Michigan Laws 445.482 – Definitions
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Terms Used In Michigan Laws 445.482
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dealer: means any person, corporation, partnership, or association, which, in whole or in part, engages in the ordinary course of repeated and recurrent transactions of buying or receiving precious items from the public within this state. See Michigan Laws 445.482
- Gold: means elemental gold having an atomic weight of 196. See Michigan Laws 445.482
- Internet drop-off store: means a person, corporation, or firm that contracts with other persons, corporations, or firms to offer its precious items for sale, purchase, consignment, or trade through means of an internet website and meets the conditions described in section 3(3). See Michigan Laws 445.482
- Jewelry: means an ornamental item made of a material that includes a precious gem. See Michigan Laws 445.482
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Platinum: means elemental platinum having an atomic weight of 195. See Michigan Laws 445.482
- Precious gem: means a diamond, alexandrite, ruby, sapphire, opal, amethyst, emerald, aquamarine, morganite, garnet, jadeite, topaz, tourmaline, turquoise, or pearl. See Michigan Laws 445.482
- Precious item: means jewelry, a precious gem, or an item containing gold, silver, or platinum. See Michigan Laws 445.482
- Silver: means elemental silver having an atomic weight of 107. See Michigan Laws 445.482
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this act:
(a) “Agent or employee” means a person who, for compensation or valuable consideration, is employed either directly or indirectly by a dealer.
(b) “Dealer” means any person, corporation, partnership, or association, which, in whole or in part, engages in the ordinary course of repeated and recurrent transactions of buying or receiving precious items from the public within this state.
(c) “Gold” means elemental gold having an atomic weight of 196.967 and the chemical element symbol of Au, whether found by itself or in combination with its alloys or any other metal.
(d) “Internet drop-off store” means a person, corporation, or firm that contracts with other persons, corporations, or firms to offer its precious items for sale, purchase, consignment, or trade through means of an internet website and meets the conditions described in section 3(3).
(e) “Jewelry” means an ornamental item made of a material that includes a precious gem.
(f) “Local governmental unit” means a city, village, township, or county.
(g) “Local police agency” means the police agency of the city, village, or township, or if none, the county sheriff of the county, in which the dealer or internet drop-off store conducts business.
(h) “Platinum” means elemental platinum having an atomic weight of 195.09 and the chemical element symbol of Pt, whether found by itself or in combination with its alloys or any other metal.
(i) “Precious gem” means a diamond, alexandrite, ruby, sapphire, opal, amethyst, emerald, aquamarine, morganite, garnet, jadeite, topaz, tourmaline, turquoise, or pearl.
(j) “Precious item” means jewelry, a precious gem, or an item containing gold, silver, or platinum. Precious item does not include the following:
(i) Coins, commemorative medals, and tokens struck by, or in behalf of, a government or private mint.
(ii) Bullion bars and discs of the type traded by banks and commodity exchanges.
(iii) Items at the time they are purchased directly from a dealer registered under this act, a manufacturer, or a wholesaler who purchased them directly from a manufacturer.
(iv) Industrial machinery or equipment.
(v) An item being returned to or exchanged at the dealer where the item was purchased and that is accompanied by a valid sales receipt.
(vi) An item which is received for alteration, redesign, or repair in a manner that does not substantially change its use and returned directly to the customer.
(vii) An item which does not have a jeweler’s identifying mark or a serial mark and which the dealer purchases for less than $5.00.
(viii) Scrap metal which contains incidental traces of gold, silver, or platinum that are recoverable as a by-product.
(ix) Jewelry which a customer trades for other jewelry having a greater value, and which difference in value is paid by the customer.
(k) “Silver” means elemental silver having an atomic weight of 107.869 and the chemical element symbol of Ag, whether found by itself or in combination with its alloys or any other metal.