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Act 95 of 1981
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THE PRECIOUS METAL AND GEM DEALER ACT

Act 95 of 1981

AN ACT to regulate the business of buying and receiving gold, silver, platinum, gems, jewelry, and other precious items; to provide powers to certain state and local officers and agencies with respect to such regulation; to provide for the registration of precious metal and gem dealers; to provide for civil damages; and to prescribe penalties.


History: 1981, Act 95, Eff. Sept. 11, 1981


© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 445.481SectionShort title.
Section 445.482SectionDefinitions.
Section 445.483SectionDealer; certificate of registration required; internet drop-off store exempt from registration; application; fee; disclosures; dealer, agent, or employee convicted of misdemeanor or felony; compliance with local ordinances; issuance and posting of certificate; notification of change in name or address.
Section 445.484SectionPermanent record of each transaction; forms; copies; information required; numbering; sending copy of record of transaction form to police agency or sheriff's department; inspection; confidentiality; retention period; size of form; definition.
Section 445.485SectionRetaining precious item for 9 calendar days; alteration.
Section 445.486SectionProhibited conduct.
Section 445.487SectionFailure to make entry in records as misdemeanor or felony; penalty.
Section 445.488SectionViolation of MCL 445.483(7) or (8) or 445.484(1)(e), (3), (4), or (5) as misdemeanor or felony; penalty.
Section 445.489SectionConduct constituting felony; penalty.
Section 445.490SectionViolation of MCL 445.483(1) or 445.485 as felony; penalty.
Section 445.491SectionAction against dealer; grounds; damages, costs, and attorneys' fees.
Section 445.492SectionEffective date.
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