New Jersey 2022-2023 Regular Session

New Jersey Senate Bill S3411

Introduced
12/19/22  

Caption

Modifies recordkeeping requirements for secondhand jewelry and precious metal transactions; increases penalties for violations.

Impact

Under the existing law, the retention period for records of precious metal transactions was significantly shorter than that for jewelry transactions. The new bill increases the record retention period for precious metals from one year to five years, while also extending the time precious metals must be kept in the purchased form from two days to ten days. This legislative change aims to improve oversight and traceability in the sale of precious metals, making it more difficult for potentially stolen or illicitly obtained items to re-enter the market unnoticed.

Summary

Senate Bill S3411 proposes significant modifications to New Jersey's recordkeeping requirements related to transactions involving secondhand jewelry and precious metals. The bill aims to align the record retention periods for precious metals with those currently required for secondhand jewelry transactions, thereby enhancing the regulatory framework governing these transactions. It establishes stricter verification processes and mandates longer durations for retaining transaction records, creating a more uniform policy across similar types of transactions.

Contention

A notable point of contention in the bill is the implementation of increased penalties for violations of these recordkeeping requirements. First-time offenders will face a civil penalty between $500 and $1,000, while repeat offenses will be categorized as petty disorderly persons offenses, potentially leading to fines of up to $2,500 or imprisonment for up to 30 days. This significant increase in penalties aims to deter violations but raises concerns about fair enforcement, particularly for small jewelry businesses that may struggle to comply with the new, tighter regulations.

Companion Bills

No companion bills found.

Previously Filed As

NJ HB05795

An Act Concerning The Licensing And Record Keeping Of Pawnbrokers, Secondhand Dealers And Precious Metals Or Stones Dealers, The Retention Of Certain Goods And Certain Fees Charged By Pawnbrokers.

NJ HB06564

An Act Concerning Secondhand Dealers, Precious Metals Or Stones Dealers And Pawnbrokers.

NJ HB05519

An Act Concerning Secondhand Dealers, Precious Metals Or Stone Dealers And The Sale And Disposition Of Precious Metals And Stones.

NJ HB188

Requires payment by check for precious metals

NJ HB06265

An Act Concerning Pawnbrokers, Secondhand Dealers And Precious Metals Or Stones Dealers.

NJ HB2490

Relating to the regulation of crafted precious metal dealers; providing criminal and administrative penalties.

NJ HB05390

An Act Concerning Precious Metals Or Stones Dealers.

NJ SB182

Increases penalties for violations relative to the purchase of junk, used or secondhand property or scrap metal. (8/1/23) (EN SEE FISC NOTE LF EX)

NJ HB195

Provides relative to the purchase of junk or used or secondhand property

NJ SB00928

An Act Concerning Precious Metals Or Stones Dealers.

Similar Bills

HI SB259

Relating To Recordkeeping.

HI HB382

Relating To Recordkeeping.

HI HB1991

Relating To Consumer Protection.

FL H0519

Business Transactions

HI SB2646

Relating To Consumer Protection.

NJ S1192

Requires pawnbrokers to record and report certain information.

DE HB78

An Act To Amend Title 21 And Title 24 Of The Delaware Code Relating To Catalytic Converters.

CA AB1760

Bulk merchandise pallets.