Indiana Code 25-37.5-1-4. Separation of purchases; inspection
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Sec. 4. Except as provided in section 5 of this chapter, every valuable metal dealer shall hold each purchase of valuable metal requiring notification for at least five (5) working days from the date of notification:
(2) separate and apart, so that it is readily identifiable from all other purchases.
(1) at the regular place of business of the valuable metal dealer; and
Terms Used In Indiana Code 25-37.5-1-4
- purchase: means acquiring a valuable metal product for a consideration, but does not include purchases between scrap metal processing facilities (as defined in IC 8-23-1-36). See Indiana Code 25-37.5-1-1
- valuable metal: means any product made of metal that readily may be resold. See Indiana Code 25-37.5-1-1
- valuable metal dealer: means any individual, firm, corporation, limited liability company, or partnership engaged in the business of purchasing and reselling valuable metal either at a permanently established place of business or in connection with a business of an itinerant nature, including junk shops, junk yards, junk stores, auto wreckers, scrap metal dealers or processors, salvage yards, collectors of or dealers in junk, and junk cars or trucks. See Indiana Code 25-37.5-1-1
During this period, a valuable metal dealer may not change the form of the valuable metal and shall permit any law enforcement officer to make inspection of the valuable metal purchased.
Formerly: Acts 1971, P.L.380, SEC.1; Acts 1972, P.L.11, SEC.11. As amended by P.L.145-1990, SEC.4; P.L.224-2013, SEC.7.