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Nickelless
Administrator
USA
5580 Posts |
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keys
Penny Collector Member
383 Posts |
Posted - 06/08/2009 : 09:46:16
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New TN Law requires "dealers in scrap jewelry and precious metals" to register with the chief of police and sheriff of each city and county in which the activity is carried on.
Old law-
Present law requires dealers to keep a log in duplicate that describes any items of jewelry or precious metals purchased; the date and amount of money paid for such items; and the name, race, residence and address of the seller. The seller and the purchaser are required to sign the log.
On each day a dealer transacts business, the dealer must deliver to the sheriff and the chief of police of each county or municipality in which the business is conducted a copy of the log concerning that day's business.
New ammendment to law-
This bill adds to the present law concerning dealers in scrap jewelry and precious metals as follows:
(1) Dealers will be specifically prohibited from accepting scrap jewelry and precious metals from any person who appears intoxicated, a minor, or any person who is known to be a thief without first notifying a police officer;
(2) Dealers will be required to record in their logs any unique identifying information regarding scrap jewelry and precious metals that they purchase;
(3) Dealers will be required to obtain identification from sellers and make a record of a seller's identification in the log;
(4) A seller will be required to provide a statement that the seller is the lawful owner of the item; and
(5) The penalty for a violation will increase from a Class C to a Class A misdemeanor.
Looks like they are tightening up the law with the economy being so bad they figure more theft of PMs are likely to occur.
At least they didn't make the owners or private buyers of PMs have to register, though if they did, I wouldn't be suprised if the rental of safe deposit boxes outside Tennessee increased ten fold. |
I change with the times-
but like silver coins found in your change
I stay the same.
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The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
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CajunCoin
Penny Sorter Member
USA
26 Posts |
Posted - 06/08/2009 : 14:04:59
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Nothing to worry about, dealer under TN code Annotated means, a person, firm or corp who buys for resale, coins are exempt. These buyer laws in every state are for scrap gold are to prevent fencing of stolen stuff, not the Coin Show. Do you buy scrap Gold? Then worry, if you buy collectable items, no worries.
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Real Money Rings True. |
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TN bill would require "registration" of PMs
Forum Locked
Posted - 06/07/2009 : 16:46:40
