2019 -- H 5690 SUBSTITUTE A

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LC001938/SUB A

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

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A N   A C T

RELATING TO COMMERCIAL LAW - GENERAL REGULATORY PROVISIONS -

PURCHASE AND SALE OF PRECIOUS METALS

     Introduced By: Representatives Noret, Caldwell, Canario, Amore, and Serodio

     Date Introduced: February 27, 2019

     Referred To: House Corporations

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 6-11.1-3 of the General Laws in Chapter 6-11.1 entitled "Purchase

and Sale of Precious Metals" is hereby amended to read as follows:

     6-11.1-3. Identification and authority of seller -- Posting of prices -- Weighing.

     (a) Every person required to be licensed under this chapter shall require positive proof of

identification with photograph, date of birth, and current address of every seller from whom

precious metals or an article made from or containing a precious metal is to be purchased and

shall require the seller to sign a statement on a form to be approved by the attorney general stating

that the seller is the legal owner of the property or is the agent of the owner authorized to sell the

property and when and where or in what manner the property was obtained. Provided further,

that, with the exception of the purchase of any article containing a catalytic converter as defined

in § 6-11.1-1, the licensed buyer of precious metals under this chapter, shall be required to take a

clear and true color digital photograph, accurately depicting all purchased precious metals or

articles. The digital photograph(s) shall be uploaded to the attorney general's license sales

tracking system (LSTS) database where the photograph(s) of the purchased precious metal(s) or

article(s) shall be maintained for a period of three (3) years from the date of purchase.

     (b) Every person required to be licensed under this chapter shall, before purchasing any

precious metal or article made from or containing a precious metal, shall require the seller, if a

minor, to be accompanied by the parent or legal guardian of the minor.

     (c) Every person required to be licensed under this chapter shall post the prices per ounce

that are currently being paid for precious metals in full sight of the prospective seller and the

precious metals shall be weighed in full sight of the prospective seller.

     SECTION 2. Section 6-53-3 of the General Laws in Chapter 6-53 entitled "Purchase and

Sale of Tools and Electronics" is hereby amended to read as follows:

     6-53-3. Identification and authority of seller.

     (a) Every person required to be licensed under this chapter shall require positive proof of

identification with photograph, date of birth, and current address of every seller from whom tools

and electronics are to be purchased and shall require the seller to sign a statement, on a form to be

approved by the attorney general, stating that the seller is the legal owner of the property or is the

agent of the owner authorized to sell the property and when and where or in what manner the

property was obtained. Provided further, that the licensed buyer of tools and electronics under this

chapter, shall be required to take a clear and true color digital photograph, accurately depicting all

purchased tools and electronics. The digital photograph(s) shall be uploaded to the attorney

general's license sales tracking system (LSTS) database where the photograph(s) of the purchased

tools and electronics shall be maintained for a period of three (3) years from the date of purchase.

     (b) Every person required to be licensed under this chapter shall, before purchasing any

tool or electronic device, require the seller, if a minor, to be accompanied by the parent or legal

guardian of the minor.

     SECTION 3. This act shall take effect on January 1, 2020.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO COMMERCIAL LAW - GENERAL REGULATORY PROVISIONS -

PURCHASE AND SALE OF PRECIOUS METALS

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     This act would require a licensed buyer of certain precious metals or articles, tools, and

electronics to take a digital photograph of their purchase and upload it to the attorney general's

license sales tracking system database, where it will be maintained for a period of three (3) years

from the date of purchase.

     This act would take effect on January 1, 2020.

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