The Virginia Precious Metals Dealer Code is included in statute sections 54.1-4100 thru 54.1-4111 See below. These are Virginia precious metals laws.
Chesapeake Police Department
Phone: 757-382-6161 Fax: 757-382-6821
Address: 304 Albemarle Drive, Chesapeake, VA 23322
|54.1-4101||Records to be kept; copy furnished to local authorities|
|54.1-4101.1||Officers may examine records or property; warrantless search and seizure authorized|
|54.1-4102||Credentials and statement of ownership required from seller|
|54.1-4104||Dealer to retain purchases|
|54.1-4105||Record of disposition|
|54.1-4106||Bond or letter of credit required of dealers when permit obtained|
|54.1-4107||Private action on bond or letter of credit|
|54.1-4108||Permit required; method of obtaining permit; no convictions of certain crimes; approval of weighing devices|
|54.1-4109||Exemptions from chapter|
|54.1-4110||Penalties; first and subsequent offenses|
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources. Virginia State Laws
Precious metals dealers have to obtain permits from the police department that include criminal background checks, they have to have business licenses, they have to obtain $10,000 bonds making the Commonwealth of Virginia or local government the oblige, they have to have their scales inspected by the Virginia Dept. of Agriculture & Consumer Services, they have to report their purchases to the local authorities daily, they have to hold all of their purchases for 15 days within the jurisdiction the items were purchased for police inspection and they can only conduct business from the permanent and fixed location they list as their business address on their permit applications AND business license.
Out of state based industrial refiners and manufacturers are exempt from the Virginia Precious Metals Dealer Code as long as they restrict their activities to purchasing precious metals and gems from retail merchants, wholesalers, dealers, or by mail originating outside the Commonwealth. The only way that industrial refiners or manufacturers can purchase precious metals and gems from the general public is by mail originating outside the Commonwealth, and any out of state company is violating the law when their representatives pay cash for precious metals and gems at in home gold buying parties.