Tougher Laws for Precious Metals Buyers

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Published: Tuesday, 06 March 2012 16:42

By Doug Davis
Numismatic Crime Information Center

The first of the year brought new changes in state and local laws dealing with precious metal buyers. The steps were taken not only to protect persons selling precious metals, but those who may have fallen victim to a robbery or theft that resulted in the loss of jewelry and other precious metals.

The new laws passed by many governmental entities is an effort to modernize record-keeping, require licensing and protect consumers against illegal and unethical dealers.

The State of Texas has already arrested some out of state gold buyers for not adhering to new state requirements that were effective Jan 1, 2012. The Texas Legislative committee heard from coin dealer Mike Fuljenz whose expertise was invaluable during the drafting of the new legislation.

All dealers should keep up to date with any new laws or changes in existing laws within their state related to the buying and selling of precious metals.