§ 17-23-207 - Holding periods. - Arkansas Statutes

17-23-207. Holding periods.

(a) (1) All persons licensed under this chapter shall retain possession of precious metals or articles containing precious metals, in an unaltered condition, for the period specified in this section.

(2) All gold and articles containing gold shall be retained in possession for a period of three (3) days.

(3) All other precious metals or articles containing other precious metals shall be retained for a period of seven (7) days.

(4) The period of retention shall begin on the date that the acquisition of the precious metal is reported in writing to the chief law enforcement officer of the city or town or sheriff of the county.

(b) If the chief law enforcement officer of the city or town or sheriff of the county has probable cause to believe that precious metals or an article made from or containing a precious metal has been stolen, he or she may give notice in writing to the licensee to retain the precious metal or article for an additional period of fifteen (15) days. The licensee shall retain the property for the additional fifteen-day period unless the notice is revoked in writing within the fifteen-day period.