New law sets fee, rules for precious metal dealers

MONTGOMERY, Ala. (AP) - Dealers of precious metals and stones must pay an annual licensing fee and meet new record keeping and
reporting requirements beginning this week.

Alabama Department of Revenue officials say the new law requiring the fee and reporting requirements was passed by the Legislature and takes effect July 1 (Thursday).

The new law established an annual license fee of $150 and sets specific record keeping and reporting requirements.

The law requires dealers to inform law enforcement about precious metals purchased, including the identification of the person who sold the metals.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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