HB 1498 Summary

• Regulates precious metal dealers who purchase used jewelry and other used articles made of gold, silver, or platinum that were previously purchased at retail, acquired by gift, or obtained by consumers for resale purposes.

• Requires precious metal dealers to verify seller identity using government-issued photographic identification, make copies of the ID, and take photographs of both the seller and the precious metal being purchased.

• Mandates precious metal dealers prepare bills of sale in duplicate containing seller information (name, address, date of birth, driver's license or Social Security number), sale date, consideration amount, precious metal description, and government ID details.

• Requires precious metal dealers to report all daily precious metal purchases to the appropriate local law enforcement agency and hold purchased precious metal for at least seven business days without altering its form while allowing law enforcement inspection.

• Exempts licensed pawnbrokers from these regulations and clarifies that valuable metals laws do not apply to precious metal dealers regulated under this chapter.