Full Text of SB3341 97th General Assembly
SB3341eng 97TH GENERAL ASSEMBLY
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AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
This Act may be cited as the
Precious Metal Purchasing Act.
As used in this Act:
"Precious metal" means any item containing, in whole or in
part, gold or silver or any alloy of gold or silver.
"Proof of ownership" includes a bill of sale, an affidavit
of ownership, or other credible evidence showing that the
person possessing the precious metal is the lawful owner.
Requirements applicable to the sale of precious
(a) A person who is in the business of purchasing precious
metal, before purchasing an item containing precious metal from
the same person exceeding $250 in value regardless of form or
(1) obtain from that person:
(A) proof of ownership for the precious metal; and
(B) a record that contains:
(i) the name, address, and telephone number of
the person or the person's authorized
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(ii) a description of the item containing the
precious metal, including the number of items to be
(iii) the date of the transaction; and
(2) verify the identity of the individual selling the
precious metal or representing the seller from a driver's
license or other government-issued identification card
that includes the individual's photograph and record the
(b) A person who is in the business of purchasing precious
(1) not pay for the purchase of precious metal with
(2) for each transaction in which the person purchases
one or more items of precious metal, record the method of
payment used to purchase the precious metal.
(c) A person who is in the business of purchasing precious
metal shall provide a copy of the information required to be
obtained under subdivision (a)(1)(B) of this Section to the
parties as specified in this subsection. The copy shall be
delivered before the hour of 12 o'clock noon the day after any
day the person conducts business and shall contain the
information acquired by the person the immediately preceding
day the person conducted business. A person who is in the
business of purchasing precious metal in a county with fewer
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than 3,000,000 inhabitants shall submit the copy to the sheriff
of that county. In municipalities having a population of 25,000
or more inhabitants that are located in counties with fewer
than 3,000,000 inhabitants, a copy shall also be submitted to
the municipal police department. In municipalities located in
counties with 3,000,000 or more inhabitants, the report shall
be submitted to the municipal police department. In counties
with 3,000,000 or more inhabitants, a person in the business of
purchasing precious metal whose business is located in an
unincorporated area of the county shall submit the copy to the
sheriff. The copy may be made by computer print out or input
memory device if the format has been approved by the entity
receiving the copy.
A person shall retain a record
obtained or made under this Act for one year after the date the
precious metal is purchased or, if the purchase amount is over
$500, for 5 years after the date the precious metal is
(a) A person who violates this Act shall be guilty of a
petty offense and shall be fined an amount not exceeding $500
for each violation.
(b) The Attorney General, local police department, and
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(1) inspect a record retained by a person under this
(2) investigate an alleged violation of this Act.
This Act does not apply to persons
licensed under the Pawnbroker Regulation Act.