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Precious metal dealers must register with state, local gov

January 30, 2014

The City of Shelbyville has an updated form for those who buy and sell precious metals to the public.

The form is a response to a new law that took effect Jan. 1 requiring cash for gold shops to register with the Indiana Secretary of State's Office and provide weekly reports to local law enforcement.

That law, in turn, was a way for the legislature to create penalties for those shops which don't keep records of items bought and sold. It excludes shops with a pawnbroker license, scrap metal dealers, jewelers and those who deal primarily in coins.

Police say the law could help track down those who have sold stolen property.

"This is a great step forward in closing the gap criminals have to make money off stolen items," said Shelbyville Police Lt. Mike Turner. "Anytime we can have the ability to identify those who may be in possession of stolen material is a win for law enforcement."

Some area businesses use systems such as

Turner said there is a benefit to using one system.

"We will have to work with local businesses who deal in buying and selling gold," he said. "I can see it working like the valuable metals when they went to the same system."

The law calls, in part, for stores to register at and requires a $100 registration fee with the Indiana Secretary of State. Shelbyville will also require a registration fee.

"Anytime we are working a case involving the theft of jewelry or gold, we can go to the pawn shops and see if the items were sold to them," Turner said. "If they were, they would have the name, date of birth and social security of the person who sold it to them. That gives us a direction to go in the investigation."

Turner said it won't stop thefts from happening, but it will slow them down.


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