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Rapid City adopts law for secondhand dealers

 

A licensing requirement has been imposed by the city of Rapid City, S.D., on pawnbrokers, secondhand dealers and dealers in gems and precious metals.

2014 U.S. Coin Digest

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The language of the new ordinance seems to grant coin dealers and coin dealers attending a coin show in the city the widest possible latitude to conduct their business.

Licensees must operate out of a fixed location and maintain and operate a computer system with internet access and keep a subscription service to the LeadsOnline.com database unless an alternative is approved by the chief of police.

A five-day holding period is imposed on goods. Bullion and numismatic coins are specifically exempted from the requirement.

Goods where the seller presents a valid bill of sale as proof of ownership are also exempted from the holding period.

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