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Senate Commerce Committee Statement to Senate, No. 2202 (State of New Jersey, March 11, 2021)

Summary

Senate Commerce Committee Statement to Senate, No. 2202, State of New Jersey, dated March 11, 2021, reporting Senate Bill No. 2202 favorably. The statement says the bill modifies recordkeeping laws related to the sale of precious metals to make them consistent with the requirements for secondhand jewelry transactions, and increases penalties for violations by buyers. It states that the bill requires precious metal buyers to verify the identity of a seller by examining a driver's license or other government-issued form of photograph identification, and extends the period for retaining records of precious metal purchases to five years. A subsequent violation would constitute a petty disorderly persons offense punishable by a fine of up to $500, imprisonment for up to 30 days, or both.

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“Senate Commerce Committee Statement to Senate, No. 2202 (State of New Jersey, March 11, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-03-11-scm-s2202-s1-9058a1f061/, SHA-256 f0ed39f1d1cf060950f76ac4bc9c6f48b7e2d3d227ee81184fd75df31ae5436a.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 2202

 STATE OF NEW JERSEY
                     DATED: MARCH 11, 2021

    The Senate Commerce Committee reports favorably Senate Bill
No. 2202.
    This bill modifies recordkeeping laws related to the sale of
precious metals to make them consistent with the requirements for
secondhand jewelry transactions, and increases the penalties imposed
on secondhand jewelry and precious metal buyers who violate certain
recordkeeping laws.
    Under current law, the retention periods for precious metal
transactions are shorter than those required for jewelry retailers,
wholesalers, and smelters who purchase used or secondhand jewelry.
Currently, buyers are required to retain detailed records of precious
metal transactions for a period of one year and are required to retain
the precious metals in the form they were purchased for a period of
two days. A person who violates these provisions is subject to a
mandatory penalty of between $500 and $1,000.
    Current law requires jewelry retailers, wholesalers, and smelters to
maintain detailed records of all secondhand jewelry they purchase for
five years, and deliver a copy of these records to the local police
department each week. The jewelry may not be sold until 10 business
days after the records are delivered. A person who violates these
record-keeping provisions is presumed to have the requisite knowledge
or belief for a violation of N.J.S.2C:20-7, which prohibits the receipt
of stolen property. Currently, there is no specific penalty for violating
these recordkeeping requirements when knowledge of the receipt of
stolen property under N.J.S.2C:20-7 is not established.
    The bill requires precious metal buyers to verify the identity of a
seller by examining a driver’s license or other government-issued form
of photograph identification, as required for used and secondhand
jewelry purchases. In addition, the bill extends the period of time that
records for precious metal purchases are required to be retained to five
years, and the period of time precious metals are to be retained in the
form in which they were purchased to 10 days. The bill further
provides that the retention period for precious metals in the form of
used and secondhand jewelry begins following the delivery of the
record of purchase to the local police department, as required for used
or secondhand jewelry, unless a municipal ordinance adopted prior to
January 16, 2010 provides for a longer retention period.
                                 2

     The bill also increases the penalties for a violation of the
recordkeeping requirements for precious metal purchases. Under the
bill, the same mandatory civil penalty would continue to be imposed
on first-time offenders. However, a subsequent violation would
constitute a petty disorderly persons offense, which is punishable by a
fine of up to $500, imprisonment for up to 30 days, or both.
Subsequent violations also would be punishable by an additional
mandatory civil penalty of not less than $1,000 or more than $2,500.
These penalties are in addition to any other fines or penalties that may
be imposed under the State’s criminal code.
     The bill also establishes penalties for violating the recordkeeping
requirements for used and secondhand jewelry, which are consistent
with the increased penalties established under the bill for precious
metal transactions.

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