Proposed Bill in WA to Regulate Cash For Gold Buyers

[AOW]

http://www.king5.com/news/local/Bill-would-regulate-Cash-for-gold-buyers-115606824.html



OLYMPIA, Wash. – Gold buyers in Washington state may have to document who is selling the gold, and even fingerprint them, under a proposed bill.

The bill to regulate those who buys gold, typically at local hotels on weekends, is sponsored by Rep. Katrina Asay, R-Federal Way. Asay says police requested the regulations.

"They've had a rash of home burglaries where all that's taken is jewelry," Asay said.

Individual buyers are currently not required to document who is selling them jewelry. Under Asay's bill, for all purchases over $100, a buyer would need to photocopy the seller's identification and take their fingerprints. The buyer would also have to hold onto the merchandise for 45 days.

Typically, gold is immediately melted down, making it untraceable and unrecoverable by police, said Asay.

"Hopefully, it will curtail those who aren't so legitimate," she said.

The bill would hold gold buyers to the same restrictions pawnbrokers must currently follow.

[BabushkaLady]

Good thing WA has neighbors like OR, ID and a little hop to freedom-loving MT. Do they even know that two of those states have NO Sales-Tax to boot??

Not that I think the hotel scams are the way to go . . . but CONgress critters should keep their nose out of people's lives. And especially away from Real Money.

[Cobalt]

The way it is set up now if you want too sell a bunch of jewelry and wander into a pawn shop, they have to ask ID and hold the material before destroying it, but with the price of PM getting so high we have many metal buying events popping up and they don't make any attempt to determine if the items are stolen, the burglars are being provided a place to easily fence off the goods with little chance of getting caught.

I would be all for cutting off the hand of asswipes caught stealing as a better way to deter crooks preying on the public.

[madfranks]

Wow, that will kill the cash for gold industry in that State. But, the people must be protected from themselves, right?

[BabushkaLady]

The way it is set up now if you want too sell a bunch of jewelry and wander into a pawn shop, they have to ask ID and hold the material before destroying it, but with the price of PM getting so high we have many metal buying events popping up and they don't make any attempt to determine if the items are stolen, the burglars are being provided a place to easily fence off the goods with little chance of getting caught.

I would be all for cutting off the hand of asswipes caught stealing as a better way to deter crooks preying on the public.


Interesting . . . Do you mean like Sharia Law??

As for encouraging Regulations on Buying and Selling; it will eventually creep on over to something you are innocently/ignorantly participating in. I'd rather take my chances with the local crooks then with the Elected ones.