Bill Text: NY S02618 | 2013-2014 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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) 2014-05-08 - PRINT NUMBER 2618D [S02618 Detail]

Download: New_York-2013-S02618-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        2618--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                   January 23, 2013
                                      ___________
       Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
         printed to be committed to the Committee  on  Consumer  Protection  --
         recommitted to the Committee on Consumer Protection in accordance with
         Senate  Rule  6, sec. 8 -- committee discharged, bill amended, ordered
         reprinted as amended and recommitted to said committee
       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-t to read as follows:
    3    S  391-T.  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.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07113-02-4
       S. 2618--A                          2
    1    3. UPON TAKING POSSESSION OF ANY SECOND-HAND ITEM COMPRISED  OF  GOLD,
    2  SILVER  OR PLATINUM, A DEALER SHALL RETAIN POSSESSION OF SUCH ITEM FOR A
    3  PERIOD OF NOT LESS THAN SEVENTY-TWO HOURS.
    4    S  2.  This  act  shall take effect on the sixtieth day after it shall
    5  have become a law.