SB 430 Summary

• Requires precious metal and gem dealers to provide detailed descriptions or photographs of items purchased, including manufacturer name, model, serial number, and engraved markings; prohibits dealers from listing only gram weight and metal type as a description.

• Increases the mandatory holding period for used precious metal and gem items from 10 days to 30 days, allowing dealers to sell items during this period as long as they remain in possession.

• Establishes written hold order procedures for law enforcement when there is probable cause that property is stolen or embezzled, with initial holds not exceeding 30 days but extendable in successive 30-day increments upon written notification.

• Requires written hold orders to contain dealer signature, officer identification, agency information, complete property description, offense number, mailing address, and expiration date.

• Makes willful noncompliance with a written hold order grounds for license suspension or revocation; allows district attorney to notify dealers when property is needed as evidence and requires notification within 15 days of case disposition.

• Permits dealers to designate additional storage locations (vault or bank) approved by the Administrator, requiring 30 days' notice before terminating such arrangements.

• Effective date: November 1, 2015.