Missouri Revised Statutes
Chapter 407
Merchandising Practices
←407.200
Section 407.292.1
407.295→
August 28, 2015
Precious metals, sale of--definitions--record of transactions, requirements--purchase from minor, requirements--weighing device, use of--applicability to pawnbrokers.
407.292. 1. As used in this section, the following words and terms
have the following meanings, unless the context clearly indicates
otherwise:
(1) "Business combination", the same meaning as such term is defined
in section 351.459;
(2) "Buyer of gold, silver, or platinum" or "buyer", an individual,
partnership, association, corporation, or business entity, who or which
purchases gold, silver, or platinum from the general public for resale or
refining, or an individual who acts as agent for the individual,
partnership, association, corporation, or business entity for the
purchases. The term does not include financial institutions licensed under
federal or state banking laws, the purchaser of gold, silver, or platinum
who purchases from a seller seeking a trade-in or allowance, and the
purchaser of gold, silver, or platinum for his or her own use or ownership
and not for resale or refining;
(3) "Gold", items containing or being of gold including, but not
limited to, jewelry. The term does not include coins, ingots, or bullion
or articles containing less than five percent gold by weight;
(4) "Platinum", items containing or being of platinum, but shall only
include jewelry. The term does not include coins, ingots, bullion, or
catalytic converters or articles containing less than five percent platinum
by weight;
(5) "Silver", items containing or being of silver including, but not
limited to, jewelry. The term does not include coins, ingots, bullion, or
photographic film or articles containing less than five percent silver by
weight;
(6) "Weighing device", shall only include a device that is inspected
and approved by the weight and measures program within the department of
agriculture.
2. The buyer shall completely, accurately, and legibly record and
photograph every transaction on a form provided by and prepared by the
buyer. The record of every transaction shall include the following:
(1) A copy of the driver's license or photo identification issued by
the state or by the United States government or agency thereof to the
person from whom the material is obtained;
(2) The name, current address, birth date, sex, and a photograph of
the person from whom the material is obtained, if not included or are
different from the identification required in subdivision (1) of this
subsection;
(3) The seller shall be required to sign the form on which is
recorded the information required by this section;
(4) An accurate description of the property purchased;
(5) The time and date of the transaction shall be recorded at the
time of the transaction.
Records of transactions shall be maintained by the buyer in gold, silver,
or platinum for a period of one year and shall be available for inspection
by any law enforcement official of the federal government, state,
municipality, or county. No buyer shall accept any premelted gold, silver,
or platinum, unless it is part of the design of an item of jewelry. Each
item of gold, silver, or platinum purchased by a buyer in gold, silver, or
platinum shall be retained in an unaltered condition for five full working
days. It shall be the buyer's duty to inform law enforcement if the buyer
has any reason to believe an item purchased may have been obtained
illegally by a seller.
3. Records of buyer transactions may be made available, upon request,
to law enforcement officials, governmental entities, and any other
concerned entities or persons.
4. When a purchase is made from a minor, the written authority of the
parent, guardian, or person in loco parentis authorizing the sale shall be
attached and maintained with the record of transaction described in
subsection 2 of this section.
5. (1) When a weighing device is used to purchase gold, silver, or
platinum, there shall be posted, on a conspicuous sign located close to the
weighing device, a statement of prices for the gold, silver, or platinum
being purchased as a result of the weight determination.
(2) The statement of prices shall include, but not be limited to, the
following in terms of the price per troy ounce:
(a) The price for twenty-four karat, eighteen karat, fourteen karat,
and ten karat gold;
(b) The price for pure silver and sterling silver;
(c) The price for platinum.
(3) 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.
6. A weighing device used in the purchase of gold, silver, or
platinum 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
device and recorded on the buyer's record of transaction.
7. The purchase of an item of gold, silver, or platinum by a buyer in
gold, silver, or platinum not in accordance with this section shall
constitute a violation of this section and the buyer may be subject to a
fine not to exceed one thousand dollars.
8. This section shall not apply to a pawnbroker, as defined in
section 367.011, or a scrap metal dealer, as provided in sections 407.300
to 407.305.
(L. 2013 S.B. 157 and S.B. 102)
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