Oklahoma § 59-1522 - Definitions

§ 59-1522. Definitions

As used in this act:

1. "Administrator" means the Administrator of the Department of

Consumer Credit;

2. "Dealer" means any person, partnership, sole proprietorship,

corporation or association which, in the regular course of business,

takes, receives, pays for or transfers used precious metals or gems

excluding any supervised financial institution as defined by the

Consumer Credit Code, pawnbrokers licensed pursuant to Section 1501

et seq. of this title, and jewelers whose principal business is the

sale of items purchased directly from the original manufacturer,

wholesaler or their authorized representative and who in the regular

course of such business, accept trade-in of items defined in this

act as precious metals or gems, so long as the item or items to be

traded are not greater in value than the item or items to be

purchased. For purposes of this exception, retail jewelers may not

buy used precious metals or gems for cash consideration only;

3. "Employee" means any person working for a dealer, whether or

not the person is in the direct employment of the dealer or works

full time or part time, who handles used precious metals or gems for

the dealer. Employee shall not mean a person employed by a bank,

armored car company or other business entity acting in the sole

capacity of bailee-for-hire relationship with a dealer;

4. "Gem" means any precious or semiprecious stone or item

containing a precious or semiprecious stone customarily used in

jewelry or ornamentation;

5. "Precious metal" means platinum, gold or silver, but shall

not mean any ingot or bar manufactured by a commercial mint nor

shall it mean any or all coins; and

6. "Used" means previously sold or traded.

Amended by Laws 1982, c. 72, § 1; Laws 1988, c. 191, § 9, eff. Nov.

1, 1988.