A. Altered Or Obliterated Serial Number: No licensee shall receive any item or property with an altered or obliterated serial number, or from which a serial number has been removed.
B. Identification: No precious metal and gem dealer shall purchase or exchange any property without first securing adequate identification from the seller as stipulated in section 5.38.080 of this chapter.
C. Recordkeeping: Every licensed precious metal and gem dealer shall keep a transaction description record as stipulated in section 5.38.090 of this chapter for any property purchased or exchanged. A record of all transactions shall be delivered to the chief of police or the chief's designee at least one time each week and at other times when requested by the chief or the chief's designee.
D. Transaction Record Reporting: Every dealer shall report each transaction description record as required in section 5.38.090 of this chapter.
E. Inspection: Every item purchased or exchanged by a licensed precious metal and gem dealer shall be open for inspection by the chief of police, or the chief's designee, at any reasonable time.
F. Holding Period: Every property exchanged or purchased by a precious metal and gem dealer, except gold coins or bullion, or silver coins or bullion, shall be kept on the dealer's premises separate and apart from any other property, unchanged and unaltered from the form it was received for ten (10) days after a report is submitted to chief of police or the chief's designee.
G. Additional Holding Period: The chief of police may, at the chief's sole discretion, cause any property exchanged or purchased, which the police chief has reason to believe was not exchanged or purchased by the lawful owner, to be held for an additional holding period deemed reasonable by the chief of police after the elapse of the initial ten (10) day holding period for identification by the lawful owner.
H. Minors: No precious metal and gem dealer shall have any business dealings as a precious metal and gem dealer with any person under eighteen (18) years of age, unless that person is with the parent or guardian, or the dealer obtains or has on file a written consent signed in the dealer's presence by the parent or guardian granting permission for that person to transact business with the dealer.
I. Stolen Goods: Every precious metal and gem dealer shall report to the police any item presented to the precious metal and gem dealer during the course of business the precious metal and gem dealer has reason to believe was stolen, either by the person presenting the item or another party. (Ord. 1347, 2011)