Illinois Law To Register “Precious Metals” Transactions.

URL is said to bad bad.....end thread.

 

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Same thing in the Constitution state. But you know the laws aimed at thieves have had little success interdicting crime or the gold and silver buyers who melt the pms right away; I don't know how they get away with this I thought that holding periods were now mandatory. If the government really wanted to get the laws currently on the books enforced they should do stings at various gold buying operations to catch those who are allowing fenced material to be converted to money without due diligence. They do the same with underage drinkers, straw purchasers of guns and similar law breakers.

 

You've really got to stop worrying about these 'right wing' sorts dear fellow. Chafe in the wind.......

 

But it's my job, that's what I do like Conway Twitty said in his charming song....

 

By the way , the sponsors of the bill in Illinois are Republicans.

 

4 to 1 RINO.....:dead-horse: Just one of many reasons I do not belong to the Dems/Reps crime party.

 

In other words, if you have precious metals, live in Illinois and want to continue to purchase more, now is a good time to leave the state.

 

Move to some of the free States.:hail:

 

Precisely. One that doesn't have an income tax of 5% and still manages to run a budget deficit.

 

If you really like freedom from laws you should try living in Mexico or an African country for a while. BTW every crook in jail believes they are innocent as well as organized crime in general.

But sales taxes on precious metals make no sense; if they tax them then they should have transaction taxes on stocks, bonds and all other similar investment vehicles. The reason they don't is because they have powerful lawyers and lobbies, all we have for lobbying is ICTA and they have limited effectiveness.

 

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(c) A person who is in the business of purchasing precious

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metal shall provide a copy of the information required to be

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obtained under subdivision (a)(1)(B) of this Section to the

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parties as specified in this subsection. The copy shall be

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delivered before the hour of 12 o'clock noon the day after any

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day the person conducts business and shall contain the

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information acquired by the person the immediately preceding

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day the person conducted business. A person who is in the

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business of purchasing precious metal in a county with fewer
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[TD="align: left"]SB3341 Engrossed[/TD]
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[TD="align: right"]LRB097 17671 JLS 62882 b[/TD]
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than 3,000,000 inhabitants shall submit the copy to the sheriff

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of that county. In municipalities having a population of 25,000

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or more inhabitants that are located in counties with fewer

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than 3,000,000 inhabitants, a copy shall also be submitted to

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the municipal police department. In municipalities located in

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counties with 3,000,000 or more inhabitants, the report shall

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be submitted to the municipal police department. In counties

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with 3,000,000 or more inhabitants, a person in the business of

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purchasing precious metal whose business is located in an

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unincorporated area of the county shall submit the copy to the

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sheriff. The copy may be made by computer print out or input

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memory device if the format has been approved by the entity

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receiving the copy.

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does this mean you have to give copies of your transactions to the sheriff every day

 

First off, this is knee-jerk reaction legislation because 6 months to a year ago a larger than normal Evanston, IL based coin dealer was stung. Everyone who was on the wrong side of the law knew that no matter what you had, how you got it as long as you wanted rid of it go see him. He paid cash only no matter what and for those he know were of the criminal element he took no id's, had them sign nothing, and reported nothing for his or their tax purposes no matter the amount. So now the little paper you sign when you sell them something has to be done every transaction, no more of the typical information on file that shops used for their legit customers to minimize paperwork. The actual law as of earlier this year passed the state senate but was d.o.a. in the house of reps. As of this date I know nothing more came out of the legislation other than coin and bullion shops and cash for gold places must collect information on everyone who sells every single time they sell. Just as a way to be able to track the criminals if a shop gets a stolen item in.

 

Knee-jerk reaction legislation has become the standard with the two party's these days. All emotion and no brains. Both willing to sell out freedom for a handful of votes...

 

Yep, just one more dumb idea trying to squeeze the little guy. It would be nice if politicians (both Dems & Reps) thought more about being statesmen than trying to topple each others' party.

 

Don't care what party.
Bad idea.

 

100% agree!

 

The paranoiacs have fewer libertarian supporters as drug-related petty crime spreads across the States.
Should jittery meth-heads be asked to provide ID when they sell "valuable" coin collections at coin shops?

 

The state's scrap metal purcahsing laws that were in place probably already addressed the issue at hand.

 

I guess I just don't know how I come down on the issue of PM sellers. One side of me would love the police to be able to track down fenced PM, OTOH I object to such information being fed into a database somewhere listing me as a probable owner of PM if I ever sold any. Maybe its how I treat guns, I only buy and never sell, and when I buy I do it via private party so no registration is submitted.

However, some places are wanting stores to keep track of BUYERS of PM. Just like guns, I will NEVER be on such a list. If a state like IL passes such legislation, I guarantee you that is the end of me ever going to another Chicago coin show.

 

Depending on where you live either to the Sheriff or the local Police every day. of course this means that after going to all the trouble to gather all the information it is not going to one central location where it can be tracked or traced so stolen goods will still be very difficult to identify because you will have hundreds of databases to search.