Gold Buyers Task Force Announced

A press release from State Rep. Mike Tryon:

Precious Metal Purchasers Task Force Created

SPRINGFIELD….. Governor Pat Quinn has signed into law a measure which creates a task force to develop record-keeping requirements for individuals and businesses that buy and sell precious metals.

Stores that buy gold don't have to keep records of sellers currently.

Stores that buy gold don’t have to keep records of sellers currently.

According to State Representative Mike Tryon (R-Crystal Lake), the Chief Co-Sponsor of the legislation, the need for the law was brought to his attention by Elgin City Councilwoman Anna Moeller, whose stolen jewelry turned up for sale on E-Bay.

“I had inherited some valuable jewelry and unfortunately it was stolen, said Moeller.

“About a year later I was searching on E-Bay and low and behold a pendant that looked identical to one of the pieces that had been stolen popped up for sale.

“I contacted the Cash for Gold store in Hoffman Estates which was the source of the E-Bay listing, and they had no information about who brought the items in and what other items were brought in at the same time.”

House Bill 3359, now Public Act 98-0068, creates the Precious Metal Purchasers Task Force, which is charged with formulating recommendations for the creation of a statewide database for the collection of information which will allow for easy tracking and records of sale for jewelry and other precious metals at Cash for Gold and other resale shops.

The task force will include representatives of law enforcement, the resale industry, the insurance industry and the general public. They will present their findings and recommendations to the General Assembly by the end of this calendar year.

According to Moeller, the City of Elgin had a registry law on their local books, but since her stolen items were sold to a Cash for Gold store in Hoffman Estates, there was no record of when the items were brought in and by whom.

“If my stolen items had been taken to a resale shop in Elgin there would have been a record, and it is quite possible that I could have recovered them,” Moeller said. “It was at that point that I knew a statewide database was needed.”

Tryon said that today, only pawn shops are required to keep track of the items brought in for resale.

“Once the task force brings us their recommendations, I’m sure legislation will be filed to create a searchable database for law enforcement,” said Tryon.

“By providing law enforcement with this tool, the tracking of stolen goods will become much easier and victims of jewelry and other precious metal theft will have a higher chance of getting their stolen property back.”

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