Michigan Laws 445.485 – Retaining precious item for 9 calendar days; alteration
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Terms Used In Michigan Laws 445.485
- Appraisal: A determination of property value.
- 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
- Precious item: means jewelry, a precious gem, or an item containing gold, silver, or platinum. See Michigan Laws 445.482
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.