S T A T E O F N E W Y O R K
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 -- 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:
Section 1. The general business law is amended by adding a new section
391-t to read as follows:
S 391-T. SECOND-HAND PRECIOUS METALS; RECORDS. 1. DEFINITIONS. AS
USED IN THIS SECTION:
(A) "DEALER" SHALL MEAN ANY PERSON WHO, IN THE REGULAR COURSE OF BUSI-
NESS, DEALS IN THE PURCHASE OF SECOND-HAND ARTICLES OR THINGS COMPRISED
OF GOLD, SILVER OR PLATINUM FOR THE PURPOSE OF RESALE, MELTING OR REFIN-
ING, AND SHALL INCLUDE COLLATERAL LOAN BROKERS.
(B) "SELLER" SHALL MEAN ANY PERSON WHO SELLS ANY SECOND-HAND ARTICLE
OR THING COMPRISED OF GOLD, SILVER OR PLATINUM.
2. NO DEALER SHALL TAKE POSSESSION OF AND PROVIDE CONSIDERATION FOR
ANY SECOND-HAND ITEM COMPRISED OF GOLD, SILVER OR PLATINUM FROM A SELLER
WITHOUT CONFIRMING THE IDENTITY OF SUCH SELLER UPON PRESENTATION OF TWO
FORMS OF IDENTIFICATION. THE DEALER SHALL MAINTAIN A RECORD OF EACH
SECOND-HAND ITEM COMPRISED OF GOLD, SILVER OR PLATINUM HE OR SHE TAKES
POSSESSION OF, AND SUCH RECORD SHALL INCLUDE A COPY OF THE FORMS OF
IDENTIFICATION PRESENTED BY THE SELLER AND A TELEPHONE NUMBER AND
ADDRESS AT WHICH THE SELLER MAY BE CONTACTED. ALL SUCH RECORDS SHALL BE
MAINTAINED BY THE DEALER FOR A PERIOD OF NOT LESS THAN TWO YEARS, AND
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.
S. 2618--B 2
3. UPON TAKING POSSESSION OF ANY SECOND-HAND ITEM COMPRISED OF GOLD,
SILVER OR PLATINUM, A DEALER SHALL RETAIN POSSESSION OF SUCH ITEM FOR A
PERIOD OF NOT LESS THAN SEVENTY-TWO HOURS.
4. NO PROVISION OF THIS SECTION SHALL BE DEEMED TO PREEMPT OR PROHIBIT
ANY MUNICIPALITY FROM ENACTING A LOCAL LAW OR ORDINANCE WHICH ESTAB-
LISHES MORE STRINGENT STANDARDS THAN THOSE ESTABLISHED BY THIS SECTION.
S 2. This act shall take effect on the sixtieth day after it shall
have become a law.