2010 Maryland Code
BUSINESS REGULATION
TITLE 12 - SECONDHAND PRECIOUS METAL OBJECT DEALERS AND PAWNBROKERS
Subtitle 3 - Precious Metal Objects /Records; Holding Period; Inspection
Section 12-305 - Holding period for precious metal objects.

§ 12-305. Holding period for precious metal objects.
 

(a)  Duration - In general.-  

(1) Except as otherwise provided in this section, a dealer who acquires a precious metal object shall keep it in the county where the dealer holds a license from the time of acquisition until at least 18 days after submitting a copy of a record of its acquisition under § 12-304 of this subtitle. 

(2) A dealer who acquires a precious metal object at an event which takes place at a location other than the dealer's fixed business address shall place the object and a record of its acquisition at a location in accordance with subsection (d)(1) or (2) of this section by the next business day after acquiring the object. 

(3) In partial compliance with the 18-day holding requirement under this subsection, a dealer may maintain an object and the record of its acquisition at a location other than the dealer's fixed business address, if the local law enforcement unit in the jurisdiction where the item was acquired provides written approval. 

(b)  Duration - Shorter period.-  

(1) A dealer may submit to the primary law enforcement unit a written request for a shorter holding period for a specific precious metal object. 

(2) Within 48 hours after the primary law enforcement unit receives a request, the primary law enforcement unit shall approve or deny the request. 

(3) After inspecting the precious metal object, the primary law enforcement unit may authorize in writing a shorter holding period. 

(4) If the primary law enforcement unit denies the request, the primary law enforcement unit shall state the reasons in writing. 

(c)  Alteration of object.-  

(1) Except as provided in paragraph (2) of this subsection, a dealer may not alter a precious metal object before or during the holding period. 

(2) During the holding period, a dealer may chemically test a precious metal object to determine its metal content or value if the dealer does not alter the precious metal object so as to affect its identification or value. 

(d)  Place for keeping object or record.- During the holding period for a precious metal object, a dealer shall keep the precious metal object and the record of its acquisition in: 

(1) the place of business of the dealer; or 

(2) a storage facility specified in the license application of the dealer. 
 

[An. Code 1957, art. 56, § 423; 1992, ch. 4, § 2; 1997, ch. 227.] 
 

Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.