MS HB1195

Requires dealers who purchase precious items (gold, silver, platinum, gems, pearls) for resale to obtain a privilege license and operate only from a fixed business location with a lease of at least one year.

Mandates dealers maintain records for six months including seller's name, address, date of birth, physical description, valid photo identification with serial number, and detailed item descriptions.

Requires dealers to submit weekly reports to local law enforcement listing all items purchased with brand names, serial numbers, descriptions, dates, times, amounts paid, and seller information.

Prohibits dealers from altering, melting, or disposing of purchased items for fifteen business days after reporting to law enforcement and requires payment by check only payable to the actual seller.

Establishes violations as misdemeanors punishable by fines up to $1,000 and/or imprisonment up to six months; exempts manufacturers, retail merchants, licensed pawnbrokers, wholesalers, and private social gatherings from the act's requirements.