Investigation Reveals Truth
Over the past four months, Central and Northern California (especially those in the Sierra Foothills and Mother Lode areas) residence has been besieged by out-of-state businesses wanting local residents to part with their precious metals and collectibles but offering only pennies on the dollar in exchange.
Most unscrupulous buyers are renting banquet or meeting rooms in local hotels throughout Sonora in Tuolumne County especially. Recent events have been held at Sonora Oaks Best Western and Aladdin Motor Inn.
Most unscrupulous buyers are renting banquet or meeting rooms in local hotels throughout Sonora in Tuolumne County especially. Recent events have been held at Sonora Oaks Best Western and Aladdin Motor Inn.
Their ads proclaim "Paying Top $$$ ... Over $3 million paid out last year" and "We represent some of the word's top memorabilia collectors" and "Top Dollar Paid," but an ongoing investigation have found found hotel gold buyers don't live up to the hype.
The Law:
California Business and Professions Code (B&P) §21626(a) defines a secondhand dealer as “any person whose business includes buying, selling, trading, taking in pawn, accepting for sale on consignment, accepting for auction or auctioning secondhand tangible personal property.” (this includes gold and silver found in items such as jewelry).
A "secondhand dealer" must be licensed. (B&P Code 21640) (Not just a city/county business license but a "Department of Justice Second Hand Dealers License" - requiring a background check and fingerprinting.)
All transactions must be done at the location on the license. (B&P Code 21642.b.1)
All secondhand dealers shall report all transactions to the Chief of Police or Sheriff. (B&P Code 21628)
Every secondhand dealer shall hold for 30 days all tangible personal property acquired, and shall make it available for inspection by law enforcement. (B&P Code 21636)
Violation of any of the above is a misdemeanor with up to a $1,500 fine and/or 60 days in county jail. (B&P Code 21645).
If you are the host of, or otherwise allow at your location, a gold party that is not in full compliance with the laws that govern and regulate a "secondhand dealer" (requiring a Department of Justice License, you may be held liable in a crime. CA Penal Code §31. [“All persons concerned in the commission of a crime, whether it be felony or misdemeanor, and whether they directly commit the act constituting the offense, or aid and abet in its commission,...are principals in any crime so committed.”]
Also if the business transacts a certain amount in precious metals yearly a "Anti-Money Laundering Plan" (AML Plan) must also be on file with law enforcement and the hosting entity.
Come to the name that folks of the Foothills & Mother Lode have been coming to for nearly 25 years, Calaveras Coin & Pawn in Angels Camp. Family owned and operated. 1283 S Main St. in historic downtown ANGELS CAMP (DOWNTOWN FROG TOWN). (209)736-COIN
A "secondhand dealer" must be licensed. (B&P Code 21640) (Not just a city/county business license but a "Department of Justice Second Hand Dealers License" - requiring a background check and fingerprinting.)
All transactions must be done at the location on the license. (B&P Code 21642.b.1)
All secondhand dealers shall report all transactions to the Chief of Police or Sheriff. (B&P Code 21628)
Every secondhand dealer shall hold for 30 days all tangible personal property acquired, and shall make it available for inspection by law enforcement. (B&P Code 21636)
Violation of any of the above is a misdemeanor with up to a $1,500 fine and/or 60 days in county jail. (B&P Code 21645).
If you are the host of, or otherwise allow at your location, a gold party that is not in full compliance with the laws that govern and regulate a "secondhand dealer" (requiring a Department of Justice License, you may be held liable in a crime. CA Penal Code §31. [“All persons concerned in the commission of a crime, whether it be felony or misdemeanor, and whether they directly commit the act constituting the offense, or aid and abet in its commission,...are principals in any crime so committed.”]
Also if the business transacts a certain amount in precious metals yearly a "Anti-Money Laundering Plan" (AML Plan) must also be on file with law enforcement and the hosting entity.
Come to the name that folks of the Foothills & Mother Lode have been coming to for nearly 25 years, Calaveras Coin & Pawn in Angels Camp. Family owned and operated. 1283 S Main St. in historic downtown ANGELS CAMP (DOWNTOWN FROG TOWN). (209)736-COIN
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