Bill Text: VA HB1020 | 2012 | Regular Session | Chaptered

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Bill Title: Precious metal dealers; retention of purchases for a minimum of 15 calendar days.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Passed) 2012-04-04 - Governor: Acts of Assembly Chapter text (CHAP0532) [HB1020 Detail]

Download: Virginia-2012-HB1020-Chaptered.html

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CHAPTER 532 An Act to amend and reenact § 54.1-4104 of the Code of Virginia, relating to precious metal dealers; retention of purchases. [H 1020] Approved April 4, 2012

 

Be it enacted by the General Assembly of Virginia:

1.  That § 54.1-4104 of the Code of Virginia is amended and reenacted as follows:

§54.1-4104. Dealer to retain purchases.

A. The dealer shall retain all precious metals or gems purchased for a minimum of ten 15 calendar days from the date on which a copy of the bill of sale is received by the chief law-enforcement officer of the locality in which the purchase is made. Until the expiration of this period, the dealer shall not sell, alter, or dispose of a purchased item in whole or in part, or remove it from the county, city, or town in which the purchase was made.

B. If a dealer performs the service of removing precious metals or gems, he shall retain the metals or gems removed and the article from which the removal was made for a period of ten 15 calendar days after receiving such article and precious metals or gems.