, electronic equipment, and precious metals, with exemptions for pawnbrokers, coin dealers, auctioneers, and certain other entities.

Requires resale dealers to maintain detailed record books approved by law enforcement containing seller identification, item descriptions, serial numbers, purchase amounts, and dates; records must be kept for 3 years and can be maintained in computer form with approval.

Mandates daily reporting of all transactions to appropriate law enforcement officials before noon each day and requires dealers to obtain proper identification from sellers (one form with photo or two forms without photo; municipalities with 1,000,000+ residents require photograph of seller if no government-issued photo ID).

Prohibits resale dealers from purchasing items from sellers under 18 years old, without proper identification, or with illegible manufacturer serial numbers; dealers cannot remove, alter, or obliterate identifying marks on purchased property.

Establishes a 10-day holding period for individually identifiable articles and 3-day holding period for non-identifiable articles before sale or disposal; law enforcement can issue hold orders for suspected stolen property, with property returned within 120 days or a warrant required for continued custody.