(1) "Item of precious metal" means an item that consists of or incorporates gold in eight karat or greater purity, silver, platinum or palladium. "Item of precious metal" does not include dental gold, unrefined metal ore, an electronic product, any part of a mechanical system on a motor vehicle, gold or silver coins or bullion in any form.

(2) "Precious metal secondhand dealer":

(a) Means a person engaged in precious metal secondhand dealing; and

(b) Does not include:

(A) A pawnbroker licensed under ORS chapter 726 who engages exclusively in pledge loans, as defined in ORS 726.010;

(B) A manufacturer of items of precious metal;

(C) A person engaged in commercial or industrial scrap metal recycling operations;

(D) A person primarily engaged in business through the Internet;

(E) A motor vehicle dealer holding a certificate issued under ORS 822.020 or a motor vehicle dismantler holding a certificate issued under ORS 822.110; or

(F) A person primarily engaged in purchasing for resale newly manufactured items of precious metal. For purposes of this subparagraph, a person is primarily engaged in purchasing newly manufactured items of precious metal if the person’s inventory of items of precious metal for resale consists exclusively of:

(i) Newly manufactured items of precious metal acquired from a manufacturer; or

(ii) Items described in sub-subparagraph (i) of this subparagraph and used items of precious metal acquired for trade-in value as part of retail sales of newly manufactured items of precious metal by the person.

(3) "Precious metal secondhand dealing" means soliciting, receiving, purchasing, trading or accepting delivery of items of precious metal from individuals in return for money or other consideration.

(4) "Seller" means the other party to a transaction with a precious metal secondhand dealer.

(5) "Temporary precious metal secondhand dealer" means a precious metal secondhand dealer who conducts operations at one or more locations in this state for no more than five consecutive days at any one location.

(6) "Transaction":

(a) Means a purchase, consignment, bailment, barter or trade of one or more items of precious metal by a precious metal secondhand dealer from an individual who is not engaged in the business of selling newly manufactured items of precious metal.

(b) Does not include:

(A) Gifts or other transfers of property unsupported by consideration; or

(B) Business-to-business purchases or other transfers. [2012 c.99 §1]