South Carolina Code 40-54-50. Purchases from minors; retention period of precious metals purchased; goods subject to inspection
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(A) No dealer may purchase any precious metal from a minor unless accompanied by his parent or guardian with appropriate identification.
(B) All precious metals, except coins, purchased by a dealer must be held by the dealer at his permanent place of business or within the county of purchase in this State without being resold, melted, or altered in any manner, for a period of twenty-one days from the purchase date. All goods required to be held under this section must at all reasonable times be open to inspection by any law enforcement agency.
Terms Used In South Carolina Code 40-54-50
- Dealer: means any person, corporation, or partnership who buys precious metal or precious or semiprecious stones or gems from the general public, whether in bulk or in manufactured form, with an intent to obtain a monetary profit for himself or for a principal. See South Carolina Code 40-54-10
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Permanent place of business: means a fixed premises either owned by the dealer or leased by him. See South Carolina Code 40-54-10
- Precious metal: means any article made in whole or in part of gold, silver, or platinum. See South Carolina Code 40-54-10
- Purchase: means the acquisition, including by means of being pawned to a dealer, of precious metal or precious or semiprecious stones or gems or both precious metal and precious or semiprecious stones or gems for a consideration of cash, goods, or other precious metals or precious or semiprecious stones or gems or both precious metals and precious or semiprecious stones or gems. See South Carolina Code 40-54-10