(2) If a scrap metal business knows or has good reason to know that metal property that the scrap metal business purchased or received or possesses or controls was lost by or stolen from the metal property’s owner or lawful possessor, the scrap metal business shall promptly notify an appropriate law enforcement agency and shall:

(a) Name the owner or lawful possessor of the property, if known; and

(b) Disclose the name of the person that delivered the metal property and the date on which the scrap metal business received the metal property.

(3) If a peace officer or law enforcement agency notifies a scrap metal business that an item of metal property in the possession or control of the scrap metal business is lost or stolen, the scrap metal business shall:

(a) Segregate the metal property that is the subject of the notification from other inventory kept by the scrap metal business;

(b) Protect the metal property from alteration or damage;

(c) Mark, tag or otherwise identify the metal property; and

(d) Hold the metal property for the length of time, not to exceed 10 days, that the peace officer or law enforcement agency specifies.

(4) A peace officer or law enforcement agency may not require a scrap metal business to hold metal property under subsection (3) of this section unless the peace officer or law enforcement agency reasonably suspects that the metal property was lost by or stolen from the owner or lawful possessor of the metal property. Within 10 days after notifying a scrap metal business that an item of metal property may be lost or stolen, the peace officer or law enforcement agency shall:

(a) Determine that the metal property is lost or stolen and take appropriate lawful action to impound or recover the metal property and return the metal property to the owner or lawful possessor; or

(b) Determine that the metal property is not lost or stolen and notify the scrap metal business that it is not necessary to hold the metal property any longer. [2009 c.811 §4; 2010 c.56 §3]