Cash for gold buyers regulated under proposed WA bill

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by DREW MIKKELSEN / KING 5 News

Bio | Email | Follow: @Drewmikk

KING5.com

Posted on February 8, 2011 at 7:44 PM

OLYMPIA, Wash. – Gold buyers in Washington state may have to document who is selling the gold, and even fingerprint them, under a proposed bill.

The bill to regulate those who buys gold, typically at local hotels on weekends, is sponsored by Rep. Katrina Asay, R-Federal Way. Asay says police requested the regulations.

"They've had a rash of home burglaries where all that's taken is jewelry," Asay said.

Individual buyers are currently not required to document who is selling them jewelry. Under Asay's bill, for all purchases over $100, a buyer would need to photocopy the seller's identification and take their fingerprints. The buyer would also have to hold onto the merchandise for 45 days.

Typically, gold is immediately melted down, making it untraceable and unrecoverable by police, said Asay.

"Hopefully, it will curtail those who aren't so legitimate," she said.

The bill would hold gold buyers to the same restrictions pawnbrokers must currently follow.

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