Bill Text: NJ S2924 | 2012-2013 | Regular Session | Introduced
Bill Title: Establishes electronic reporting system for purchasers of precious metals or jewelry.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-07-29 - Introduced in the Senate, Referred to Senate Commerce Committee [S2924 Detail]
Download: New_Jersey-2012-S2924-Introduced.html
Sponsored by:
Senator SHIRLEY K. TURNER
District 15 (Hunterdon and Mercer)
SYNOPSIS
Establishes electronic reporting system for purchasers of precious metals or jewelry.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning purchasers of precious metals or jewelry and supplementing Title 2C of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. The Superintendent of State Police shall establish or arrange for a system of electronic reporting of any records required to be maintained by purchasers of precious metals or jewelry. The superintendent may contract with one or more vendors to establish and maintain the electronic reporting system pursuant to guidelines established by the superintendent.
b. Purchasers of precious metals or jewelry shall electronically submit any records maintained pursuant to section 1 of P.L.1981, c.96 (C.51:6A-1) or section 1 of P.L.2009, c.214 (C.2C:21-36) to the electronic reporting system established pursuant to subsection a. of this section by no later than noon of the next business day following the purchase or receipt of any precious metals or jewelry.
c. (1) Except as otherwise provided in paragraph (2) of this subsection, all records maintained by the Division of State Police pursuant to this section shall be confidential and shall not be made available to any individual or institution except as otherwise provided by law.
(2) The information provided pursuant to this section may be shared with any federal or State law enforcement agency as deemed appropriate by the superintendent, or with any State regulatory agency with jurisdiction over persons engaged in a business in which reportable transactions are conducted.
d. The superintendent may charge any purchaser of precious metals or jewelry a reasonable fee for the use of the electronic reporting system, which amount shall not exceed the lesser of $300 or the total cost incurred for the electronic reporting system apportioned among all purchasers of precious metals or jewelry.
e. In addition to any other penalty provided by law, a purchaser of precious metals or jewelry who fails to electronically submit information pertaining to a receipt or purchase of any precious metals or jewelry as required pursuant to this section shall be liable to a penalty of $10,000 for each violation, recoverable by the superintendent pursuant to the provisions of the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.). An action for the recovery of a civil penalty for violation of this act shall be within the jurisdiction of and may be brought before the Superior Court or municipal court in the municipality where the offense is committed, or where the defendant resides or may be apprehended.
f. The superintendent may promulgate rules and regulations necessary to effectuate the provisions of this section.
g. As used in this section:
"Precious metals or jewelry" means gold, silver, platinum, palladium and alloys thereof, or used or secondhand jewelry;
"Purchaser of precious metals or jewelry" means any person in the business of:
(1) Buying precious metals who is required to maintain records pursuant to subsection e. of section 1 of P.L.1981, c.96 (C.51:6A-1); or
(2) Retailing, wholesaling, or smelting jewelry who is required to maintain records pursuant to section 1 of P.L.2009, c.214 (C.2C:21-36).
2. This act shall take effect on the 180th day next following enactment, provided that the Superintendent of State Police may take such anticipatory action as may be necessary to implement the provisions of this act.
STATEMENT
This bill requires certain purchasers of precious metals or jewelry to electronically submit records maintained pursuant to law or regulation on the purchase or receipt of precious metals or used and secondhand jewelry using an electronic reporting system.
The bill requires the Superintendent of State Police to establish or arrange for a system for the electronic reporting of information pertaining to the receipt or purchase of precious metals or jewelry by any purchaser of precious metals or jewelry. The bill defines "purchaser of precious metals or jewelry" to mean any person who is required to maintain records pursuant to current law and is in the business of buying precious metals or retailing, wholesaling, or smelting jewelry.
The bill provides that the superintendent may contract with one or more vendors to establish and maintain the electronic reporting system pursuant to guidelines established by the superintendent.
Under the bill, all records submitted by purchasers of precious metals or jewelry which are maintained by the Division of State Police are confidential except as otherwise provided by law. The records may be shared with federal or State law enforcement agencies as deemed appropriate by the superintendent, or with any State regulatory agency with jurisdiction over persons engaged in a business in which reportable transactions are conducted.
The bill provides that the superintendent may charge any purchaser of precious metals or jewelry a reasonable fee for the use of the electronic reporting system, which amount shall not exceed the lesser of $300 or the total cost incurred for the electronic reporting system apportioned among all purchasers of precious metals or jewelry and that purchasers of precious metals or jewelry who fail to electronically submit information pertaining to a receipt or purchase of precious metals or jewelry may be liable to a penalty of $10,000 for each violation.
