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SB139 SUB1 Senate Bill 139 History

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SB139 SUB1
COMMITTEE SUBSTITUTE

FOR

Senate Bill No. 139

(By Senator Yost)

____________

[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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