Sec. 5.
A precious item received by a dealer shall be retained by the dealer for 9 calendar days after it was received, without any form of alteration other than that required to make an accurate appraisal of its value.
History: 1981, Act 95, Eff. Sept. 11, 1981 ;-- Am. 1990, Act 34, Eff. May 1, 1990
Structure Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 95 of 1981 - The Precious Metal and Gem Dealer Act (445.481 - 445.492)
Section 445.481 - Short Title.
Section 445.482 - Definitions.
Section 445.485 - Retaining Precious Item for 9 Calendar Days; Alteration.
Section 445.486 - Prohibited Conduct.
Section 445.487 - Failure to Make Entry in Records as Misdemeanor or Felony; Penalty.
Section 445.489 - Conduct Constituting Felony; Penalty.
Section 445.490 - Violation of MCL 445.483(1) or 445.485 as Felony; Penalty.
Section 445.491 - Action Against Dealer; Grounds; Damages, Costs, and Attorneys' Fees.