§ 66-164. Definitions. - North Carolina Statutes

§ 66‑164.  Definitions.

The following definitionsapply in this Article:

(1)        Dealer. – A personwho purchases precious metals from the public, other than by an exemptedtransaction, in the form of jewelry, flatware, silver services, or other formsand holds himself or herself out to the public by signs, advertising, or othermethods as engaging in such purchases, including any independent contractorpurchasing precious metals under any arrangement in any department store. Anexempted transaction is one that is (i) not considered in determining whether aperson is a dealer under this Article and (ii) not subject to the requirementsof this Article, even if it is entered into by a person otherwise defined andregulated as a dealer. Exempted transactions are:

a.         Purchases directlyfrom manufacturers or wholesalers of precious metals by permanently locatedretail merchants for their inventories.

b.         Pawns, pledges, orpurchases of items made of precious metals, if the transaction is entered intoby a licensed pawnbroker and the transaction is regulated under the provisionsof Chapter 91A of the General Statutes.

c.         The acquisition ofprecious metals by a permanently located retail merchant through barter orexchange for other items sold in the ordinary course of the merchant'sbusiness, provided that the seller does not receive, as part of thetransaction, any sum of money or any gift card or stored‑value card,unless the card is redeemable only at that merchant's business.

(2)        Local lawenforcement agency. – The term means the following, as applicable:

a.         The county policeforce, if the dealer's business is located within a county with a county policeforce and outside the corporate limits of a municipality.

b.         The municipal policeforce, if the dealer's business is located within the corporate limits of amunicipality having a police force.

c.         The county sheriff'soffice of the county in which the dealer's business is located, if neither sub‑subdivisiona. nor b. of this subdivision applies.

(3)        Precious metal. – Gold,silver, platinum, or palladium, as defined below, but excluding coins, medals,medallions, tokens, numismatic items, art ingots, or art bars.

a.         Gold. – Any item orarticle containing 10  karats of gold or more which may be in combination oralloy with any other metal.

b.         Silver. – Any itemor article containing 925 parts per thousand of silver which may be incombination or alloy with any nonprecious metal or which is marked"sterling".

c.         Platinum. – Any itemor article containing 900 parts per thousand or more of platinum which may bein combination or alloy with any other metal.

d.         Palladium. – Anyitem or article containing 950 parts per thousand or more of palladium whichmay be in combination or alloy with any other metal.  (1981, c. 956, s. 1; c.1001, s. 3; 1989 (Reg. Sess., 1990), c. 1024, s. 10(b); 2009‑482, s. 1.)