Be wary of these pop-up "events" where gold is bought and sold as they may not be legal. One would-be gold tycoon found out that lesson the hard way in Madison after the city shut down the "event."
Posted above is an ad for a pop-up "buying event" that was scheduled to take place in Madison this week.
There is just one problem. The buying of precious metals without a privilege license is illegal. Section 75-95-3 of the Mississippi Code states:
(1) A dealer desiring to engage in the business of purchasing precious items for the purpose of reselling those items must purchase a privilege license under Section 27-17-9 which authorizes him or her to engage in that business. A dealer may not operate in the State of Mississippi unless he or she has a current privilege license to engage in the business of purchasing precious items for the purpose of reselling those items.
(2) A dealer may operate only from the permanent place of business listed on the privilege license. The dealer must forward a copy of each privilege license to the local law enforcement agency within five (5) days of receipt of the license.
The operator of the "event" did not obtain the required privilege license. Someone filed a complaint with the city of Madison. The Madison constabulary went into action and shut the whole thing down.
So if you are going to do some buying and selling of gold, better get that privilege license.
18 comments:
But Saar! Kindly allow to open saar! Make big deal! I have apple cards saar
I'm glad the police's resources were used to go after this low hanging fruit instead of real criminals.
So we're just reposting Clay Edwards content from FB now?
Wasn't aware he did.
@9:50 AM - Hey rocket scientist, there is no mention of the police being involved. This is a civil issue handled by the County Tax Collector, NOT THE POLICE.
Actually it was handled by the city. The city attorney told me the police handled it.
We can always count on Capt Piss Ant to complain about something.
Bunch of globalist libtards - regulations and police force and not letting an American earn a living…..build a wall Around the entire city…and then a bunch of little walls inside it with more still….and be a rat
But, we are told over and over about how conservative and how much a belief in the free market is adhered to in Mississippi by the Mississippi GOP.
It's a state law, not a city code.
I suspect that they have put on this same event in other Mississippi towns and got away with it.
Well you can be your free wheeling anarchist self in Jackson so long as you do it outside CCID jurisdiction.
The statute is aimed at curtailing copper theft. The licensee is also required to get the name, address, copy of drivers license, and photo of the seller - on certain metals. Not all metals require this (unsure about silver or gold), but copper certainly is the main one. As for the mailer, these outfits pay poor prices for silver and gold. Your best bet is to sell to a licensed merchandiser of gold coins/bullion online, which usually offer better prices.
But, if you are just purchasing it and not reselling it, you're just a creative collector right? No privilege license needed.
Is this the same statute that keeps the catalytic converter dealers from operating popup buying opportunities?
It's been very effective in stopping the copper theft in the state. Not.
Seems like protectionism from the pawn shop owner who doesn't want to compete for business. All in the name of "consumer protection"!
The story I read was penned by the guy who 'saw something said something'. Claimed he was so upset, he didn't know what to do so he called the mayor who summarily dispatched the constabulary to the scene of the criminal activity.
Pearls were clutched; however, being precious, but not gold, they were rejected.
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