SB3341 EngrossedLRB097 17671 JLS 62882 b

1    AN ACT concerning business.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 1. Short title. This Act may be cited as the
5Precious Metal Purchasing Act.
6    Section 5. Definitions. As used in this Act:
7    "Precious metal" means any item containing, in whole or in
8part, gold or silver or any alloy of gold or silver.
9    "Proof of ownership" includes a bill of sale, an affidavit
10of ownership, or other credible evidence showing that the
11person possessing the precious metal is the lawful owner.
12    Section 10. Requirements applicable to the sale of precious
14    (a) A person who is in the business of purchasing precious
15metal, before purchasing an item containing precious metal from
16the same person exceeding $250 in value regardless of form or
17quantity 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
12metal 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
19metal shall provide a copy of the information required to be
20obtained under subdivision (a)(1)(B) of this Section to the
21parties as specified in this subsection. The copy shall be
22delivered before the hour of 12 o'clock noon the day after any
23day the person conducts business and shall contain the
24information acquired by the person the immediately preceding
25day the person conducted business. A person who is in the
26business of purchasing precious metal in a county with fewer



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1than 3,000,000 inhabitants shall submit the copy to the sheriff
2of that county. In municipalities having a population of 25,000
3or more inhabitants that are located in counties with fewer
4than 3,000,000 inhabitants, a copy shall also be submitted to
5the municipal police department. In municipalities located in
6counties with 3,000,000 or more inhabitants, the report shall
7be submitted to the municipal police department. In counties
8with 3,000,000 or more inhabitants, a person in the business of
9purchasing precious metal whose business is located in an
10unincorporated area of the county shall submit the copy to the
11sheriff. The copy may be made by computer print out or input
12memory device if the format has been approved by the entity
13receiving the copy.
14    Section 15. Records. A person shall retain a record
15obtained or made under this Act for one year after the date the
16precious metal is purchased or, if the purchase amount is over
17$500, for 5 years after the date the precious metal is
19    Section 20. Penalty; enforcement.
20    (a) A person who violates this Act shall be guilty of a
21petty offense and shall be fined an amount not exceeding $500
22for each violation.
23    (b) The Attorney General, local police department, and
24sheriff 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
5licensed under the Pawnbroker Regulation Act.