CHAPTER 116: GOLD AND SILVER EXCHANGES
Section
   116.01   Definitions
   116.02   Daily reports required
   116.03   Records required; inspections
   116.04   Posting of business sign required
   116.05   Tagging merchandise; restrictions on resale
   116.06   Dealing with minors
   116.07   Hours of operation
   116.08   Cash transactions prohibited
§ 116.01 DEFINITIONS.
   For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
   DEALER. Any natural person, partnership, joint venture, corporation or combination thereof, engaged in the business of operating a gold and silver exchange.
   GOLD AND SILVER EXCHANGE. Any operation conducted for profit in which precious metals, in any form, are purchased, sold, exchanged or received.
   PRECIOUS METALS. Include, but are not limited to gold and silver, as well as items of personal property which are wholly or partly made of such metals.
(1995 Code, § 5.40.010)
§ 116.02 DAILY REPORTS REQUIRED.
   (A)   Every dealer shall make a daily report to the Police Department of the City, in writing, of every purchase, sale or exchange. The report shall contain:
      (1)   Description of each article;
      (2)   Price paid for the article;
      (3)   The name, description and residence of the person from whom each article was purchased and received;
      (4)   The name, description and residence of the person to whom each article was sold; and
      (5)   The day and hour that such purchase, sale or exchange was made.
   (B)   Each entry of the report shall be numbered consecutively, commencing with the number (1).
(1995 Code, § 5.40.020) (Am. Ord. O-2013-013, passed 8-19-2013)
§ 116.03 RECORDS REQUIRED; INSPECTIONS.
   All gold and silver exchange dealers shall keep a record of their transactions. These records shall be open at all reasonable times for inspection by the Police Department.
(1995 Code, § 5.40.030)
§ 116.04 POSTING OF BUSINESS SIGN REQUIRED.
   Any dealer, or any person who purchases, sells, exchanges or receives precious metals or any items, shall keep up in a conspicuous place in or upon the shop, store or place of business, a sign having his or her name and occupation inscribed thereon, the sign to be in conformity with the sign regulations of the Newport zoning ordinance.
(1995 Code, § 5.40.040)
§ 116.05 TAGGING MERCHANDISE; RESTRICTIONS ON RESALE.
   Precious metals purchased or exchanged by any dealer shall be retained by the dealer for at least 5 business days after the precious metals are entered into the Leads Online system as provide in Chapter 116B of the Newport Code of Ordinances before disposal of the articles and kept in an accessible place at his or her place of business where the precious metals were purchased or received. A tag shall be attached to such articles in some visible and convenient place with the number written thereon corresponding to the entry number on the report required by § 116.02.
(1995 Code, § 5.40.050) (Am. Ord. O-2013-013, passed 8-19-2013)
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