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TO AMEND SECTION 40-54-70, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO A DEALER'S CIVIL LIABILITY FOR DAMAGES TO THE TRUE OWNER FOR KNOWINGLY PURCHASING STOLEN PRECIOUS METAL, SO AS TO INCLUDE THE PURCHASE OF A PRECIOUS OR SEMIPRECIOUS STONE OR GEM, TO REQUIRE A REASONABLE INQUIRY BY THE DEALER INTO THE TRUE OWNERSHIP OF THE ITEM, AND TO PROVIDE FOR THE ADDITIONAL REMEDY OF IMMEDIATE RETURN OF THE ITEM UPON DEMAND BY THE TRUE OWNER.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 40-54-70 of the 1976 Code is amended to read:
"Section 40-54-70. (A) A dealer may not purchase precious metal or a precious or semiprecious stone or gem from a seller if there is evidence of ownership by a third party without first taking reasonable steps to ascertain its true ownership. A dealer must return an item so purchased, on demand and without a fee, to the third party owner.
(B) Any A dealer buying precious metal or a precious or semiprecious stone or gem with knowledge that the metal, stone, or gem has been stolen shall be is liable to the lawful owner of such the metal, stone, or gem in an amount triple the fair market value of the stolen items item, computed at the time of the theft, and shall be is liable for a reasonable attorney's fee as the court in its discretion may award. This shall be a civil remedy and is in addition to any other civil and criminal remedies provided by the law.; Provided, except that any a dealer, having purchased precious metal, or a precious or semiprecious stone or gem in compliance with the provisions of this chapter, such metal subsequently and it being shown later to have been stolen by a member of the immediate family of the rightful owner, may demand reimbursement from the owner equal to the amount paid for the metal item before returning the metal item to the owner."
SECTION 2. The repeal or amendment by this act of any law, whether temporary or permanent or civil or criminal, does not affect pending actions, rights, duties, or liabilities founded thereon, or alter, discharge, release or extinguish any penalty, forfeiture, or liability incurred under the repealed or amended law, unless the repealed or amended provision shall so expressly provide. After the effective date of this act, all laws repealed or amended by this act must be taken and treated as remaining in full force and effect for the purpose of sustaining any pending or vested right, civil action, special proceeding, criminal prosecution, or appeal existing as of the effective date of this act, and for the enforcement of rights, duties, penalties, forfeitures, and liabilities as they stood under the repealed or amended laws.
SECTION 3. This act takes effect upon approval by the Governor and applies to a purchase occurring after that date.
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