(A) A Secondary Metals Recycler shall not enter into any cash transaction in excess of $1,000.00 in payment for the purchase of Regulated Metals Property.
(B) Payment procedures.
(1) Payment by a Secondary Metals Recycler for the purchase of Regulated Metals Property in excess of $1,000.00 shall be made by check issued to the Seller and payable to the Seller or by electronic payment to the Seller's bank account or to the Seller's employer's bank account.
(2) Each check for payment shall be mailed by the Secondary Metals Recycler directly to the current street address of the Seller which is on file with the Secondary Metals Recycler. Payment shall not be mailed to a post office box. Electronic payments shall be sent to a bank account for which the Seller is listed as an account holder or an employee or agent thereof.
(3) Each check or electronic payment shall be mailed or electronically transferred by the Secondary Metals Recycler to the Seller within three (3) business days of the Purchase Transaction unless otherwise provided for in this subchapter.
(C) Limited exceptions. The Secondary Metals Recycler may provide a check at the time of the Purchase Transaction, rather than by mail as required by B. above, if the Seller provides satisfactory proof of qualification as one of the following:
(1) Nonprofit organization registered under the Internal Revenue Code as a 501(c) organization;
(2) Governmental agency;
(3) Bankruptcy trustee, personal representative of estate or court appointed receiver;
(4) Authorized person in execution sale;
(5) Manufacturing, industrial or other commercial vendor that generates regulated materials in the ordinary course of business;
(6) A law enforcement officer acting in an official capacity; or
(7) Any public official acting under judicial process or authority who has presented proof of such status to the Secondary Metals Recycler.
(Ord. O-2011-29, passed 10-19-11)