97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
Introduced 2/7/2012, by Sen. Kirk W. Dillard
SYNOPSIS AS INTRODUCED:
Creates the Precious Metal Purchasing Act. Provides that a person who
is in the business of purchasing precious metal shall obtain a proof of
ownership, create a record of the sale, and verify the identity of the
seller. Provides that a person who is in the business of purchasing
precious metal shall not pay for the precious metal in cash and shall
record the method of payment. Requires the purchaser to keep a record of
the sale for one year or, if the purchase amount is over $500, for 5 years.
Provides that a person who violates the Act is guilty of a petty offense
and subject to a fine not exceeding $500. Provides that the Attorney
General may inspect records, investigate an alleged violation, and take
action to collect civil penalties.
A BILL FOR
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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