The dealer in precious metals shall require any minor seeking to sell precious metals to produce written authority of a parent, guardian or person in loco parentis authorizing the sale of such precious metals. Such authorization shall give the name and address of authorizing person. The dealer in precious metals shall verify that such sale is authorized by inquiry of such parent, guardian or person in loco parentis. Minors shall be required to wait three full working days before receiving payment from the sale of precious metals.