By: Eddie Levin
The slippery slope to confiscation has begun.
Gold and silver buyers could soon have to register with the state of Illinois.
It’s certainly not strange for socialist insanity to come from Illinois. After all, the State provides us with (unpleasant) entertainment in the form of a police superintendent who threatens to shoot legal gun owners while his city leads the nation in homicides. Now comes this from the State with the most restrictive gun laws in the Nation probably the most criminals: a bill to require registration for sellers and buyers of gold.
Rick Santelli provides an update on legislation that requires every gold and silver transaction to be registered with the State. Here are the basics. The bill, officially called SB-3341, was introduced in 2012, immediately passed the Illinois Senate and is now awaiting action by the House.
This ordinance is similar to a bill passed in Houston back in February of 2013. Those selling precious metals in Houston are now considered criminals until they prove otherwise. Gold-buying businesses required to photograph and fingerprint those bringing in gold to sell, photograph the items being sold and maintain an online database of the transactions. Those selling precious metals in Houston are now considered criminals until they prove otherwise.
Councilwoman Helena Brown — the only councilor to vote against the ordinance — rightfully called it “safety theater” that would burden businesses and invade jewelry sellers’ privacy. “Why even ask the legal, law-abiding people to submit to this? It’s not going to prevent crime and it’s not going to solve any crimes”. “It’s ludicrous. We’ve gone way beyond what our Founding Fathers envisioned for this nation.” Brown said
Background and text of the bill:
A Bill to Register Buyers of Gold and Silver Coins
Creates the Precious Metal Purchasing Act. Provides that a person who is in the business of purchasing precious metal shall obtain a proof of ownership, create a record of the sale, and verify the identity of the seller. Provides that a person who is in the business of purchasing precious metal shall not pay for the precious metal in cash and shall record the method of payment. Requires the purchaser to keep a record of the sale for one year or, if the purchase amount is over $500, for 5 years. Provides that a person who violates the Act is guilty of a petty offense and subject to a fine not exceeding $500. Provides that the Attorney General may inspect records, investigate an alleged violation, and take action to collect civil penalties.
Read more on the bill here.
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