HB 5997 Summary

• Amends the Precious Metal and Gem Dealer Act to require dealers to electronically transmit transaction information to the Michigan Department of State Police within 48 hours of purchasing precious items for inclusion in a statewide database.

• Extends the mandatory holding period for precious items received by dealers from 9 calendar days to 15 calendar days before they may be sold or altered.

• Adds provisions allowing internet drop-off stores to operate without local registration if they maintain a fixed Michigan business location, display inventory on a searchable website, keep records for 2 years, and use non-cash payment methods.

• Prohibits local governmental units from adopting or enforcing local laws that duplicate, extend, revise, or conflict with state precious metal dealer regulations.

• Requires dealers to implement necessary software and pay an annual fee of up to $250 per registered location for database participation within 180 days of the law's effective date.