Full Text of SB3341 97th General Assembly
SB3341eng 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning business.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 1. Short title. This Act may be cited as the | 5 | | Precious Metal Purchasing Act. | 6 | | Section 5. Definitions. As used in this Act: | 7 | | "Precious metal" means any item containing, in whole or in | 8 | | part, gold or silver or any alloy of gold or silver.
| 9 | | "Proof of ownership" includes a bill of sale, an affidavit | 10 | | of ownership, or other credible evidence showing that the | 11 | | person possessing the precious metal is the lawful owner.
| 12 | | Section 10. Requirements applicable to the sale of precious | 13 | | metal. | 14 | | (a) A person who is in the business of purchasing precious | 15 | | metal, before purchasing an item containing precious metal from | 16 | | the same person exceeding $250 in value regardless of form or | 17 | | quantity shall: | 18 | | (1) obtain from that person: | 19 | | (A) proof of ownership for the precious metal; and
| 20 | | (B) a record that contains:
| 21 | | (i) the name, address, and telephone number of | 22 | | the person or the person's authorized |
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| 1 | | representative;
| 2 | | (ii) a description of the item containing the | 3 | | precious metal, including the number of items to be | 4 | | sold; and
| 5 | | (iii) the date of the transaction; and
| 6 | | (2) verify the identity of the individual selling the | 7 | | precious metal or representing the seller from a driver's | 8 | | license or other government-issued identification card | 9 | | that includes the individual's photograph and record the | 10 | | verification. | 11 | | (b) A person who is in the business of purchasing precious | 12 | | metal shall: | 13 | | (1) not pay for the purchase of precious metal with | 14 | | cash; and
| 15 | | (2) for each transaction in which the person purchases | 16 | | one or more items of precious metal, record the method of | 17 | | payment used to purchase the precious metal.
| 18 | | (c) A person who is in the business of purchasing precious | 19 | | metal shall provide a copy of the information required to be | 20 | | obtained under subdivision (a)(1)(B) of this Section to the | 21 | | parties as specified in this subsection. The copy shall be | 22 | | delivered before the hour of 12 o'clock noon the day after any | 23 | | day the person conducts business and shall contain the | 24 | | information acquired by the person the immediately preceding | 25 | | day the person conducted business. A person who is in the | 26 | | business of purchasing precious metal in a county with fewer |
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| 1 | | than 3,000,000 inhabitants shall submit the copy to the sheriff | 2 | | of that county. In municipalities having a population of 25,000 | 3 | | or more inhabitants that are located in counties with fewer | 4 | | than 3,000,000 inhabitants, a copy shall also be submitted to | 5 | | the municipal police department. In municipalities located in | 6 | | counties with 3,000,000 or more inhabitants, the report shall | 7 | | be submitted to the municipal police department. In counties | 8 | | with 3,000,000 or more inhabitants, a person in the business of | 9 | | purchasing precious metal whose business is located in an | 10 | | unincorporated area of the county shall submit the copy to the | 11 | | sheriff. The copy may be made by computer print out or input | 12 | | memory device if the format has been approved by the entity | 13 | | receiving the copy. | 14 | | Section 15. Records. A person shall retain a record | 15 | | obtained or made under this Act for one year after the date the | 16 | | precious metal is purchased or, if the purchase amount is over | 17 | | $500, for 5 years after the date the precious metal is | 18 | | purchased. | 19 | | Section 20. Penalty; enforcement. | 20 | | (a) A person who violates this Act shall be guilty of a | 21 | | petty offense and shall be fined an amount not exceeding $500 | 22 | | for each violation. | 23 | | (b) The Attorney General, local police department, and | 24 | | sheriff may: |
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| 1 | | (1) inspect a record retained by a person under this | 2 | | Act; and | 3 | | (2) investigate an alleged violation of this Act.
| 4 | | Section 25. Exemption. This Act does not apply to persons | 5 | | licensed under the Pawnbroker Regulation Act.
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