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Section 40-54-100. Exempt transactions.

SC Code § 40-54-100 (2019) (N/A)
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This chapter shall not apply to the following specific transactions:

(1) a transaction between dealers of precious metals where the selling dealer has already complied with the applicable holding period, nor shall they apply to transactions between coin dealers and coin collectors occurring at regularly scheduled numismatic conventions. However, this exemption only applies to transactions between coin dealers and coin collectors occurring at regularly scheduled numismatic conventions for the purchase of coins;

(2) the purchase of manufactured items bought directly from the manufacturer or his authorized representatives;

(3) the purchase of bulk precious metals brought directly from the commodity exchanges, banks, dealers or licensed brokers; and

(4) the use of a coin strictly as legal tender.

HISTORY: 1981 Act No. 147 Section 1; 2014 Act No. 292 (H.3149), Section 6, eff June 23, 2014.

Effect of Amendment

2014 Act No. 292, Section 6, in paragraph (1), substituted "applicable holding period" for "seven day holding period", and added the second sentence; added paragraph (4); and made other nonsubstantive changes.

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Section 40-54-90. Chapter preempts local ordinances regulating business of purchasing precious metals.
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