Vermont Statutes
Chapter 97A - Precious Metal Dealers
§ 3881. Definitions

§ 3881. Definitions
As used in this chapter:
(1) “Antique” means an item, other than an item of jewelry, and including a collectible coin, that is:
(A) collected or desired due to age, rarity, condition, or other similar unique feature;
(B) purchased for the purpose of resale; and
(C) sold in the same unique form or condition as when it was purchased, and not for scrap.
(2) “Criminal history record” means all information documenting a natural person’s contact with the criminal justice system, including data regarding identification, arrest or citation, arraignment, judicial disposition, custody, and supervision.
(3) “Disqualifying offense” means:
(A) a felony under:
(i) 13 V.S.A. chapter 47 (fraud);
(ii) 13 V.S.A. chapter 49 (fraud in commercial transaction);
(iii) 13 V.S.A. chapter 57 (larceny and embezzlement); or
(iv) 18 V.S.A. chapter 84 (possession and control of regulated drugs); or
(B) a violent felony under 18 V.S.A. § 4474g(e); or
(C) one of the following misdemeanors, if a conviction for the misdemeanor occurred within the ten years preceding the date on which the convicted person applies for a certification to do business as a precious metal dealer:
(i) petit larceny in violation of 13 V.S.A. § 2502;
(ii) receipt of stolen property in violation of 13 V.S.A. § 2561;
(iii) false pretenses or tokens in violation of 13 V.S.A. § 2002;
(iv) burglary in violation of 13 V.S.A. § 1201; or
(v) false tokens in violation of 13 V.S.A. § 2003; or
(D) a violation of this chapter punishable under subdivision 3890(c)(2) of this title.
(4) “Engaged in the business of purchasing or selling precious metal” means conducting a regular course of trade in precious metal with retail buyers or sellers, and does not include:
(A) retail trade in new precious metal;
(B) trade in precious metal that is exclusively wholesale, including business-to-business transactions for precious metal used in medical and dental applications; or
(C) trade in precious metal commodities for the purpose of investment, including bullion, commodities funds, or commodities futures.
(5) “Precious metal” means used gold, silver, platinum, palladium, coins sold for more than face value, jewelry, or similar items, but does not include an antique.
(6)(A) “Precious metal dealer” means a person who:
(i) has a physical presence in this State, whether temporary or permanent;
(ii) is engaged in the business of purchasing or selling precious metal; and
(iii) purchases or sells $2,500.00 or more of precious metal in a consecutive 12-month period.
(B) “Precious metal dealer” does not include a charitable organization that is qualified as tax exempt under 26 U.S.C. § 501.
(7) “Principal” means a natural person who is a director, officer, member, manager, partner, or creditor. (Added 2013, No. 196 (Adj. Sess.), § 3, eff. Jan. 1, 2015.)