§ 10.20.042. Crafted precious metal dealer record requirements.

A.

Records required. A crafted precious metal dealer shall maintain an accurate paper or electronic record of each in-person transaction in which the dealer purchases crafted precious metal from another person. The record of a transaction must include:

1.

The date, time, location, and value of the crafted precious metal purchased;

2.

The name of the dealer's employee or agent handling the transaction;

3.

The name, address, and telephone number of the person from whom the dealer purchased the crafted precious metal;

4.

If the person who sells crafted precious metal to the dealer is an individual, the number of the individual's driver's license, the number of the individual's government-issued identification document that contains a picture, or a copy of the individual's government-issued identification document that contains a picture;

5.

If the person who sells crafted precious metal to the dealer is an organization, the name of the business;

6.

A description, including weight and quantity, of the crafted precious metal purchased by the dealer; the crafted precious metal dealer shall determine the weight by using a scale that complies with the state standards of weight and measure established under AS 45.75; and

7.

The signed statement required by AMC subsection 10.20.042B.

B.

Signed statement. A crafted precious metal dealer shall require a person from whom the dealer is purchasing crafted precious metal to sign a written or electronic statement that the crafted precious metal is not stolen property. The person shall date the statement, and the crafted precious metal dealer, or the dealer's employee or agent, shall witness the person signing.

C.

Inspection availability. A dealer shall make the records required by AMC subsections 10.20.042A. and B. available for inspection by a law enforcement officer during the dealer's regular hours of business or at reasonable times if the dealer does not keep regular hours of business.

D.

Reports to police. A dealer shall make a weekly report to the chief of police summarizing all transactions involving a purchase for more than one hundred dollars. The report shall be on a form provided by the police department or any format acceptable to the police department. Additionally, crafted precious metal purchased by a dealer for more than one hundred dollars, shall be photographed. The photograph shall be retained by the dealer for a period of 45 days from the date of purchase or provided to the chief of police as part of the weekly report required herein.

E.

Retention of records. A dealer shall maintain the records of a transaction required by AMC subsections 10.20.042A. and B. for three years after the date of the transaction.

F.

Exemptions. The requirements of AMC subsections 10.20.042A. and B. do not apply to a person's transactions with a dealer if the person maintains on file with the dealer the name, address, and telephone number of the person, and a taxpayer identification number issued by the federal Internal Revenue Service or a valid government-issued photo identification card.

G.

Penalties. A dealer who fails to comply with the provisions of this section shall be subject to a fine of not more than $500.00 as set forth in the schedule of fines in chapter 14.60.

H.

Definitions. In this section, unless the context requires otherwise:

1.

Crafted precious metal means jewelry, silverware, an art object, or another object made wholly or partly from precious metal. Crafted precious metal does not include coins, numismatic coins, commemorative medallions, bars, placer metals, doré, bullion, or unrefined precious metals.

2.

Crafted precious metal dealer means any natural person, business, partnership, or corporation, either as principal or agent, engaging in the business of buying crafted precious metal from the public for the purpose of resale or processing. Crafted precious metal dealer does not include a natural person who buys precious metals on an occasional basis to hold for personal investment purposes.

3.

Dealer means a crafted precious metal dealer.

4.

Precious metal means gold, silver, platinum, palladium, iridium, rhodium, osmium, ruthenium, or an alloy of those metals.

5.

Record means a record required by AMC subsections 10.20.042A. and B.

6.

Transaction means the purchase of crafted precious metal by a crafted precious metal dealer from the public for the purpose of resale or processing.

(AO No. 2017-31(S) , § 4, 5-26-17)