For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
CURRENCY. Coin or paper money that is purchased, sold or otherwise transferred at greater than face value.
PRECIOUS METAL. Gold, silver or platinum, excluding costume jewelry.
PRECIOUS STONE OR GEM. Any genuine diamond, emerald, ruby, sapphire or pearl of any value and any other genuine stone or gem, excluding costume jewelry.
PRIMARY BUSINESS. Not less than 51% of annual calendar gross sales of the business or not less than 51% of the business annual calendar expenses.
SECONDHAND DEALER. Any person whose primary business is engaged in the business of purchasing, selling, receiving, trading, consignment selling, or otherwise transferring for value any secondhand property; provided, however, SECONDHAND DEALER shall exclude all not-for-profit corporations, educational institutions, religious institutions, fraternal organizations and all institutions and entities subject to the Illinois Charitable Trust Act ILCS Ch. 760, Act 55, §§ 1 et seq., and all such entities shall not be subject to the terms of this subchapter.
SECONDHAND PROPERTY. Any previously owned precious metal, or jewelry made of precious metal or stones, or currency.
(Ord. 2323, passed 1-9-2012)