Virginia Precious Metals Law – Dealer Code

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

Email: CPDQuestions@CityofChesapeake.net

Address: 304 Albemarle Drive, Chesapeake, VA 23322

54.1-4100 Definitions
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
54.1-4103 Prohibited purchases
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
54.1-4111 Local ordinances

 

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.

View all Virginia Precious Metals Laws