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ORDINANCE <br />• Discussion and potential recommendation adding to the City Code a section <br />pertaining to Precious Metal Dealers. (To be reviewed by Peter Bachman) <br />Attached is the Bloomington .ordinance regulating Precious Metal Dealers. Note that <br />Bloomington also includes Pawnbrokers in their section of the code. <br />Chapter 5 Section 1.03 Letter E (5-1.03 E) <br />E. Precious Metal Dealers <br />1. License Required. No person shall exercise, carry-on, or be engaged <br />in the trade or business of pawnbroker or precious metal dealer within the <br />City unless such person is currently licensed under this Division. Application <br />for a license should be made to the city clerk on a form supplied by the <br />city. Upon filing of the application and payment of the required fee as <br />stipulated in Section 5-1.01 E subsection 5 of this code, the application shall <br />be presented to the city council for consideration. <br />2. Definitions. <br />a. "Precious Metal Dealer means any person engaging in the business <br />of buying coins or secondhand items containing precious metal, <br />• including, but not limited to, jewelry, watches, eating utensils, <br />candlesticks, and religious and decorative objects. <br />b. "Precious Metals" means silver, gold,or platinum. <br />3. Purpose. The City Council finds that precious metal dealers potentially <br />provide an opportunity for the commission of crimes and their concealment <br />because such businesses have the ability to receive and transfer stolen <br />property easily and quickly. The City Council also finds that consumer <br />protection regulation is warranted in transactions involving precious metal <br />dealers. The purpose of this division is therefore to prevent precious metal <br />businesses from being used as facilities for commission of crimes and to <br />assure that such businesses comply with basic consumer protection standards, <br />thereby protecting the public health, safety, and general welfare of the citizens <br />of the City. <br />4. Conditions. <br />a. Recordkeeping. At the time of a receipt of an item of property, the <br />precious metal dealer shall immediately record, using the English language, in <br />an indelible ink, in a book or journal, which has page numbers that are <br />preprinted, the following information: <br />• <br />