HB 4266 Summary

• Amends the Precious Metal and Gem Dealer Act to require dealers to obtain a certificate of registration from local governmental units or local police agencies before conducting business.

• Exempts internet drop-off stores from dealer registration if they exclusively transact business online, maintain a public searchable website with item photographs and identifying information, keep transaction records for 2 years, and allow police inspection access.

• Establishes a statewide electronic database administered by the Department of State Police; dealers must electronically transmit transaction information within 48 hours of receiving precious items, including item description, price, customer identification, and thumbprint.

• Requires dealers to maintain permanent transaction records in a standardized form with customer information, item descriptions, and transaction details; records must be retained for at least 1 year and made available to law enforcement during investigations.

• Creates penalties for violations: misdemeanor for first offense (up to 1 year imprisonment or $1,000 fine) and felony for subsequent violations (up to 2 years imprisonment or $5,000 fine); dealers convicted of related felonies or misdemeanors are prohibited from operating for 5 years or 1 year respectively.