Rhode Island Code of Regulations › Title 110 - Attorney General › Chapter 20 - Bureau of Criminal Identification › Subchapter 00 - N/A › Part 1 - Rules and Regulations for the Precious Metals Regulatory Enforcement Unit › Section 110-RICR-20-00-1.11 - Dealer Procedures

Current through June 14, 2024
A. Dealers must post prices in conspicuous places. Posted prices must be the basis for purchases of precious metals.
B. Dealers must weigh goods offered in view of seller. Weighing to establish weight of metals offered for sale must be used in conjunction with posted prices to establish price offered by dealer.
C. Dealers must require sellers to complete authorized Attorney General form "Report of Purchase and Identification of Seller" or similar form approved by the Attorney General. In identification of seller, dealers must seek positive form of identification with photograph, date of birth and current address. Purchases from minors must follow procedure covered in §
										1.11(J)     of this Part.
D. Dealers must clearly describe, or assist sellers in describing, goods offered for sale on all approved Attorney General forms, requiring description of goods. Failure to describe goods in accordance with the requirements set forth in R.I. Gen. Laws §
										6-11.1-4 will be characterized as a license violation and be cause for revoking of license.
E. Reports to local police department may be made as frequently as dealers find to be convenient in the conduct of their business, but must be done at least on a weekly basis. Record keeping by dealers, as set forth in R.I. Gen. Laws §
										6-11.1-4 is required so that local police, Attorney General Investigators, or other authorized agencies may review permanent record of all transactions. The reports may consist of copies of weekly reports filed with the local police.
F. Dealers must retain possession of precious metals for seven (7) days after notification of local police of a particular purchase. The seven-day period begins, with the date the report was received through the mail or facsimile by the Chief of Police or the Attorney General, whichever is later. The seven-day period ends on the opening of business on the seventh calendar day after the date the report was received through the mail or facsimile by the Chief of Police or Attorney General.
G. Dealers must retain goods for the seven-day period in unaltered condition. Goods with identifying trademarks, monograms, or other identifying configurations must be retained in exactly the condition that existed upon receipt by the dealer.
H. Dealers may make agreements to purchase goods from sellers and complete reports to local police based on the intent to purchase. Dealers must retain in their possession the goods and provide the seller with detailed receipts of said goods. At the expiration of the seven-day period following filing of a report to local police of dealer intent to buy specific precious metals, the dealer may complete the sales transaction with the seller, based on posted price at that point in time.
I. All dealers' advertisements must include, as part of the advertisement the dealer's precious metals license number.
J. Any purchase form a minor requires the following procedure: the minor must be accompanied by a parent or legal guardian who must present proper identification and cosign the "Report of Purchase and Identification of Seller" form.