Bill Text: IL SB3341 | 2011-2012 | 97th General Assembly | Amended

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Bill Title: Creates the Precious Metal Purchasing Act. Provides that a person who is in the business of purchasing precious metal shall obtain a proof of ownership, create a record of the sale, and verify the identity of the seller. Provides that a person who is in the business of purchasing precious metal shall not pay for the precious metal in cash and shall record the method of payment. Requires the purchaser to keep a record of the sale for one year or, if the purchase amount is over $500, for 5 years. Provides that a person who violates the Act is guilty of a petty offense and subject to a fine not exceeding $500. Provides that the Attorney General may inspect records, investigate an alleged violation, and take action to collect civil penalties.

Spectrum: Moderate Partisan Bill (Republican 4-1)

Status: (Failed) 2013-01-08 - Session Sine Die [SB3341 Detail]

Download: Illinois-2011-SB3341-Amended.html

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Rep. Patricia R. Bellock

Filed: 1/3/2013

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AMENDMENT TO SENATE BILL 3341
AMENDMENT NO. ______. Amend Senate Bill 3341, AS AMENDED,
on page 3, lines 23 and 24, by replacing "The Attorney General,
local police department, and sheriff" with "Local law
enforcement"; and
on page 4, by inserting after line 5 the following:
"Section 30. The Pawnbroker Regulation Act is amended by
changing Section 15 as follows:
(205 ILCS 510/15)
Sec. 15. Temporary buying locations; unregistered buyers.
(a) For purposes of this Section:
"Temporary buying location" means a location used by an
unregistered buyer, including, but not limited to, hotels and
motels.
"Unregistered buyer" means an individual business, or an

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agent of an individual business, engaged in the business of
purchasing from the public, scrap precious metals, including,
but not limited to, jewelry, precious stones, semi-precious
stones, coins, silver, gold, and platinum, that conducts
transactions at a temporary buying location but is not
registered under this Act.
(b) An unregistered buyer that seeks to conduct business at
a temporary buying location in this State must comply with all
of the following:
(1) An unregistered buyer must register with the
sheriff of the county at least 30 days prior to its
intention to conduct transactions in that county.
(2) Except as otherwise provided in Section 10 of the
Precious Metal Purchasing Act, an An unregistered buyer
must submit by 6 a.m. each day to the sheriff of the county
in which he or she is located detailed transaction records
for the previous day, which must include purchaser, seller,
and inventory information pursuant to subsection (b) of
Section 5 of this Act.
(3) An unregistered buyer must pay a registration fee
to the sheriff of the county in which it seeks to conduct
business. This fee shall be used to defray the cost of
reviewing the records required under this Section and may
be apportioned as the sheriff sees fit.
(c) The Department of Financial and Professional
Regulation may adopt rules necessary for administration of this

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Section, which must include a fee schedule for counties to
follow.
(Source: P.A. 96-1038, eff. 7-14-10.)".