News From Terre Haute, Indiana

Business

January 25, 2014

Precious metal dealers must register with Secretary of State

INDIANAPOLIS — Precious metal dealers, commonly referred to as cash-for-gold dealers, are now required to register annually with both the Indiana Secretary of State’s office and local law enforcement. Dealers can register at secure.in.gov/apps/sos/ precious. Dealers will also need to separately register with local law enforcement.

“These new reporting requirements will help local law enforcement track stolen jewelry sold at cash-for-gold stores,” said Secretary of State Connie Lawson. “This also will give consumers a way to ensure that the places they go to sell precious metals are above board.”

The Secretary of State’s office requires dealers to include their name, the address of the permanent place of business and a registration fee of $100. Dealers will be required to separately register with the Secretary of State’s Business Services Division to do business in Indiana.

Precious metal dealers will also need to contact their local law enforcement agency to register. Local law enforcement will collect information on the dealer and on the sale and purchase of metals.

Dealers will be required to send local law enforcement a daily report that includes: the date of sale; the name, address, date of birth, and driver’s license or Social Security number of the seller; the amount of consideration paid; the name and address of the precious metal dealer; a description of each piece of precious metal sold; and the type of government-issued photographic identification used to verify the identity of the seller, including the unique identification number.

Reporting requirements may vary at the local level.

 

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