HB 2481 Summary

• Amends the Precious Metal and Gem Dealer Licensing Act to establish criminal penalties for willful violations, with first conviction as misdemeanor (up to 30 days jail or $500 fine) and subsequent convictions as felony (up to 3 years in Department of Corrections custody).

• Creates felony offense for any person selling property to a dealer using false/altered identification or false declaration of ownership, punishable by up to 5 years in Department of Corrections custody or 1 year in county jail, plus potential $500 fine.

• Requires dealers to maintain transaction records including item description/photograph, purchase amount, date, seller identification details, and seller's signature; records must be sent to local law enforcement within 3 days of transaction and retained for 4 years.

• Prohibits dealers from purchasing precious metals or gems from persons under 18 years of age unless accompanied by a parent or guardian providing identification, with both parties' information recorded.

• Requires dealers to obtain written declaration of ownership from sellers for merchandise purchased from manufacturers or wholesalers, stating how long the seller has owned the property.