Enrolled Senate Bill No. 107 - Summary

• Requires precious metal and gem dealers to provide documentation verifying their business location, including deed, bill of sale, lease, or rental agreement, plus contact information for the location owner if the dealer does not own it.

• Changes record-keeping requirements from permanent bound books to records that must be kept for four (4) years and made available during regular business hours for inspection by the Department of Consumer Credit and law enforcement.

• Establishes administrative fines up to $5,000 as penalties for violations, replacing previous civil penalty language, with appeals of final agency orders to be heard in the District Court of Oklahoma County.

• Authorizes dealers to designate additional storage locations (vault or bank) for items with Administrator approval, requiring documentation and 30 days' notice before terminating such locations.

• Requires all dealer advertisements to include the precious metal and gem dealer license number issued by the Administrator for the specific business location.