Michigan Compiled Laws Act 95 Of 1981 The Precious Metal And Gem Dealer Act (445.481 - 445.492)

AN ACT to regulate the business of buying and receiving gold, silver, platinum, gems, jewelry, and other precious items; to provide powers to certain state and local officers and agencies with respect to such regulation; to provide for the registration of precious metal and gem dealers; to provide for civil damages; and to prescribe penalties.

History: 1981, Act 95, Eff. Sept. 11, 1981

Section 445.481 Short Title.
This act shall be known and may be cited as “the precious metal and gem dealer act”. History: 1981, Act 95, Eff. Sept. 11,
Section 445.482 Definitions.
As used in this act: (a) "Agent or employee" means a person who, for compensation or valuable consideration, is employed either directly or indirectly...
Section 445.483 Dealer; Certificate Of Registration Required; Internet Drop-off Store Exempt From Registration; Application; Fee; Disclosures; Dealer, Agent, Or Employee Convicted Of Misdemeanor Or Felony; Compliance With Local Ordinances; Issuance And Posting Of Certificate; Notification Of Change In Name Or Address.
(1) A dealer shall not conduct business in a local governmental unit in this state unless the dealer has obtained a valid certificate of...
Section 445.484 Permanent Record Of Each Transaction; Forms; Copies; Information Required; Numbering; Sending Copy Of Record Of Transaction Form To Police Agency Or Sheriff's Department; Inspection; Confidentiality; Retention Period; Size Of Form; Definition.
(1) A dealer shall maintain a permanent record of each transaction, on record of transaction forms provided for in subsection (6), legibly written in...
Section 445.485 Retaining Precious Item For 9 Calendar Days; Alteration.
A precious item received by a dealer shall be retained by the dealer for 9 calendar days after it was received, without any form...
Section 445.486 Prohibited Conduct.
A dealer or an agent or employee of a dealer shall not: (a) Knowingly receive or purchase a precious item from any person who...
Section 445.487 Failure To Make Entry In Records As Misdemeanor Or Felony; Penalty.
(1) A dealer or an agent or employee of a dealer who knowingly fails to make an entry of any material matter in his...
Section 445.488 Violation Of Mcl 445.483(7) Or (8) Or 445.484(1)(e), (3), (4), Or (5) As Misdemeanor Or Felony; Penalty.
(1) A dealer who knowingly violates section 3(7), 3(8), 4(1)(e), 4(3), 4(4), or 4(5) is guilty of a misdemeanor, punishable by imprisonment for not...
Section 445.489 Conduct Constituting Felony; Penalty.
A dealer or an agent or employee of a dealer who does any of the following is guilty of a felony, punishable by imprisonment...
Section 445.490 Violation Of Mcl 445.483(1) Or 445.485 As Felony; Penalty.
A dealer who violates section 3(1) or 5 is guilty of a felony, punishable by imprisonment for not more than 2 years, or a...
Section 445.491 Action Against Dealer; Grounds; Damages, Costs, And Attorneys' Fees.
A person who has a precious item stolen, embezzled, or converted from him or her may bring an action for 3 times the amount...
Section 445.492 Effective Date.
This act shall take effect 60 days after it is enacted into law. History: 1981, Act 95, Eff. Sept. 11, 1981

Last modified: October 10, 2016