OH HB559

Removes requirement that precious metals dealers advertise or hold themselves out to the public as willing to purchase articles; dealers now only need to be engaged in the business of purchasing precious metals or jewels.

Expands licensing requirement to include those who "advertise, transact, or solicit business as a precious metals dealer," not just those who act as dealers.

Increases mandatory holding period for purchased articles from 5 days to 15 days after purchase before licensees can remove items from their location.

Restructures records and reporting requirements to require forms with detachable parts; one part given to seller and one retained by licensee, with forms numbered consecutively and preserved for 2 years.

Establishes new penalties allowing superintendent to suspend licenses without prior hearing upon criminal conviction of licensee or employees for violations of the Precious Metals Dealers Law or theft/money laundering offenses; allows revocation procedures to follow Chapter 119 administrative rules.