44-1601. Definitions

(L19, Ch. 252, sec. 62. Eff. 7/1/20)

In this article, unless the context otherwise requires:

1. " Dealer" means a person engaged in conducting, managing or carrying on the business of purchasing solely precious items or precious items in addition to other tangible personal property. Dealer does not include:

(a) Investment brokerage houses.

(b) Financial institutions regulated by the department of insurance and financial institutions.

(c) Securities brokerage houses regulated by a recognized national stock exchange.

2. " Investment brokerage house" means a house with commissioned agents who execute buy and sell orders for their customers and who:

(a) Execute orders for investment items.

(b) Do not assume the risks of ownership in the normal course of providing their brokerage services.

(c) Do not maintain or deal from an inventory of investment items.

3. " Investment items" means commodities that possess the characteristics of those items commonly traded in internationally recognized markets.

4. " Local law enforcement agency" means the police department of an incorporated city or town or, in areas outside of incorporated cities and towns, the county sheriff.

5. " Person" means an individual, partnership, corporation, association or any other entity of whatever kind or nature.

6. " Precious item" means:

(a) Secondhand gold, silver, platinum or jewelry, flatware or holloware containing gold, silver or platinum.

(b) Secondhand precious or semiprecious stones whether mounted or unmounted.

(c) Secondhand pearls. Precious item does not include coins and unmounted gemstones accompanied by a certificate from an independent, internationally recognized gem grading laboratory.

7. " Purchase" means to buy, trade, exchange or receive a precious item.

8. " Secondhand" means that the precious item has previously been owned by someone other than the manufacturer or dealer whose business it is to sell such items to the public.