Post by novillero on Apr 30, 2008 8:47:55 GMT -5
I guess the age of identity theft, the recession and the rise in the value of precious metals helped to update this ordinance...
Freehold strengthens jewelry resale practices
BY CLARE MARIE CELANO Staff Writer
FREEHOLD - An amended ordinance that regulates the buying and selling of jewelry and precious metals in Freehold Borough was adopted by the Borough Council on April 7. The original jewelry and precious metals code was revised.
Borough Attorney Kerry Higgins said changes to the existing law were made based on recommendations from Freehold Borough Police Detective Michael Giglio.
Anyone who engages in the business of purchasing precious metals and all forms of previously owned jewelry must obtain a license from the borough clerk or from the police department. Precious metals are defined as gold, silver, platinum and alloys thereof.
When buying precious metals or jewelry from an individual, the license holder previously had to obtain the following information from that person: name, address, driver's license number, sex, race, age, height, weight, a full description of the items and a Social Security number.
Giglio said the ordinance has been streamlined in the area of identification of people who are offering items for sale to a licensed purchaser. In this age of identity theft, the detective said many people are uncomfortable giving out their Social Security number and other personal information.
The amended ordinance states that the license holder who is purchasing precious metals or jewelry must obtain "proof of identity from and require from anyone offering a regulated item for sale, legal identification such as a driver's license, voter registration, county identification or such similar identification prior to completion of the sale."
License holders must also obtain the telephone number, date of birth and name of the employer of any individual who is offering an item for sale.
According to the amended ordinance, a license holder "must clearly and accurately document and describe in detail all regulated items being purchased. That description must now include the weight of the gem, fineness of the gem, precious metal or item of jewelry and the price paid for each regulated item."
In terms of reselling precious metals or jewelry that have been purchased, the previous ordinance stated that anyone purchasing items regulated by the ordinance had to withhold items from sale to the general public for 72 hours starting from the day the item was purchased.
Under the terms of the amended ordinance, the license holder must still wait 72 hours from the time of purchase before reselling an item, he must maintain the items in the same condition in which they were purchased, and he must deliver to the police department a receipt listing the items that were purchased. The license holder has 24 hours to notify police after purchasing precious metals or jewelry.
Giglio said there have been instances in which people who purchase jewelry and precious metals have been approached by individuals who are selling stolen property. Without a significant resale waiting period or required notification to police, those stolen items could be purchased, resold and become almost impossible to recover, he said.
Giglio said the 72-hour resale wait time and mandatory notification to police will give authorities the time they need to make sure that the people involved in the transaction are "legitimate and trustworthy."
All license holders are now required to maintain - for a period of seven years - the original receipt for all transactions of regulated items/precious metals. A license holder is also required to provide the seller in each transaction with a copy of the receipt for any sale of an item of jewelry or precious metals.
newstranscript.gmnews.com/news/2008/0430/Front_Page/013.html
Freehold strengthens jewelry resale practices
BY CLARE MARIE CELANO Staff Writer
FREEHOLD - An amended ordinance that regulates the buying and selling of jewelry and precious metals in Freehold Borough was adopted by the Borough Council on April 7. The original jewelry and precious metals code was revised.
Borough Attorney Kerry Higgins said changes to the existing law were made based on recommendations from Freehold Borough Police Detective Michael Giglio.
Anyone who engages in the business of purchasing precious metals and all forms of previously owned jewelry must obtain a license from the borough clerk or from the police department. Precious metals are defined as gold, silver, platinum and alloys thereof.
When buying precious metals or jewelry from an individual, the license holder previously had to obtain the following information from that person: name, address, driver's license number, sex, race, age, height, weight, a full description of the items and a Social Security number.
Giglio said the ordinance has been streamlined in the area of identification of people who are offering items for sale to a licensed purchaser. In this age of identity theft, the detective said many people are uncomfortable giving out their Social Security number and other personal information.
The amended ordinance states that the license holder who is purchasing precious metals or jewelry must obtain "proof of identity from and require from anyone offering a regulated item for sale, legal identification such as a driver's license, voter registration, county identification or such similar identification prior to completion of the sale."
License holders must also obtain the telephone number, date of birth and name of the employer of any individual who is offering an item for sale.
According to the amended ordinance, a license holder "must clearly and accurately document and describe in detail all regulated items being purchased. That description must now include the weight of the gem, fineness of the gem, precious metal or item of jewelry and the price paid for each regulated item."
In terms of reselling precious metals or jewelry that have been purchased, the previous ordinance stated that anyone purchasing items regulated by the ordinance had to withhold items from sale to the general public for 72 hours starting from the day the item was purchased.
Under the terms of the amended ordinance, the license holder must still wait 72 hours from the time of purchase before reselling an item, he must maintain the items in the same condition in which they were purchased, and he must deliver to the police department a receipt listing the items that were purchased. The license holder has 24 hours to notify police after purchasing precious metals or jewelry.
Giglio said there have been instances in which people who purchase jewelry and precious metals have been approached by individuals who are selling stolen property. Without a significant resale waiting period or required notification to police, those stolen items could be purchased, resold and become almost impossible to recover, he said.
Giglio said the 72-hour resale wait time and mandatory notification to police will give authorities the time they need to make sure that the people involved in the transaction are "legitimate and trustworthy."
All license holders are now required to maintain - for a period of seven years - the original receipt for all transactions of regulated items/precious metals. A license holder is also required to provide the seller in each transaction with a copy of the receipt for any sale of an item of jewelry or precious metals.
newstranscript.gmnews.com/news/2008/0430/Front_Page/013.html
This sounds like government over regulation at it’s finest. 