Amending Chapter 4 Require Licensing of Precious Metals Dealers

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(3) Wholesale Precious Metals. Wholesale precious metals means articles made in whole or in part of silver, gold or platinum that have not been previously used, traded, or sold by a retailer and that are being purchased by a dealer from a manufacturer or from a wholesaler or distributor of newly manu- factured precious metals. (b) License and Place of Operation (1) No dealer shall operate in the City except from a permanent shop or place of business. No dealer shall operate upon public property or from a vehicle, flea market, hotel room, or similar location. (2) No dealer shall operate in the City who does not possess a valid precious metals dealer license. (3) The applicant for a precious metals dealer license shall pay an annual fee of One Hundred Dollars ($100.00) to the Controller, upon issuance of the license. (c) Resort to Police and Records Required; contents. (1) Every dealer shall mail report forms supplied by the Police Department to the Police Chief within twenty -four (24) hours from time of purchase. The reports must contain the seller's name and address, the price paid for each item, the purchase date, a description of each article purchased, including indentifying marks and the manufacturer (where known), and the Seller's driver's license number or the number on any other identification issued by a governmental authority bearing the Seller's photograph, and the account number of one additional piece of recognized identifica- tion. (2) The dealer shall also record the seller's descrip- tion and the property purchased as required in this section in a bound book with consecutively numbered pages which shall be re- tained for three (3) years from the date of the last recorded purchase. (3) The dealer shall photograph each group of purchased precious metals using an instant photography process when the total purchase exceeds Fifty ($50.00) Dollars. The photographs shall be forwarded to the Police Chief with the report forms required in this section. (4) Any records required to be kept or maintained under this section shall be available at all times for inspection by the Police Chief or person duly authorized by him to inspect the records. (5) The Police Department shall not reveal a seller's identity supplied under this section, except to other law enforce- ment agencies and prosecuting officials or pursuant to a valid court order, or in the course of any criminal investigation. (d) Precious Metal Purchases from Minors prohibited. No dealer shall purchase precious metals from a person under eighteen (18) years of age. (e) Precious Metals to be held for seven (7) days before resale_ All precious metals purchased by a dealer must be held for seven (7) days within the City in the dealer's possession, before being resold, melted or altered in any manner. If the goods are held or stored at a location