South Carolina General Assembly
107th Session, 1987-1988

Bill 964

                    Current Status

Bill Number:               964
Ratification Number:       446
Act Number                 413
Introducing Body:          Senate
Subject:                   Definitions for the chapter on dealers in
                           precious metals
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A413, R446, S964)

AN ACT TO AMEND SECTION 40-54-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITIONS FOR THE CHAPTER ON DEALERS IN PRECIOUS METALS, SO AS TO ADD A DEFINITION FOR "PRECIOUS OR SEMIPRECIOUS STONE OR GEM" AND TO CHANGE ACCORDINGLY THE DEFINITIONS OF VARIOUS OTHER TERMS USED IN THE CHAPTER; AND TO AMEND SECTION 40-54-40, RELATING TO THE REQUIREMENT THAT DEALERS IN PRECIOUS METALS KEEP RECORDS OF CERTAIN PURCHASERS AND TO CERTAIN PROVISIONS REGARDING THE SELLER'S IDENTITY, SO AS TO REQUIRE DEALERS TO KEEP A BOOK IN WHICH MUST BE WRITTEN CERTAIN INFORMATION AT THE TIME OF ANY PURCHASE OF PRECIOUS METAL OR PRECIOUS OR SEMIPRECIOUS STONES OR GEMS.

Be it enacted by the General Assembly of the State of South Carolina:

Definitions, changes additions

SECTION 1. Section 40-54-10 of the 1976 Code is amended to read:

"Section 40-54-10. As used in this chapter:

(1) 'Dealer' means any person, corporation, or partnership who buys precious metal or precious or semiprecious stones or gems from the general, whether in bulk or in manufactured form, with an intent to obtain a monetary profit for himself or for a principal.

(2) 'Precious metal' means any article made in whole or in part of gold, silver, or platinum.

(3) 'Precious or semiprecious stone or gem means any stone or gem that is rare or costly or any stone or gem that is of lower value than those classified as precious.

(4) 'Local law enforcement agency' means the chief of police for businesses located within the corporate limits of a municipality and the county law enforcement agency for businesses located outside the corporate limits of a municipality.

(5) 'Permanent place of business' means a fixed premises either owned by the dealer or leased by him. One year's lease is a presumption of permanency.

(6) 'Places proposed to do business' means the counties or municipalities in which the dealer intends to purchase precious metals or precious or semiprecious stones or gems or both precious metals and precious or semiprecious stones or gems.

(7) 'Purchase' means the acquisition of precious metal or precious or semiprecious stones or gems or both precious metal and precious or semiprecious stones or gems for a consideration of cash, good, or other precious metals or precious or semiprecious stones or gems or both precious metals and precious or semiprecious stones or gems. Trade-ins are covered by the provisions of this chapter unless the item traded was purchased directly from the dealer allowing the trade."

Records of purchases broadened

SECTION 2. Section 40-54-40 of the 1976 Code is amended to read:

"Section 40-54-40. Every dealer shall keep a book in which must be written at the time of any purchase of precious metal or precious or semiprecious stones or gems made from the general public, whether in bulk or manufactured form, the date of purchase, amount of money or other property exchanged for the metal, stones, or gems, the name, sex, race, age, address, and driver's license number of the person selling the items, articles, or things bought, and the number and nature and brand name of the items, articles, or things. Descriptions must include size, weight, patterns, or engraving or any unusual identification marks. If the seller does not have a driver's license, some other positive identification bearing his photograph an identifying number may be substituted. If the seller cannot produce a driver's license or other positive identification, the dealer may not buy any merchandise from him. Every dealer shall, at the time of purchase, obtain the signature of the seller as part of the recording of the transaction.

The record book must be kept for three years and at all reasonable times must be open to the inspection of any judicial or law enforcement officials or their designees.

The local law enforcement agency may not reveal a seller's identity supplied under this section except to other law enforcement agencies and prosecuting officials or pursuant to the valid order of a court or in the course of any criminal investigation or prosection."

Time effective

SECTION 3. This act takes effect upon approval by the Governor.