Bill Text: NY S06172 | 2011-2012 | General Assembly | Introduced

---

Bill Title: Requires dealers in second-hand precious metals to maintain certain records related to the purchase of such items.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-09 - REFERRED TO CONSUMER PROTECTION [S06172 Detail]

Download: New_York-2011-S06172-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6172
                                   I N  S E N A T E
                                    January 9, 2012
                                      ___________
       Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Consumer Protection
       AN ACT to amend the general business law, in relation to the purchase of
         second-hand precious metals
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The general business law is amended by adding a new section
    2  391-s to read as follows:
    3    S  391-S.  SECOND-HAND  PRECIOUS  METALS; RECORDS. 1. DEFINITIONS.  AS
    4  USED IN THIS SECTION:
    5    (A) "DEALER" SHALL MEAN ANY PERSON WHO, IN THE REGULAR COURSE OF BUSI-
    6  NESS, DEALS IN THE PURCHASE OF SECOND-HAND ARTICLES OR THINGS  COMPRISED
    7  OF GOLD, SILVER OR PLATINUM FOR THE PURPOSE OF RESALE, MELTING OR REFIN-
    8  ING, AND SHALL INCLUDE COLLATERAL LOAN BROKERS.
    9    (B)  "SELLER"  SHALL MEAN ANY PERSON WHO SELLS ANY SECOND-HAND ARTICLE
   10  OR THING COMPRISED OF GOLD, SILVER OR PLATINUM.
   11    2. NO DEALER SHALL TAKE POSSESSION OF AND  PROVIDE  CONSIDERATION  FOR
   12  ANY SECOND-HAND ITEM COMPRISED OF GOLD, SILVER OR PLATINUM FROM A SELLER
   13  WITHOUT  CONFIRMING THE IDENTITY OF SUCH SELLER UPON PRESENTATION OF TWO
   14  FORMS OF IDENTIFICATION. THE DEALER SHALL  MAINTAIN  A  RECORD  OF  EACH
   15  SECOND-HAND  ITEM  COMPRISED OF GOLD, SILVER OR PLATINUM HE OR SHE TAKES
   16  POSSESSION OF, AND SUCH RECORD SHALL INCLUDE A  COPY  OF  THE  FORMS  OF
   17  IDENTIFICATION  PRESENTED  BY  THE  SELLER  AND  A  TELEPHONE NUMBER AND
   18  ADDRESS AT WHICH THE SELLER MAY BE CONTACTED. ALL SUCH RECORDS SHALL  BE
   19  MAINTAINED  BY  THE  DEALER FOR A PERIOD OF NOT LESS THAN TWO YEARS, AND
   20  SHALL BE MADE AVAILABLE FOR INSPECTION DURING NORMAL BUSINESS HOURS.
   21    3. UPON TAKING POSSESSION OF ANY SECOND-HAND ITEM COMPRISED  OF  GOLD,
   22  SILVER  OR PLATINUM, A DEALER SHALL RETAIN POSSESSION OF SUCH ITEM FOR A
   23  PERIOD OF NOT LESS THAN SEVENTY-TWO HOURS.
   24    S 2. This act shall take effect on the sixtieth  day  after  it  shall
   25  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13606-01-1