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Cash-for-gold retail bill passes Indiana House

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The Indiana House on Thursday approved a bill regulating cash-for-gold stores, which have proliferated since gold prices shot up in 2008.

House Bill 1188 tries to eliminate fly-by-night gold-buying operations by requiring precious metals dealers to have at least a 12-month lease and register with the Secretary of State.

Some stores melt down gold on the spot, but if the bill becomes law, they would have to hold everything for 10 days and document the goods and the sellers, giving police more time to find stolen goods.

"Most likely that precious metal is being melted before you get out the door," said the bill's author, Rep. Tom Dermody, R-LaPorte. The holding period mirrors one that currently applies to pawn shops, he said.

Co-author Gail Riecken, D-Evansville, said the bill had support from a large gold-buying operation in her district, where the owner was concerned about the image portrayed by pop-up stores.

Many jewelry stores also buy gold, but the bill exempts those who have at least $20,000 in annual revenue.

The House voted 96-1 in favor, and the bill will go to the Senate with bipartisan support. Sponsors are Ed Charbonneau, a Republican, and Jim Arnold, a Democrat.

 

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  • Elected officials for sale
    Sounds like what he's really worried about is competition, so he went out and bought himself an Indiana legislator. They're all for sale.

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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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