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Section 40-54-50. Purchases from minors; retention period of precious metals purchased; goods subject to inspection.

SC Code § 40-54-50 (2019) (N/A)
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(A) No dealer may purchase any precious metal from a minor unless accompanied by his parent or guardian with appropriate identification.

(B) All precious metals, except coins, purchased by a dealer must be held by the dealer at his permanent place of business or within the county of purchase in this State without being resold, melted, or altered in any manner, for a period of twenty-one days from the purchase date. All goods required to be held under this section must at all reasonable times be open to inspection by any law enforcement agency.

HISTORY: 1981 Act No. 147 Section 1; 2014 Act No. 292 (H.3149), Section 4, eff June 23, 2014.

Effect of Amendment

2014 Act No. 292, Section 4, in subsection (B), inserted ", except coins,"; substituted "within the county of purchase in this State" for "at another suitable location in the State of South Carolina"; inserted a comma after "melted"; substituted "twenty-one days" for "seven days"; and made other nonsubstantive changes.

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Section 40-54-40. Dealer to keep records of certain purchases; identification of seller required; seller's identity not to be publicized.
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