Pursuant to § 54.1-4111 of the Code of Virginia, no dealer
may purchase precious metals or gems without a license as provided herein.
As used in this chapter, the following terms shall have the meanings
indicated:
COIN
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, having a certain fixed value as money.
DEALER
Any person, firm, partnership or corporation engaged at any location
in Northumberland County, Virginia, 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. The term "dealer" includes all employers and principals on whose
behalf a purchase is made and any employee or agent who makes any purchase
of or on behalf of the employer or principal. The definition of "dealer" shall
not include persons engaged in the following:
A.
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.
B.
Purchases of precious metals or gems from a qualified fiduciary who
is disposing of the assets of an estate being administered by the fiduciary.
C.
Acceptance by retail merchants of trade-in merchandise previously sold
by the retail merchant to the person presenting the merchandise for trade-in.
D.
Repairing, restoring or designing jewelry by retail merchant, if such
activities are within the normal course of business.
E.
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.
F.
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.
GEM
Any item containing precious or semiprecious stone customarily used
in jewelry.
PRECIOUS METALS
Any item except coins composed in whole or in part of gold, silver,
platinum or platinum alloys.
If the business of the dealer is not operated without interruption,
with Saturdays, Sundays and recognized holidays excepted, the dealer shall
notify the Sheriff of all closings and re-openings of such business. The business
of a dealer shall be conducted only from the fixed and permanent location
specified in his or her application for a permit.
The permit issued hereunder shall be a personal privilege and shall
not be transferable, nor shall there be any abatement of the tax upon such
license by reason of the fact that the licensee shall have exercised the privilege
for any period of less than that for which it was granted. The permit shall
at all times be publicly displayed by the licensee on his or her business
premises.
Every dealer or his or her employee shall admit to his or her place
of business during regular business hours the Sheriff or his or her designee
or any law enforcement officer of the state or federal government. The dealer
or his or her employee shall permit the officer to examine all records required
by this chapter and any article listed in a record which is believed by the
officer to be missing or stolen and to search for and take into possession
any article known to him or her to be missing or known or believed by him
or her to have been stolen.
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 or she sells any precious metal or gem in its original form after the waiting
period described above. This record shall also show the name and address of
the seller from whom the dealer purchased the item.
Any person aggrieved by the misconduct of any dealer which violates
the provisions of this chapter may maintain an action for recovery in any
court of proper jurisdiction against the dealer and his or her surety. Recovery
against the surety shall be only for the amount of the judgment which is unsatisfied
by the dealer.