SB 157 Summary

• Creates new regulations for buyers of gold, silver, and platinum, requiring them to record and photograph all transactions with seller identification, item descriptions, and transaction details maintained for one year and available to law enforcement.

• Establishes requirements for weighing devices used in precious metals purchases, including posted price statements per troy ounce for various karats and types, with conversion charts to metric units (1 troy ounce = 31.10348 grams).

• Modifies scrap metal dealer regulations to require record-keeping for 24 months, restrict purchases of metal from cemeteries and utility providers without authorization, and mandate check payments or automated cash systems for transactions of $500 or more.

• Changes criminal penalties for scrap metal violations to class B misdemeanor with up to $500 fine for first offense, class A misdemeanor with up to $1,000 fine for second offense, and business license revocation for third offense.

• Expands donation receptacle signage requirements to include statements disclosing whether items are for charitable purposes, profit resale, or nonprofit use, with mandatory display of owner contact information and property owner written permission requirements.