Precious metals, sale of
This law is about businesses that buy gold, silver, or platinum jewelry from regular people. These buyers must write down details about every purchase — including a copy of the seller's ID, their name and address, a photo, a description of the item, and the date and time. The seller has to sign the form. If the seller is a minor, written permission from a parent or guardian is required. If a scale is used to weigh the items, prices must be clearly posted nearby so the seller can see them. Law enforcement can look at these records anytime during business hours. Breaking these rules can result in a fine of up to $1,000. Pawnbrokers and scrap metal dealers are not covered by this law.
407.292. Precious metals, sale of — definitions — of transactions, requirements — purchase from , requirements — weighing device, use of — applicability to s. — 1. As used in this section, the following words and terms have the following meanings, unless the context clearly indicates otherwise:
(1) "", the same meaning as such term is defined in section 351.459;
(2) "Buyer of gold, silver, or platinum" or "buyer", an individual, , association, , or , who or which purchases gold, silver, or platinum from the general public for or refining, or an individual who acts as for the individual, partnership, association, corporation, or business entity for the purchases. The term does not include financial institutions d under federal or state banking laws, the purchaser of gold, silver, or platinum who purchases from a seeking a trade-in or allowance, and the purchaser of gold, silver, or platinum for his or her own use or ownership and not for resale or refining;
(3) "Gold", items containing or being of gold including, but not limited to, jewelry. The term does not include coins, , or or articles containing less than five percent gold ;
(4) "Platinum", items containing or being of platinum, but shall only include jewelry. The term does not include coins, ingots, bullion, or or articles containing less than five percent platinum by weight;
(5) "Silver", items containing or being of silver including, but not limited to, jewelry. The term does not include coins, ingots, bullion, or photographic film or articles containing less than five percent silver by weight;
(6) "Weighing device", shall only include a device that is inspected and approved by the weight and measures program within the of agriculture.
2. The buyer shall completely, accurately, and legibly record and photograph every transaction on a form provided by and prepared by the buyer. The record of every transaction shall include the following:
(1) A copy of the driver's license or photo identification issued by the state or by the United States government or agency thereof to the person from whom the is obtained;
(2) The name, current address, birth date, sex, and a photograph of the person from whom the material is obtained, if not included or are different from the identification required in (1) of this ;
(3) The seller shall be required to the form on which is the required by this section;
(4) An accurate description of the property purchased;
(5) The time and date of the transaction shall be recorded at the time of the transaction.
3. Records of buyer transactions shall be made available, upon request, to law officials, governmental entities, and any other concerned entities or persons at the location where the transaction occurred. The buyer shall not keep law enforcement officials, governmental entities, or any other concerned entities or persons from accessing such records during the buyer's normal business hours.
4. When a purchase is made from a minor, the written of the parent, , or person authorizing the sale shall be attached and maintained with the record of transaction described in subsection 2 of this section.
5. (1) When a weighing device is used to purchase gold, silver, or platinum, there shall be posted, on a sign located close to the weighing device, a statement of prices for the gold, silver, or platinum being purchased as a result of the weight .
(2) The statement of prices shall include, but not be limited to, the following in terms of the price per :
(a) The price for twenty-four , eighteen karat, fourteen karat, and ten karat gold;
(b) The price for pure silver and ;
(c) The price for platinum.
(3) When the weight determination is expressed in metric units, a chart to troy ounces shall be prominently displayed so as to facilitate price comparison. The metric equivalent of a troy ounce is 31.10348 grams.
6. A weighing device used in the purchase of gold, silver, or platinum shall be positioned in such a manner that its indications may be accurately read and the weighing operation observed from a position which may be reasonably assumed by the buyer and the seller. A verbal statement of the result of the weighing shall be made by the person operating the device and recorded on the buyer's record of transaction.
7. The purchase of an item of gold, silver, or platinum by a buyer in gold, silver, or platinum not in accordance with this section shall constitute a violation of this section and the buyer may be subject to a fine not to exceed one thousand dollars.
8. This section shall not apply to a pawnbroker, as defined in section 367.011, or a , as provided in sections 407.300 to 407.305.
Tap any gold-underlined word to see what it means.
Red section numbers link to that law.
Source & history notes
(L. 2013 S.B. 157 and S.B. 102, A.L. 2021 H.B. 69)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.