Loading chat...
OH HB530
Bill
Status
5/1/2012
Primary Sponsor
John Adams
Click for details
AI Summary
-
Increases net worth requirement for precious metals dealer licensure from $10,000 to $100,000, or alternatively requires a surety bond of $100,000 instead of $10,000.
-
Changes license renewal from annual to biennial (every two years) for licenses issued on or after January 1, 2012, with corresponding changes to expiration dates and fee payment schedules.
-
Limits the amount precious metals dealers may charge true owners for recovery of stolen property to the amount the dealer originally paid for the item, removing any markup or additional charges.
-
Requires precious metals dealers to retain purchased articles for 15 days instead of 5 days before removal from the state, providing law enforcement additional time to identify stolen property.
-
Increases criminal penalties for violations of licensing requirements from first-degree misdemeanor/fifth-degree felony to third-degree/second-degree misdemeanor, with fifth-degree felony for unlicensed operation.
Legislative Description
To make changes to the licensing and records requirements, exemptions, penalties, and other provisions of the Precious Metal Dealers Law and to limit the amount precious metal dealers may charge the true owner of stolen property when restoring that property to the true owner.
Precious Metal Dealers Law
Last Action
To Judiciary & Ethics
5/1/2012