Bill Text: DE HB393 | 2011-2012 | 146th General Assembly | Draft

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Bill Title: An Act To Amend Title 24 Of The Delaware Code Relating To Pawnbrokers, Secondhand Dealers, And Scrap Metal Processors And Precious Metals, Pricing, And Weighing.

Spectrum: Moderate Partisan Bill (Republican 7-2)

Status: (Engrossed - Dead) 2012-06-28 - Passed by House of Representatives. Votes: Passed 41 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT [HB393 Detail]

Download: Delaware-2011-HB393-Draft.html

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SPONSOR:	Rep. Miro & Sen. Sorenson;
	Rep. Briggs King, Hudson, Ramone, Willis, Kowalko; Sen. Bunting

HOUSE OF REPRESENTATIVES

146th GENERAL ASSEMBLY

HOUSE BILL NO. 393

AN ACT TO AMEND TITLE 24 OF THE DELAWARE CODE RELATING TO PAWNBROKERS, SECONDHAND DEALERS, AND SCRAP METAL PROCESSORS AND PRECIOUS METALS, PRICING, AND WEIGHING.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1.Amend Chapter 23, Title 24, Delaware Code, by making insertions as shown by underlining as follows:

§ 2302A.Posting of prices.

(a) When a weighing device is used to purchase precious metals, there shall be posted, on a conspicuous sign located close to the weighing devise, a current statement of prices shall be the price set daily by the London Bullion Market Association (LBMA) and the London Platinum and Palladium Market (LPPM). for the precious metals being purchased as a result of the weight determined.

(b) The statement of prices shall include, but not be limited to, the following in terms of the price per troy ounce:

(1) The price for 24 karat, 18 karat, 14 karat and 10 karat gold.

(2) The price for pure silver and sterling silver.

(3) The price for platinum.

(c) When the weight determination is expressed in metric units, a conversion chart to troy ounces shall be prominently displayed so as to facilitate price comparison.The metric equivalent of a troy ounce is 31.10348 grams.

(d) "Precious Metals" means items containing or being of gold, silver, or platinum, including, but not limited to, jewelry and silver services.The term does not include coins, ingots, bullion, or photographic film, or articles containing less than 5% of gold, silver, or platinum by weight.

§ 2402B.Scales and weighing devises.

(a) A weighing devise used in the purchase of precious metals, as defined in §2402A(d) of this chapter, shall be positioned in such a manner that its indications may be accurately read and the weighing operation observed from a position which may be reasonably assumed by the buyer and the seller.A verbal statement of the result of the weighing shall be made by the person operating the devise and recorded on the dealer's record of transaction.

(b) The minimum graduation on the weighing devise used for the purchase of precious metals shall not exceed 0.1 gram or 0.1 pennyweight for weighing devises whose capacities are 3,000 grams or 100 troy ounces and less.The minimum weight load permitted to be determined on a weighing devise shall not be less than the equivalent of 25 times the smallest graduation on the weighing devise.

SYNOPSIS

This bill sets certain standards for weighing and posting of pricing information relating to precious metals.This bill is modeled after laws in effect in Pennsylvania.