2010 Maryland Code
TITLE 12 - SECONDHAND PRECIOUS METAL OBJECT DEALERS AND PAWNBROKERS
Subtitle 3 - Precious Metal Objects /Records; Holding Period; Inspection
Section 12-301 - Required records.
§ 12-301. Required records.
(a) Records of dealers.-
(1) Each dealer shall make a written record, on a form provided by the Secretary, of each business transaction that involves the acquisition of a secondhand precious metal object when the transaction is made.
(2) Each dealer shall retain the original copy of the written record required to be made under paragraph (1) of this subsection at the dealer's place of business.
(b) Records of pawnbrokers.- Each pawnbroker shall make a written record, on a form provided by the Secretary, of each business transaction that involves:
(1) lending money on pledge of personal property, other than a security or printed evidence of indebtedness; or
(2) buying personal property on condition of selling it back at a stipulated price; or
(3) buying the following items for the purpose of resale:
(v) household appliances;
(vi) musical instruments;
(vii) office machines or equipment;
(viii) radios, televisions, videodisc machines, videocassette recorders, and stereo equipment;
(ix) personal computers, tapes, and disc recorders;
(xi) bicycles; and
(xii) tangible personal property pledged as collateral.
(c) Records of pawnbrokers - Acquisition of items for resale.- Each pawnbroker shall make a written record, on a form provided by the Secretary, of each transaction that involves the acquisition of an item described in subsection (b)(3) of this section for the purpose of resale.
(d) Separate entries.- A separate record entry shall be made for each item involved in a transaction. However, items in a matching set may be recorded as a set if acquired in a single transaction.
(e) Tagging and numbering of items.- The dealer shall tag each item individually with a number that corresponds to the transaction under which it was acquired. However, items acquired in a matching set may be tagged as a set.
(f) Presumption of precious metal.- For the purposes of this subtitle, there is a presumption that an object is a precious metal object if:
(1) it reasonably appears to be a precious metal object; and
(2) it was received by a dealer in the course of business or is found in the place of business or storage facility of a dealer.
[An. Code 1957, art. 56, § 422; 1992, ch. 4, § 2; 1993, ch. 547; 1997, ch. 227; 2010, ch. 404.]
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