HB 5835 Summary

• Requires precious metal and gem dealers to maintain transaction records on standardized forms including customer identification, item descriptions, prices, and thumbprints, with one copy provided to the customer and one retained by the dealer.

• Eliminates the requirement to send transaction forms to police agencies within 48 hours and instead requires dealers to electronically transmit transaction information to a statewide database maintained by the Department of State Police within 48 hours of each transaction.

• Establishes an annual database fee of up to $250 per registered dealer location, collected by local government treasurers and forwarded to the state police department.

• Allows dealers to destroy records after 1 year if no police investigation is pending, and requires dealers closing or relocating to transmit all transaction records from the prior year to local police agencies.

• Increases criminal penalties for violations from misdemeanors to felonies for subsequent violations, with fines up to $5,000 and imprisonment up to 2 years; effective January 1, 2015, contingent on enactment of HB 5836 and HB 5837.