State Senate OKs bill regulating gold, silver dealers

The Associated PressMarch 29, 2011 

OLYMPIA, Wash. - Senate lawmakers have approved a measure to regulate secondhand precious metal dealers in an effort to crack down on home robberies targeting gold and silver.

The bill passed Tuesday would require dealers to keep detailed records of any sale or exchange for three years. They also would have to keep all purchased items in the state for 30 days.

The measure was amended to exempt precious metal coins, bullion, gold dust and gold nuggets.

Supporters say the regulations would discourage unethical dealers from accepting stolen material and taking it out of state. They say the rising price of gold and silver has led to a jump in precious-metal thefts and illicit transactions.

The bill was approved by the House earlier this month. It now returns there for a concurrence vote.

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