Bill Text: IN SB0351 | 2010 | Regular Session | Introduced

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Bill Title: Minimum price for gold purchased by resellers.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-01-12 - First reading: referred to Committee on Corrections, Criminal, and Civil Matters [SB0351 Detail]

Download: Indiana-2010-SB0351-Introduced.html

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Introduced Version

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SENATE BILL No. 351

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DIGEST OF INTRODUCED BILL

Citations Affected: IC 35-46-9.

Synopsis: Minimum price for gold purchased by resellers. Makes it a Class A misdemeanor for a person to purchase gold for resale for an amount that is less than 78% of the closing spot price of gold for the trading day immediately preceding the date of the person's purchase.

Effective: July 1, 2010.

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Waltz

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    January 12, 2010, read first time and referred to Committee on Corrections, Criminal, and Civil Matters.

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Introduced

Second Regular Session 116th General Assembly (2010)

PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2009 Regular and Special Sessions of the General Assembly.

SENATE BILL No. 351

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    A BILL FOR AN ACT to amend the Indiana Code concerning criminal law and procedure.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 35-46-9; (10)IN0351.1.1. -->     SECTION 1. IC 35-46-9 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2010]:
     Chapter 9. Offenses Relating to the Purchase of Gold
     Sec. 1. For purposes of this chapter, the "closing spot price of gold" for a particular trading day is the closing spot price of gold for that day on the New York Mercantile Exchange.
    Sec. 2. As used in this chapter, "trading day" means a day on which a closing spot price of gold is determined.
    Sec. 3. A person who knowingly or intentionally:
        (1) purchases gold for resale; and
        (2) pays for the gold an amount less than seventy-eight percent (78%) of the closing spot price of gold for the last trading day preceding the date on which the person purchases the gold;
commits unlawful purchase of gold, a Class A misdemeanor.