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Bill Would Regulate Ind. Cash-For-Gold Stores

Last Updated: December 17, 2012 7:38:29 am
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(Indianapolis, Ind.) – An Indiana lawmaker is trying to tighten regulation for businesses that pay cash for gold.

 

Thieves who steal jewelry will often take their loot straight to a gold dealer or pawn shop, selling it for a fraction of its worth. Some shops quickly move the gold elsewhere or melt it down.

 

State Representative Gail Reicken (D-Evansville) wants to require gold buyers to hold goods for seven days, the Indiana Business Journal reports.

 

The bill would also require such stores to register with the state and operate from a fixed location. Gold stores could have to record descriptions of items they buy, the seller’s identification, and a vehicle description. The information would then have to be reported to law enforcement.

 

Reicken’s home of Evansville already passed a local ordinance earlier this year that requires gold buyers to hold the merchandise for 10 days.


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