Texas Statutes
Subchapter B. Sale of Crafted Precious Metal to Dealers
Section 1956.051. Definitions

Sec. 1956.051. DEFINITIONS. In this subchapter:
(1) "Commission" means the Finance Commission of Texas.
(2) "Commissioner" means the consumer credit commissioner.
(3) "Crafted precious metal" means jewelry, silverware, an art object, or another object, made wholly or partly from precious metal and used primarily for personal, family, or household purchases. The term does not include:
(A) a coin;
(B) a bar;
(C) a commemorative medallion;
(D) an item selling at 105 percent or more of the scrap value of the item;
(E) an item made wholly or partly from precious metal and used for a dental, pharmaceutical, or medical application; or
(F) an item made wholly or partly from precious metal extracted, recovered, or salvaged from an industrial by-product or industrial waste product.
(4) "Dealer" means a person registered to engage in the business of purchasing and selling crafted precious metal, including purchases or sales made through the mail.
(5) "Department" means the Texas Department of Public Safety.
(5-a) "Jewelry store" means a retail establishment that derives 75 percent or more of its annual revenue from the sale to consumers of crafted precious metal or other items of personal adornment, including watches, bracelets, necklaces, brooches, rings, and earrings.
(6) "Precious metal" means gold, silver, platinum, palladium, iridium, rhodium, osmium, ruthenium, or an alloy of those metals.
Added by Acts 2001, 77th Leg., ch. 1421, Sec. 4, eff. June 1, 2003.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1298 (H.B. 2490), Sec. 1, eff. September 1, 2011.
Acts 2021, 87th Leg., R.S., Ch. 604 (S.B. 1132), Sec. 1, eff. September 1, 2021.