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§ 12-305. Duration of holding

West's Annotated Code of MarylandBusiness RegulationEffective: October 1, 2011

West's Annotated Code of Maryland
Business Regulation (Refs & Annos)
Title 12. Secondhand Precious Metal Object Dealers and Pawnbrokers (Refs & Annos)
Subtitle 3. Precious Metal Objects--Records; Holding Period; Inspection (Refs & Annos)
Effective: October 1, 2011
MD Code, Business Regulation, § 12-305
§ 12-305. Duration of holding
Currentness
(a)(1)(i) 1. Except as otherwise provided in this section, a dealer who acquires a precious metal object shall keep it in the county where the dealer holds a license from the time of acquisition until at least 18 days after submitting a copy of a record of its acquisition under § 12-304 of this subtitle.
2. Notwithstanding subparagraph (ii) of this paragraph, the 18-day holding period established under this subparagraph applies to a precious metal object that:
A. a dealer licensed in Prince George's County acquired in a pawn transaction; and
B. an individual seeks to redeem by presenting the original ticket issued as part of the pawn transaction.
(ii) A dealer who holds a license in Prince George's County and who acquires a precious metal object, other than a pawned precious metal object described in subparagraph (i)2 of this paragraph, shall keep it in Prince George's County from the time of acquisition until at least 30 days after submitting a copy of a record of its acquisition under § 12-304 of this subtitle.
(2) A dealer who acquires a precious metal object at an event which takes place at a location other than the dealer's fixed business address shall place the object and a record of its acquisition at a location in accordance with subsection (d)(1) or (2) of this section by the next business day after acquiring the object.
(3) In partial compliance with the 18-day holding requirement under this subsection, a dealer may maintain an object and the record of its acquisition at a location other than the dealer's fixed business address, if the local law enforcement unit in the jurisdiction where the item was acquired provides written approval.
(b)(1) A dealer may submit to the primary law enforcement unit a written request for a shorter holding period for a specific precious metal object.
(2) Within 48 hours after the primary law enforcement unit receives a request, the primary law enforcement unit shall approve or deny the request.
(3) After inspecting the precious metal object, the primary law enforcement unit may authorize in writing a shorter holding period.
(4) If the primary law enforcement unit denies the request, the primary law enforcement unit shall state the reasons in writing.
(c)(1) Except as provided in paragraph (2) of this subsection, a dealer may not alter a precious metal object before or during the holding period.
(2) During the holding period, a dealer may chemically test a precious metal object to determine its metal content or value if the dealer does not alter the precious metal object so as to affect its identification or value.
(d) During the holding period for a precious metal object, a dealer shall keep the precious metal object and the record of its acquisition in:
(1) the place of business of the dealer; or
(2) a storage facility specified in the license application of the dealer.

Credits

Added by Acts 1992, c. 4, § 2. Amended by Acts 1997, c. 227, § 1, eff. Oct. 1, 1997; Acts 2011, c. 306, § 1, eff. Oct. 1, 2011; Acts 2011, c. 307, § 1, eff. Oct. 1, 2011.
Formerly Art. 56, § 423.
MD Code, Business Regulation, § 12-305, MD BUS REG § 12-305
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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