MI HB5918

Prohibits dealers from purchasing precious items from individuals under 18 years of age or from persons convicted of theft or receipt of stolen property within the preceding 5 years.

Requires dealers to obtain a valid driver's license or Michigan personal identification card from any individual before purchasing precious items.

Prohibits second-hand or junk dealers from conducting business as pawnbrokers without obtaining a license under the 1917 Pawnbroker Act (MCL 446.201-446.219).

Creates felony penalties of up to 2 years imprisonment and/or $5,000 fine for dealers who fail to record transactions, falsify records, or violate age and criminal history restrictions.

Creates misdemeanor penalties of 10-90 days imprisonment and/or $25-$100 fine for first violations of pawnbroker licensing requirements, with enhanced penalties of $1,000-$2,500 for subsequent violations.

Ties effectiveness to enactment of House Bill 5919 and House Bill 5920.