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2013 -- H 5352 | |
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LC00492 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2013 | |
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A N A C T | |
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RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS-- | |
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PURCHASE AND SALE OF PRECIOUS METALS | |
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Introduced By: Representative Joseph A. Trillo | |
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Date Introduced: February 12, 2013 | |
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Referred To: House Corporations | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Section 6-11.1-1 of the General Laws in Chapter 6-11.1 entitled "Purchase |
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and Sale of Precious Metals" is hereby amended to read as follows: |
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6-11.1-1. License required -- "Person" defined. -- (a) No person, including a |
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pawnbroker, consignment shop, or salvage yard operator or second hand dealer, as defined in |
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section 5-21-1, shall engage in the business of buying or receiving for the purpose of selling gold, |
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silver, copper, platinum group metals, or precious stones, or any articles containing those items, |
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including catalytic converters other than coins purchased for their numismatic value rather than |
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their metal content, referred to in this chapter as "precious metals," from the general public for the |
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purpose of reselling the precious metals in any condition without first obtaining a license from the |
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attorney general of the state of Rhode Island, also called "the attorney general" in this chapter. |
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The attorney general shall not issue any license to a person who has not registered a permanent |
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place of business within the state for the purchase or sale of precious metals. The criteria for |
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determining a person's permanent place of business shall be formulated by the attorney general |
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immediately on or after July 1, 1981. |
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(b) The word "person," when used in this chapter, shall include individuals, partnerships, |
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associations, and corporations. |
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(c) This chapter shall not apply to any financial institution which is covered by federal or |
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state deposit insurance, nor to jewelry and silverware manufacturers purchasing precious metals |
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directly from trade suppliers. |
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(d) The word "catalytic converter" when used in this chapter shall be defined as an air |
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pollution abatement device that removes pollutants from motor vehicle exhaust, either by |
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oxidizing them into carbon dioxide and water or reducing them to nitrogen. |
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SECTION 2. This act shall take effect upon passage. |
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LC00492 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS-- | |
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PURCHASE AND SALE OF PRECIOUS METALS | |
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This act would add copper to the list of precious metals, the purchase and sale of which |
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requires a license issued by the state. |
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This act would take effect upon passage. |
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LC00492 | |
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