[HISTORY: Adopted by the Town Council of the Town of Hillsville 8-12-2013. Amendments noted where applicable.]
For the purposes of this chapter, unless the context requires
a different meaning:
Any piece of gold, silver or other metal fashioned into a
prescribed shape, weight and degree of fineness, stamped by authority
of a government with certain marks and devices, and having a certain
fixed value as money.
Any person, firm, partnership, or corporation engaged in the
business of purchasing secondhand precious metals or gems; removing
in any manner precious metals or gems from manufactured articles not
then owned by the person, firm, partnership, or corporation; or buying,
acquiring, or selling precious metals or gems removed from manufactured
articles. "Dealer" includes all employers and principals on whose
behalf a purchase is made, and any employee or agent who makes any
purchase for or on behalf of his employer or principal.
The definition of "dealer" shall not include persons engaged
in the following:
Purchases of precious metals or gems directly from other dealers,
manufacturers, or wholesalers for retail or wholesale inventories,
provided that the selling dealer has complied with the provisions
of this chapter.
Purchases of precious metals or gems from a qualified fiduciary
who is disposing of the assets of an estate being administered by
the fiduciary.
Acceptance by a retail merchant of trade-in merchandise previously
sold by the retail merchant to the person presenting that merchandise
for trade-in.
Repairing, restoring or designing jewelry by a retail merchant,
if such activities are within his normal course of business.
Purchases of precious metals or gems by industrial refiners
and manufacturers, insofar as such purchases are made directly from
retail merchants, wholesalers, dealers, or by mail originating outside
the commonwealth.
Persons regularly engaged in the business of purchasing and
processing nonprecious scrap metals which incidentally may contain
traces of precious metals recoverable as a by-product.
Any item containing precious or semiprecious stones customarily
used in jewelry.
Any item except coins composed in whole or in part of gold,
silver, platinum, or platinum alloys.
A.
No dealer shall purchase precious metals or gems from any seller
who is under the age of 18.
B.
No dealer shall purchase precious metals or gems from any seller
who the dealer believes or has reason to believe is not the owner
of such items, unless the seller has written and duly authenticated
authorization from the owner permitting and directing such sale.
A.
The dealer shall retain all precious metals or gems purchased for
a minimum of 15 calendar days from the date on which a copy of the
bill of sale is received by the chief law enforcement officer of the
locality in which the purchase is made. Until the expiration of this
period, the dealer shall not sell, alter, or dispose of a purchased
item in whole or in part, or remove it from the Town.
B.
If a dealer performs the service of removing precious metals or gems,
he shall retain the metals or gems removed and the article from which
the removal was made for a period of 15 calendar days after receiving
such article and precious metals or gems.
Each dealer shall maintain for at least 24 months an accurate and legible record of the name and address of the person, firm, or corporation to which he sells any precious metal or gem in its original form after the waiting period required by § 115-4. This record shall also show the name and address of the seller from whom the dealer purchased the item.
A.
Every dealer shall secure a permit as required by § 115-10,
and each dealer at the time of obtaining such permit shall enter into
a recognizance to the commonwealth secured by a corporate surety authorized
to do business in this commonwealth, in the penal sum of $10,000,
conditioned upon due observance of the terms of this chapter. In lieu
of a bond, a dealer may cause to be issued by a bank authorized to
do business in the commonwealth a letter of credit in favor of the
Town of Hillsville for $10,000.
B.
Neither the provisions of this chapter nor any local ordinances dealing
with the subject matter of this chapter shall apply to the sale or
purchase of coins.
C.
The provisions of this chapter shall not apply to any bank, branch
thereof, trust company or bank holding company, or any wholly owned
subsidiary thereof, engaged in buying and selling gold and silver
bullion.
A.
Any person convicted of violating any of the provisions of this chapter
shall be guilty of a Class 2 misdemeanor for the first offense. Upon
conviction of any subsequent offense he shall be guilty of a Class
1 misdemeanor.
B.
Upon the first conviction of a dealer for violation of any provision
of this chapter, the chief law enforcement officer may revoke the
dealer's permit for one full year from the date the conviction
becomes final. Such revocation shall be mandatory for two full years
from the date the conviction becomes final upon a second conviction.
