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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. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

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