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Regulating Cash For Gold Stores

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The Indiana House on Thursday approved a bill regulating cash-for-gold stores, which have proliferated since gold prices shot up in 2008. The bill tries to eliminate fly-by-night gold-buying operations by requiring precious metals dealers to have at least a 12-month lease and register with the Secretary of State.

Some stores melt down gold on the spot, but if the bill becomes law, they would have to hold everything for 10 days and document the goods and the sellers, giving police more time to find stolen goods.

The holding period mirrors one that currently applies to pawn shops, he said.

Many jewelry stores also buy gold, but the bill exempts those who have at least $20,000 in annual revenue.

The House voted 96-1 in favor, and the bill will go to the Senate with bipartisan support.

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