Texas § OC.1956.064 - REQUIRED RETENTION OF CRAFTED PRECIOUS METAL

§ OC.1956.064. REQUIRED RETENTION OF CRAFTED PRECIOUS METAL

REQUIRED RETENTION OF CRAFTED PRECIOUS METAL. (a) A dealer may not melt, deface, alter, or dispose of crafted precious metal that is the subject of a report required by this subchapter before the 11th day after the date the report is filed unless: (1) the peace officer to whom the report is submitted, for good cause, authorizes disposition of the metal; (2) the dealer obtains the name, address, and description of the buyer and retains a record of that information; or (3) the dealer is a pawnbroker and the disposition is the redemption of pledged property by the pledgor. (b) A peace officer who has reasonable suspicion to believe that an item of crafted precious metal in the possession of a dealer is stolen may place the item on hold for a period not to exceed 60 days by issuing to the dealer a written notice that: (1) specifically identifies the item alleged to be stolen and subject to the hold; and (2) informs the dealer of the requirements of Subsection (c). (c) On receiving the notice, the dealer may not melt, deface, alter, or dispose of the identified crafted precious metal until the hold is released in writing by a peace officer of this state or a court order. Added by Acts 2001, 77th Leg., ch. 1421, Sec. 4, eff. June 1, 2003. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1298 (H.B. 2490 ), Sec. 6, eff. September 1, 2011.