Share:
House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | August 21, 2013 03:18 PM |
|---|---|
| From: | Representative Frank A. Farry and Rep. Eli Evankovich |
| To: | All House members |
| Subject: | Precious Metal Sale Regulation Law Enhancements |
| Pennsylvania’s Precious Metal Sale Regulation Law became effective in 1984. The law required dealers in precious metals to require identification from a seller and keep certain records of the sale. Records must be maintained for one year and be submitted to the district attorney or police department. Though the intention of the Act was to permit the identification and recovery of stolen items made of gold, silver, and platinum, the requirements for documenting a transaction have not taken advantage of modern technology. A sale today continues to rely on paper reports and written descriptions of items sold to a dealer. With the advances in digital photography and scanning, we believe the system of documenting sales could be significantly improved to act as deterrence to theft and facilitate the recovery of stolen goods without adding any additional burden on legitimate businesses who deal in precious metals. We therefore intend to introduce legislation which would modernize the Precious Metal Sale Regulation Act by requiring dealers in precious metals to photograph items purchased for commercial disposition in a manner which would clearly display markings, initials, insignias, or other unique identifying characteristics. Our bill would also require the dealer to take a passport size photograph of the seller and make a copy of the identification that the seller is required to produce under current law. Finally, though current law permits inspection of a dealer’s records by police and other law enforcement, our proposal would permit a representative of a licensed insurance company that covers a loss to review records upon notice to the dealer by a law enforcement official investigating the theft. Please join us in cosponsoring this legislation. |