NEW FLORIDA LAW EXPANDS SECOND-HAND
REGISTRATION REQUIREMENTS TO
“MAIL-IN” DEALERSThe State of Florida has required for some time that second-hand precious metals dealers register with the Department of Revenue. In a new law, effective October 1, 2009, the state has expanded the registration requirement to include “mail-in” secondhand precious metals dealers. These include mail-in companies that operate on-line, through the United States mail or by telemarketing, as long as they conduct business within the state. Registration packages may be ordered at www.myflorida.com/dor or by calling the Department of Revenue at 800-352-3671. Failure to register is punishable as a third-degree felony. A fine of up to $10,000 may also be applied.
Besides requiring registration, the law additionally imposes comprehensive anti-fencing measures on mail-in dealers. Those dealers must now obtain identifying information from sellers and a sworn statement that a seller is the lawful owner of the goods. Payment must be made by check, or via a licensed-money services business. Dealers must hold on to purchased goods for at least ten days after payment is made. They must also keep records for at least two years that accurately describe the purchased goods and show the date the goods were received. Pictures of the goods must be available for on-line viewing by law enforcement and dealers must allow access to law enforcement to inspect records, inventory and business premises. For more information about these anti-fencing measures, e-mail the Florida Law Enforcement Property Recovery Unit at info@flepru.org.
The new law exempts transactions between two mail-in secondhand precious metal dealers, provided that the selling dealer has complied with the registration requirements. It also exempts companies that have a walk-in business, in addition to a mail-in component, as long as those companies are already registered as second-hand dealers.
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