2016 Indiana Code TITLE 24. TRADE REGULATION ARTICLE 4. REGULATED BUSINESSES CHAPTER 19. PRECIOUS METAL DEALERS
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IC 24-4-19
Chapter 19. Precious Metal Dealers
IC 24-4-19-1
Application
Sec. 1. This chapter does not apply to the following:
(1) A jeweler regulated under IC 24-4-13 concerning used
jewelry sales.
(2) A valuable metal dealer (as defined in IC 25-37.5-1-1(b)).
(3) A pawnbroker licensed under IC 28-7-5.
(4) The purchase or resale of a mint issued coin by a person
whose primary business is buying, selling, and trading mint
issued coins.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-2
"Jewelry"
Sec. 2. As used in this chapter, "jewelry" means personal
ornaments made of gold, silver, or platinum that may or may not
contain precious, semiprecious, or imitation stones.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-3
"Mint issued coin"
Sec. 3. As used in this chapter, "mint issued coin" means a coin
that:
(1) is bought or sold as an investment in a rare or precious
metal;
(2) has a collectable value greater than the face value of the
coin; or
(3) is collectable or desirable due to the age, rarity, or condition
of the coin.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-4
"Permanent place of business"
Sec. 4. As used in this chapter, "permanent place of business"
means a fixed premises:
(1) owned by a precious metal dealer; or
(2) leased by a precious metal dealer for a term of at least
twelve (12) months;
at which the precious metal dealer purchases or resells precious
metal.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-5
"Person"
Sec. 5. As used in this chapter, "person" means an individual, a
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firm, an association, a limited liability company, a partnership, a
joint stock association, a trust, or a corporation.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-6
"Precious metal"
Sec. 6. (a) As used in this chapter, "precious metal" means:
(1) used jewelry; and
(2) other used articles of personal property that:
(A) are made of gold, silver, or platinum; and
(B) were previously purchased at retail, acquired by gift, or
obtained in some other fashion by a consumer.
(b) The term does not include:
(1) mint issued coins;
(2) ingots; or
(3) industrial residue or byproducts that contain gold, silver, or
platinum purchased from manufacturing firms.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-7
"Precious metal dealer"
Sec. 7. As used in this chapter, "precious metal dealer" means a
person who engages in the business of purchasing precious metal for
the purpose of reselling the precious metal in any form.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-8
"Purchase"
Sec. 8. As used in this chapter, "purchase" means to acquire
property in exchange for cash, credit, or other valuable consideration.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-9
"Seller"
Sec. 9. As used in this chapter, "seller" means a consumer or other
person who sells precious metal to a precious metal dealer.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-10
"Used jewelry"
Sec. 10. As used in this chapter, "used jewelry" means jewelry
previously purchased at retail, acquired by gift, or obtained in some
other fashion by a consumer.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-11
Purchase or resale of precious metal
Sec. 11. A precious metal dealer who purchases or resells
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precious metal must comply with this chapter. However, this chapter
does not apply to jewelry used by a customer as a trade-in toward the
purchase of a new piece of jewelry.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-12
Permanent place of business requirement
Sec. 12. A precious metal dealer may engage in the business of
purchasing or reselling precious metal in Indiana only at a permanent
place of business owned or leased by the precious metal dealer.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-13
Registration requirement; secretary of state; local law enforcement
agencies
Sec. 13. (a) A precious metal dealer must satisfy the registration
requirements described in subsections (b) and (c) before the precious
metal dealer may engage in the business of purchasing or reselling
precious metal at a permanent place of business in Indiana.
(b) A precious metal dealer must submit to the secretary of state
one (1) time every twelve (12) months a registration that includes the
following:
(1) The name of the precious metal dealer.
(2) The addresses of all permanent places of business owned or
leased by the precious metal dealer in Indiana.
(3) Any other information required by the secretary of state.
(4) A registration fee of one hundred dollars ($100), to be
deposited by the secretary of state into the electronic and
enhanced access fund established by IC 4-5-10-5.
(c) A precious metal dealer must submit a registration to a law
enforcement agency one (1) time every twelve (12) months for each
permanent place of business owned or leased by the precious metal
dealer in Indiana as follows:
(1) If the permanent place of business is located in a
municipality that maintains a law enforcement agency, the
registration shall be submitted to the law enforcement agency
of the municipality.
(2) If the permanent place of business is not located in a
municipality that maintains a law enforcement agency, the
registration shall be submitted to the sheriff of the county in
which the permanent place of business is located.
A registration submitted to a law enforcement agency under this
subsection must include the name of the precious metal dealer, the
address of the permanent place of business, any other information
required by the law enforcement agency, and a registration fee of
fifty dollars ($50). However, if a precious metals dealer registers
more than one (1) permanent place of business with the same law
enforcement agency, the precious metal dealer must pay a
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registration fee of fifty dollars ($50) to register all the permanent
places of business with the law enforcement agency.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-14
Seller identification; photograph of precious metal
Sec. 14. (a) If a precious metal dealer purchases precious metal
from a seller, the precious metal dealer shall:
(1) verify the identity of the seller by use of a government
issued photographic identification;
(2) make a copy of the seller's government issued photographic
identification; and
(3) take a photograph of the precious metal.
(b) A precious metal dealer shall retain a copy of the:
(1) government issued photographic identification; and
(2) photograph;
described in subsection (a) as required in section 15(e) of this
chapter.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-15
Books, accounts, and records
Sec. 15. (a) A precious metal dealer shall keep and use in the
precious metal dealer's business the books, accounts, and records
necessary to determine whether the precious metal dealer is
complying with this chapter.
(b) A precious metal dealer shall preserve the books, accounts,
and records, including cards used in the card system, for at least two
(2) years after making the final entry on any purchase recorded.
(c) The precious metal dealer shall keep the books and records so
that the business of purchasing precious metal for resale may be
readily separated and distinguished from any other business in which
the precious metal dealer is engaged.
(d) If a precious metal dealer, in the conduct of the business,
purchases precious metal from a seller, the purchase shall be
evidenced by a bill of sale properly signed by the seller verifying the
accuracy of the information in the bill of sale. All bills of sale must
be in duplicate and must list the following separate items:
(1) The date of sale.
(2) The:
(A) name;
(B) address;
(C) date of birth; and
(D) driver's license number or Social Security number;
of the seller from whom the precious metal was purchased.
(3) The amount of consideration paid for the precious metal.
(4) The:
(A) name of the precious metal dealer; and
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(B) address of the permanent place of business where the
purchase occurred.
(5) A description of each article of precious metal sold.
However, if multiple articles of precious metal of a similar
nature are delivered together in one (1) transaction, the
description of the articles is adequate if the description contains
the quantity of the articles delivered and a physical description
of the type of articles delivered, including any unique
identifying marks, numbers, names, letters, or special features.
(6) The type of government issued photographic identification
used to verify the identity of the seller under section 14 of this
chapter, together with the name of the governmental agency that
issued the photographic identification and the identification
number present on the government issued photographic
identification.
(e) If a precious metal dealer purchases precious metal, the
precious metal dealer shall retain as part of the books, accounts, and
records kept by the precious metal dealer under this section:
(1) the original copy of the bill of sale described in subsection
(d); and
(2) the:
(A) copy of the seller's government issued photographic
identification; and
(B) photograph of the precious metal;
obtained by the precious metal dealer as required under section
14 of this chapter.
The second copy of the bill of sale shall be delivered to the seller by
the precious metal dealer at the time of sale.
(f) The heading on all bill of sale forms must be in boldface type.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-16
Precious metal purchases reported to law enforcement agencies
Sec. 16. (a) Each day a precious metal dealer purchases precious
metal at a permanent place of business, the precious metal dealer
shall report the information described in section 15(d) of this chapter
concerning the precious metal to a law enforcement agency as
follows:
(1) If the permanent place of business is located in a
municipality that maintains a law enforcement agency, the
report required under this section shall be made to the law
enforcement agency of the municipality.
(2) If the permanent place of business is not located in a
municipality that maintains a law enforcement agency, the
report required under this section shall be made to the sheriff of
the county in which the permanent place of business is located.
(b) The information reported to a law enforcement agency under
subsection (a) shall be submitted in an electronic format if requested
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by the law enforcement agency.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-17
Examination of records and information by law enforcement
agencies
Sec. 17. (a) A precious metal dealer shall make the records and
information under section 15 of this chapter available for
examination upon the request of a law enforcement agency (as
defined in IC 10-13-3-10).
(b) The law enforcement agency under subsection (a) shall
determine if:
(1) the records are sufficient; and
(2) the precious metal dealer has made the information
reasonably available.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-18
Prohibited precious metal purchases
Sec. 18. A precious metal dealer may not purchase precious metal:
(1) from an individual less than eighteen (18) years of age; or
(2) that the precious metal dealer believes or should have reason
to believe is stolen property acquired as a result of a crime.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-19
Retention of precious metal purchases
Sec. 19. (a) A precious metal dealer shall hold each article of
precious metal purchased by the precious metal dealer for at least ten
(10) calendar days after the date the precious metal dealer purchases
the precious metal:
(1) at the precious metal dealer's permanent place of business
where the purchase occurred; and
(2) separate from other precious metal.
(b) During the ten (10) calendar days that the precious metal
dealer must hold precious metal under subsection (a), the precious
metal dealer:
(1) may not change the form of the precious metal; and
(2) shall allow a law enforcement officer to inspect the precious
metal.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-20
Confidentiality of records and information
Sec. 20. (a) Records and information generated by a precious
metal dealer in the course of business are confidential under
IC 5-14-3-4.
(b) A law enforcement officer (as defined in IC 3-6-6-36(a)) may
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obtain or receive records and information described in subsection (a)
relating to the purchase of precious metal for use in investigating
crime.
(c) Law enforcement officials may disclose the name and address
of the precious metal dealer to an adverse claimant in the case of a
dispute over ownership of property in possession of the precious
metal dealer.
As added by P.L.222-2013, SEC.3.
IC 24-4-19-21
Penalty
Sec. 21. A person who knowingly or intentionally violates this
chapter commits a Class A misdemeanor.
As added by P.L.222-2013, SEC.3.
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