2010 Michigan Compiled Laws
Chapter 445 - TRADE AND COMMERCE
Act 95 of 1981 - THE PRECIOUS METAL AND GEM DEALER ACT (445.481 - 445.492)

THE PRECIOUS METAL AND GEM DEALER ACT
Act 95 of 1981
AN ACT to regulate the business of buying and receiving gold, silver, platinum, gems, jewelry, and other precious items; to provide powers to certain state and local officers and agencies with respect to such regulation; to provide for the registration of precious metal and gem dealers; to provide for civil damages; and to prescribe penalties.

History: 1981, Act 95, Eff. Sept. 11, 1981

• Section 445.481 - Short title.
• Section 445.482 - Definitions.
• Section 445.483 - Dealer; certificate of registration required; internet drop-off store exempt from registration; application; fee; disclosures; dealer, agent, or employee convicted of misdemeanor or felony; compliance with local ordinances; issuance and posting of certificate; notification of change in name or address.
• Section 445.484 - Permanent record of each transaction; forms; copies; information required; numbering; sending copy of record of transaction form to police agency or sheriff's department; inspection; confidentiality; retention period; size of form; definition.
• Section 445.485 - Retaining precious item for 9 calendar days; alteration.
• Section 445.486 - Prohibited conduct.
• Section 445.487 - Failure to make entry in records as misdemeanor or felony; penalty.
• Section 445.488 - Violation of MCL 445.483(7) or (8) or 445.484(1)(e), (3), (4), or (5) as misdemeanor or felony; penalty.
• Section 445.489 - Conduct constituting felony; penalty.
• Section 445.490 - Violation of MCL 445.483(1) or 445.485 as felony; penalty.
• Section 445.491 - Action against dealer; grounds; damages, costs, and attorneys' fees.
• Section 445.492 - Effective date.