CHAPTER 9
PRECIOUS METAL DEALERS

SECTION:

3-9-1: Definitions

3-9-2: Applicability

3-9-3: Exemptions

3-9-4: License Required; Investigation

3-9-5: Fee For License; Term; Renewal

3-9-6: Records Maintained

3-9-7: Goods Retained For Seven Days

3-9-8: Violations

3-9-9: Penalty

3-9-1: DEFINITIONS:

For the purposes of this chapter, the following terms, phrases, words and derivations shall have the meanings given herein. When not inconsistent with the context, words used in the present tense include the future tense, words in the plural number include the singular number, and words in the singular number include the plural number. The word "shall" is always mandatory and not merely directory. Words used throughout this chapter, but not defined herein or in chapter 1, article A of this title, shall have their plain, ordinary and common meaning. Words in any gender shall apply to the feminine, masculine and neuter genders.

ESTABLISHED DEALER: Any precious metal dealer conducting business at a fixed location with Boise City on a permanent basis. Permanent shall mean thirty (30) consecutive days or more.

GEMS: Precious and semiprecious stones customarily used in jewelry and any item containing such stones.

ITINERANT DEALER: Any precious metal dealer engaged in any temporary or transient business conducted in a shop, room, motel room or other premises rented for less than thirty (30) consecutive days or used on temporary basis.

PRECIOUS METAL: Any item composed in whole or in part of gold, silver or platinum. The term precious metal shall not include any coin or any gold or silver ingot or bar.

PRECIOUS METAL DEALER: Any person, firm, partnership or corporation who buys precious metals or gems from the general public with an intent to obtain a monetary profit for himself or for a principal.

PURCHASE: The acquisition of precious metals or gems for a consideration of cash, goods or other precious metals or gems. Except as specified in subsection 3-9-3F of this chapter, trade-ins shall be covered by the provisions of this chapter. (1952 Code § 5-20-01; amd. 2019 Code)

3-9-2: APPLICABILITY:

This chapter shall be applicable to the principals of any entity performing any activity regulated by this chapter and to their agents and employees, and to persons forming a partnership for the purpose of engaging in any activity subject to regulation by this chapter. Every dealer regulated hereunder shall be liable for all the penalties provided herein for violation for any provision of this chapter, whether such violation be committed by himself or his agent, clerk or employee. (1952 Code § 5-20-02)

3-9-3: EXEMPTIONS:

This chapter shall not apply to:

   A.   Licensed pawnbrokers.

   B.   Any person who, solely as a hobby, collects items regulated by this chapter and who purchases, sells or exchanges such items in pursuit of that hobby.

   C.   Persons or transactions associated with bona fide trade shows or conventions where all transactions of purchase, sale or exchange are made in connection with such trade shows or conventions and within the confines of the trade show or convention site.

   D.   Purchases of precious metals or gems directly from manufacturers or wholesalers for retail or wholesale inventories or from other dealers; provided, that the selling dealer has complied with the provisions of this chapter.

   E.   Purchases of precious metals or gems from a duly qualified fiduciary who, in the administration of an estate, is disposing of the assets of the estate.

   F.   Acceptance by a retail merchant or dealer of trade-in merchandise previously sold by such retail merchant or dealer to the person presenting that merchandise for trade in. (1952 Code § 5-20-03)