§ 445.481 Short title
§ 445.482 Definitions
§ 445.483 Dealer; certificate of registration required; internet drop-off store exempt from registration; application; fee; disclosures; dealer, agent, or employee convicted of misdemeanor or felony; compliance
§ 445.484 Permanent record of each transaction; forms; copies; information required; numbering; sending copy of record of transaction form to police agency or sheriff’s department; inspection; confidentiality;
§ 445.485 Retaining precious item for 9 calendar days; alteration
§ 445.486 Prohibited conduct
§ 445.487 Failure to make entry in records as misdemeanor or felony; penalty
§ 445.488 Violation of MCL 445.483(7) or (8) or 445.484(1)(e), (3), (4), or (5) as misdemeanor or felony; penalty
§ 445.489 Conduct constituting felony; penalty
§ 445.490 Violation of MCL 445.483(1) or 445.485 as felony; penalty
§ 445.491 Action against dealer; grounds; damages, costs, and attorneys’ fees
§ 445.492 Effective date

Terms Used In Michigan Laws > Chapter 445 > Act 95 of 1981 - The Precious Metal and Gem Dealer Act

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Agent or employee: means a person who, for compensation or valuable consideration, is employed either directly or indirectly by a dealer. See Michigan Laws 445.482
  • Appraisal: A determination of property value.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Bailiff: a court officer who enforces the rules of behavior in courtrooms.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dealer: means any person, corporation, partnership, or association, which, in whole or in part, engages in the ordinary course of repeated and recurrent transactions of buying or receiving precious items from the public within this state. See Michigan Laws 445.482
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Dower: A widow
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Gold: means elemental gold having an atomic weight of 196. See Michigan Laws 445.482
  • grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e
  • Internet drop-off store: means a person, corporation, or firm that contracts with other persons, corporations, or firms to offer its precious items for sale, purchase, consignment, or trade through means of an internet website and meets the conditions described in section 3(3). See Michigan Laws 445.482
  • Jewelry: means an ornamental item made of a material that includes a precious gem. See Michigan Laws 445.482
  • judgment: as used in this act , includes decree. See Michigan Laws 600.112
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Local governmental unit: means a city, village, township, or county. See Michigan Laws 445.482
  • Local police agency: means the police agency of the city, village, or township, or if none, the county sheriff of the county, in which the dealer or internet drop-off store conducts business. See Michigan Laws 445.482
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Platinum: means elemental platinum having an atomic weight of 195. See Michigan Laws 445.482
  • Precious gem: means a diamond, alexandrite, ruby, sapphire, opal, amethyst, emerald, aquamarine, morganite, garnet, jadeite, topaz, tourmaline, turquoise, or pearl. See Michigan Laws 445.482
  • Precious item: means jewelry, a precious gem, or an item containing gold, silver, or platinum. See Michigan Laws 445.482
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Silver: means elemental silver having an atomic weight of 107. See Michigan Laws 445.482
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Testify: Answer questions in court.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.