SB139 SUB1
Senate Bill 139 History
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COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 139
(By Senator Yost)
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[Originating in the Committee on the Judiciary;
reported March 5, 2013.]
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A BILL to amend and reenact §61-3-51 of the Code of West Virginia,
1931, as amended, relating to regulation of certain purchases
of precious metals and gems generally; requiring purchasers to
comply with applicable licensing and permitting requirements;
exempting bullion purchases from the provisions of this
section; requiring sellers of precious metals and gems to
provide photo identification to dealers; defining terms;
requiring the purchasers to maintain information on precious
metal transactions for three years; and establishing criminal
penalties including business debarment.
Be it enacted by the Legislature of West Virginia:
That §61-3-51 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 3. CRIMES AGAINST PROPERTY.
§61-3-51. Regulation of precious metals and gem dealers; records;
prohibited acts; criminal penalties.
(a) Each person, entity, firm or corporation in the business
of purchasing precious metals or precious gems, or both, for any
purpose other than personal, family or household use or the
purchase of bullion for investment purposes shall be is subject to
the provisions of this section. Each such purchaser shall obtain,
possess and have available for inspection by law enforcement any
and all licenses and permits required of a person, entity, firm or
corporation engaged in such business in the jurisdiction in which
business is transacted. Each such purchaser shall secure from the
seller of the precious metal or precious gem government-issued
photo identification and sufficient proof of lawful ownership or a
sworn affidavit of ownership, the original of which shall be
retained by the purchaser.
(b) Each such purchaser of a precious metal or precious gem
shall truly and accurately list each purchase in a permanent record
book clearly showing the kind, character and amount of metal or gem
purchased, any special or unique quality or item of description
concerning the metal or gem purchased, the date of purchase, the
full name and residence address and mailing address of the seller
and any telephone number of the seller Such and a copy of the photo
identification. The record book shall be open to inspection by any
law-enforcement officer in this state during normal business hours of the purchaser. If any such purchase is made within a
municipality, the purchaser shall report all the information
required by this section in writing to the chief of the police
department of the municipality within twenty-four hours of the
purchase. If any such purchase is made outside of a municipality,
the purchaser shall report all the information required by this
section in writing to the sheriff of the county wherein the
purchase was made within twenty-four hours of the purchase. The
information required by this section shall be preserved for a
period of not less than three years.
(c) Each such purchaser of a precious metal or precious gem
shall may not, for a period of ten calendar days after the
purchase, dispose of such the metal or gem, remove such the metal
or gem from the state or alter in any way the form or substance of
such the metal or gem.
(d) As used in this section, "precious metal" means any gold,
silver, jewelry platinum or other valuable metal palladium; and
"precious gem" means any diamond, pearl, emerald, ruby, sapphire or
similar precious stone.
(e) Any person, firm or corporation violating any provision of
this section shall be is guilty of a felony and, upon conviction
thereof, shall be confined in the penitentiary not less than one
nor more than two years, or, in the discretion of the court, be
confined in jail not more than one year or shall be fined not less
than $100 nor more than $5,000, or both fined and so confined in either the penitentiary or jail, all in the discretion of the
court. Any person, entity, firm or corporation violating the
provisions of this section:
____(1) Shall for a first violation be guilty of a misdemeanor
and, upon conviction thereof, be confined in a regional jail for up
to six months or fined not more than $5,000, or both;
____(2) Shall for a second violation be guilty of a misdemeanor
and, upon conviction thereof, be confined to a regional jail for
not more than one year or fined not more than $10,000, or both.
Any person, entity, firm or corporation convicted of a second
violation of this section shall be prohibited from engaging in the
business of buying precious metal or gems in the State of West
Virginia for a period of one year; and
____(3) Shall for a third or subsequent violation be guilty of a
felony and, upon conviction thereof, be confined in a correctional
facility for not more than three years, fined not more than
$25,000, or both. Any person, entity, firm or corporation
convicted of a third or subsequent violation of this section shall
be permanently prohibited from engaging in the business of buying
precious metals or gems in the State of West Virginia.
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