Washington state bill aimed at regulating 'cash for gold' dealers

Tacoma News TribuneFebruary 8, 2011 

Federal Way leaders want the state to more closely regulate secondhand dealers offering “cash for gold,” hoping to thwart criminals from converting stolen jewelry into fast dollars.

A bill sponsored by Rep. Katrina Asay, R-Milton, would require dealers to keep stricter records on sellers of gold, silver and platinum.

Federal Way police want to stop dealers who buy jewelry and send it out immediately to be melted down. They include many transient dealers who operate out of kiosks and hotel rooms.

“What they’re doing is accepting precious metals and sending it out the next day,” said Federal Way Police Chief Brian J. Wilson.

Those selling the jewelry to dealers would have their photo identification copied. For sales of more than $100, sellers would be fingerprinted and couldn’t be paid in cash.

Read the complete story at thenewstribune.com

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