S00447 Summary:

BILL NOS00447
 
SAME ASNo Same As
 
SPONSORYOUNG
 
COSPNSR
 
MLTSPNSR
 
Add §391-u, Gen Bus L
 
Requires dealers in second-hand precious metals to maintain certain records related to the purchase of such items.
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S00447 Actions:

BILL NOS00447
 
01/04/2017REFERRED TO CONSUMER PROTECTION
01/03/2018REFERRED TO CONSUMER PROTECTION
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S00447 Committee Votes:

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S00447 Floor Votes:

There are no votes for this bill in this legislative session.
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S00447 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           447
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                       (Prefiled)
 
                                     January 4, 2017
                                       ___________
 
        Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Consumer Protection
 
        AN ACT to amend the general business law, in relation to the purchase of
          second-hand precious metals

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. The general business law is amended by adding a new section
     2  391-u to read as follows:
     3    §  391-u.  Second-hand  precious  metals; records. 1. Definitions.  As
     4  used in this section:
     5    (a) "Dealer" shall mean any person who, in the regular course of busi-
     6  ness, deals in the purchase of second-hand articles or things  comprised
     7  of gold, silver or platinum for the purpose of resale, melting or refin-
     8  ing, and shall include collateral loan brokers.
     9    (b)  "Person" shall mean an individual or business entity, including a
    10  collateral loan broker as defined in section fifty-two of this chapter.
    11    (c) "Seller" shall mean any person who sells any  second-hand  article
    12  or thing comprised of gold, silver or platinum.
    13    2.  No  dealer  shall take possession of and provide consideration for
    14  any second-hand item comprised of gold, silver or platinum from a seller
    15  without confirming the identity of such seller upon presentation of  two
    16  forms  of  identification.  The  dealer  shall maintain a record of each
    17  second-hand item comprised of gold, silver or platinum he or  she  takes
    18  possession  of,  and  such  record  shall include a copy of the forms of
    19  identification presented by  the  seller  and  a  telephone  number  and
    20  address  at  which the seller may be contacted. Each dealer shall insti-
    21  tute reasonable measures to keep such records secure.  All such  records
    22  shall  be  maintained  by  the  dealer for a period of not less than two
    23  years, and shall only be made available  for  inspection  during  normal
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05762-01-7

        S. 447                              2
 
     1  business  hours  by  the  attorney  general or his or her designees, the
     2  local licensing authority or a police officer.
     3    3.  Upon  taking possession of any second-hand item comprised of gold,
     4  silver or platinum, a dealer shall retain possession of such item for  a
     5  period  of  not  less than seventy-two hours.  The governing body of the
     6  city, town or village in which the dealer is located may establish fines
     7  and penalties of not less than twenty-five dollars  nor  more  than  one
     8  hundred  dollars  for  violations of the provisions of this subdivision.
     9  Such city, town or village shall have full power and authority, after  a
    10  hearing, to impose such fines and penalties upon a finding that a dealer
    11  violated this subdivision.
    12    4. No provision of this section shall be deemed to preempt or prohibit
    13  any  municipality  from  enacting  a local law or ordinance which estab-
    14  lishes more stringent standards than those established by this  section.
    15  Every  dealer  shall comply with all local laws and ordinances governing
    16  such dealers and the provisions of this section shall  be  enforced  and
    17  violations thereof adjudicated by the city, town or village in which the
    18  dealer conducts business.
    19    §  2.  This  act  shall take effect on the sixtieth day after it shall
    20  have become a law.
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