No person shall engage in the business of the
purchase of precious metals and gems and all forms of previously owned
jewelry without first obtaining a license issued by the Department
of Licensing and Inspections.
All licensees shall require each person offering
an item for sale to produce identification and to sign a receipt for
said item.
Each licensee shall maintain records for each sale which contain a description of the item purchased, any identifying numbers and a copy of a signed receipt pursuant to §
206-3 of this chapter. These records shall be available for inspection by the East Orange Police Department within 24 hours of the purchase and shall be maintained for a period of one year from the date of the transaction.
Each licensee shall deliver a bond to the Director
of Inspection and Licensing, executed by the applicant as principal,
with a surety company authorized to do business under the laws of
the State of New Jersey as surety. The bond, to be approved by the
Corporation Counsel, shall be in the penal sum of $10,000, conditioned
for the due and proper observance of and compliance with the provisions
and requirements of all ordinances of the City of East Orange in force
or which may be adopted respecting the conduct of this business, and
conditioned further that the bond shall be and remain for the benefit
of any person or persons who shall have received judgment against
any person licensed under this chapter by reason of any damage sustained
by any such person as a subsequent purchaser of items previously sold
to the licensee by any third party having made a sale to such licensee,
due to dishonesty, fraud or deceit practiced in effecting purchase.
The fee for an initial application and for each annual renewal fee shall be as set forth in Chapter
170, Licenses and Fees. If on the effective date of this chapter a person, partnership or corporation has been in business pursuant to §
206-1 of this chapter for a period not less than five years, the fee for initial application shall be $25 and investigation pursuant to §
206-2 of this chapter may be waived by the Director of Inspection and Licensing.
Any person issued a license pursuant to this chapter shall be subject to the provisions of Article
IV, Enforcement, of Chapter
170.
Violators of any of the provisions of this chapter
shall, upon conviction thereof, be punishable by a fine of not more
than $2,000, imprisonment for not more than 90 days and/or 90 days
of community service.